Citizens' Issues
What's in a name! Rishi Kapoor sparks Congress outcry
Veteran film actor Rishi Kapoor on Wednesday sparked off a Congress outcry after he launched a scathing attack against the grand old party of India for naming Indian assets and government projects after its icons from the Nehru-Gandhi family.
In a series of tweets, Rishi Kapoor urged the Bharatiya Janata Party (BJP) government to re-name the assets that the Congress has named after the Gandhis -- Indira and Rajiv.
“We must name important assets of the country (after those) who have contributed to society. Har cheez Gandhi ke naam? (Everything is in the name of the Gandhis?) I don't agree. Sochna log! (Think people!)," Rishi Kapoor tweeted.
"Change Gandhi family assets named by (the) Congress. Bandra/Worli Sea Link to Lata Mangeshkar or J.R.D. Tata Link road. Baap ka maal samajh rakha tha."
He also questioned why Delhi's airport was named Indira Gandhi International Airport. "Why not Mahatma Gandhi or Bhagat Singh, Ambedkar or on my name Rishi Kapoor. As superficial."
The Bollywood actor apparently took a thread from Minister of State for External Affairs V.K. Singh’s demand on Tuesday that New Delhi's Akbar Road, where the Congress headquarters is located, be renamed after Maharana Pratap.
“If (names of) roads in Delhi can be changed, why not Congress assets/property ke naam? Was in Chandigarh, wahan bhi Rajeev Gandhi assets. Socho! Why,” the actor said.
The 63-year-old actor demanded that "Film City (in Mumbai) should be named (after) Dilip Kumar, Dev Anand, Ashok Kumar ya Amitabh Bachchan? Rajeev Gandhi udyog kya hota hai?"
The comments sparked off a furore in the Congress, with Gandhi loyalists slamming the actor.
Congress spokesperson Manish Tewari said the actor had no “role to play in the public life”.
“Last time I heard of him was in the movie ‘Bobby’. It is not worth to comment on,” Tewari told reporters in Delhi.
Congress leader Sanjay Nirupam in Mumbai said that Rishi Kapoor needed to learn history as he apparently had failed to realize the contributions the Gandhi family had made to build the nation.
He said he had sent Rishi Kapoor a list of Indian airports that have been named after Maharana Pratap, Shivaji Maharaj and Lal Bahadur Shastri.
“There are some who open their mouth for the sake of power and such people have a narrow mindset,” Nirupam added.
Congress spokesperson P. C. Chacko didn’t name the actor but said people were targeting the Gandhis "to get into the good books" of the ruling BJP.
“They want to please somebody in power. They can have it but not at the expense of the Congress. We don't take it seriously and it is not worth any comments at all," Chacko said in Delhi.
Rishi Kapoor said his father Raj Kapoor, a legendary Indian showman, has made the country proud more than “what has been perceived by politics”.
The actor’s view was supported by his Bollywood colleague Anupam Kher, known for airing his views rather brazenly. He stressed the importance of recognising "legends" from other fields like the arts, cricket and cinema.
Anupam Kher lauded the Narendra Modi government, saying that they don't 'have any yojna (scheme) after any political leaders".
“Rishi Kapoor is a very forthright person. He has not necessarily said all the right things but why should we attribute a reason behind it and make it less important by immediately coming to a conclusion that this is a political statement. It is not a political statement.”
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.




Bapoo Malcolm

5 months ago

For those who wish to find me, here is my latest address. 31, Krantiveer Vasantrao Narayan? Path, originally Krantiveer Vasantrao Narayan? Road, aka K V N Naik Path, originally Forjett Street, off Jaojee Dadajee Marg, aka J D Marg, originally known as Tardeo Road, (Yes, It was named after a DEITY!), Mumbai, originally known as Bombay, India, aka Bharat, aka Hindustan.

Just name them by numbers, North south 1,3, 5, and East West, 2, 4, 6, etc. in Block A, B, C, etc. Those will remain forever, no matter what they are called with every change of Government.

Quality of life? Deteriorating, aka Who cares?

Many years after our street was renamed, a taxi driver, staying there for long years, was surprised that is was actually his own Forjett Street!

Bapoo Malcolm

5 months ago

As for Chaco's comment, could not agree more. But then, we need to have an Uncle Tom's Road. In every place. Multiple remembrances. All inclusive; film stars, journalists, poet dads, fawning NGO heads, ex-Armywallas, political 'rebels', laid-off babus, et al.

Bapoo Malcolm

5 months ago

Jawaharlal had categorically stated that no monuments be named after him. It was not followed.

All parties are in the naming mode. Even when not in power, as a quid pro quo. Not only that, the names are so terribly long. The effect then gets lost. Chhatrapati Shivaji Maharaj Terminus is CST; a corporator even demanded that no tickets be issued to those who used the abbreviation! But then we have a fascination for verbosity. In the end we have MG Road, SV Road, (originally GB Road for Ghodbunder Road). VP Marg, for both Vitthal and Vallabh. I stay on KVN Naik Path. For Krantiveer Vasantrao N Naik Path. I believe the second 'N' stands for Narayan. Thirty years later, it still goes by its old name, Forjett Street.

The best thing to do is to not name anything after anybody, until 100 years after they are dead and gone. If they are remembered then, they deserve to be named.



5 months ago

i always used to wonder what a pilot like sanjay gandhi had in relation to borivli national park, or pm like jawahar lal nehru had in relation to hyderabad zoo or even indira gandhi had in relation to vizag zoo. did they fund it, build it, sanction it or even visit it???

PNB reports biggest quarterly losses in banking history

Public sector lender Punjab National Bank (PNB) on Wednesday posted massive net loss of Rs.5,367.14 crore for the fourth quarter ended March 2016 caused by provisioning for bad loans.

This is the highest quartely loss reported by any bank in India, as non-performing assets or bad loans soared. 

Banks have been forced by the Reserve Bank of India to provide higher amounts for the bad loans, thus ensuring that the red ink spreads across their balance sheets.

The bank had posted net profit of Rs.306.56 crore in the corresponding period of 2014-15, according to regulatory filing.

The bank reported its bad loas at Rs 55,818 crore compared to Rs 34,338 crore in the previous quarter. As percentage of total loans, the non-performing assets amounted to 12.9.

“This is by far the highest ever increase in NPA (non-performing aset) recorded by any bank,” Siddharth Purohit, senior equity research analyst -- banking, Angel Broking told IANS.

It is the much higher provisioning that PNB allotted in the fourth quarter to balance the high NPAs that lead to such a massive loss, he said. 

The bank reported provisions (other than tax) and contingencies at Rs.10,485 crore in the fourth quarter of 2015-16. The amount of of net NPAs were at Rs.35,422 crore for the quarter ended March 31, 2016.

“The bank intentionally took much higher provisions for cleaning up of the balance sheet. Naturally they had to take provisions for the high NPAs as they had not accounted for the asset quality review in Q3 of the previous fiscal,” Purohit said.

Reserve Bank of India had given a deadline for all banks to complete their asset quality review by March 31, 2016.

Although PNB has not disclosed the NPAs sector-wise, Angel Broking believes it is metal and commodity sector that is responsible for the bank's high NPAs.

“PNB has come out with numbers much lower than our and street’s expectations. The point of worry is that the bank believes the cleaning up exercise of balance sheet is not over. We believe pain to continue in FY17 also, with regards to asset quality,” he said.

“Going ahead certainly this kind of loss will not be there for the bank. Though asset quality has still not stabilised, the last part is done,” he added.

The total income of PNB has decreased to Rs.13,276.19 crore for the quarter ended March 31, 2016 from Rs.13,455.65 crore in the quarter ended March 31, 2015, the BSE filing said.

For the entire fiscal 2015-16, the bank has posted a net loss of Rs.3,974.39 crore for the year ended March 31, 2016 as compared to net profit of Rs.3,061.58 crore for the year ended March 31, 2015, PNB said.

Total income for 2015-16 has increased to Rs.54,301.37 crore from Rs.52,206.09 crore for the year ended March 31, 2015.

PNB posted a consolidated net loss of Rs.3,689.77 crore for the year ended March 31, 2016 as compared to net profit of Rs.3,399.60 crore for the year ended March 31, 2015, it said.

PNB stock closed on Wednesday at Rs.76.20 a share, up 2.40 points, or 3.25 percent, over its previous close on the BSE.


Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.



Ramesh Poapt

5 months ago

PNB was number 1 in all 20 banks(best) a decade back.
It is again No.1, but....OMG........ in NPA/loss !

Nataraj S K

5 months ago

I had expected this sort of a situation to arise six years back. The shoving of NPAS under the carpet, and concealing them had to, one day,come out in the open. This has started happening in the last few quarters. This is no surprise at all to me. Banking has to be done professionally,and not in an amateurish manner. The system stinks,and as a consequence,the economy is at grave risk and danger. The RBI Governor needs to be complimented for the various clean-up measures initiated,and for also changing the way the management heads,like CMD,EDs. of the Bank are picked. It will be foolish to expect results to follow immediately,as the malaise is very deep-rooted. It will take a couple of years or more to ensure that health is restored in the Banking system. The continuance of Raghuram Rajan will give a boost to the restoration and revival of the banking sector. Calls for his sacking should simply be ignored,as they are only due to political reasons. As the adage goes,good economics is bad politics. I only hope good sense prevails on the powers that be,to see reason and to take right decisions in a timely, effective manner.

Nifty, Sensex still trendless – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex were trendless. The major indices in the Indian stock markets reversed direction and made minor losses over Tuesday’s close after falling sharply at the open. Trading volumes were lower than usual. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Negative Asian and US indices and disappointing quarterly results, pushed the Indian equity markets down on Wednesday. This led the key indices to trade in the red during the mid-afternoon trade session, as selling pressure was witnessed in automobile, banking and information technology (IT) stocks. The Asian and domestic markets receded on the back of renewed fears of a US rate hike. In addition, reduced chances of the Reserve Bank of India (RBI) to further ease its key lending rates during the upcoming monetary policy review subdued investors' sentiments.
Public sector lender Punjab National Bank (PNB) on Wednesday posted a massive net loss of Rs.5,367.140 crore for the fourth quarter ended March 2016 caused by bad loans, as compared to net profit of Rs.306.56 crore in the corresponding period of last fiscal. For the entire fiscal 2015-16, the bank has posted a net loss of Rs.3,974.39 crore for the year ended March 31, 2016 as compared to net profit of Rs.3,061.58 crore for the year ended 31 March 2015, PNB said. PNB shares closed at Rs76.20, up 3.25% on the BSE.
The Foreign Investment Promotion Board (FIPB) has approved Rs.60.73 crore worth of foreign direct investment (FDI) proposals of Wockhardt, Aurobindo Pharma and Advanced Enzyme Technologies. "The government has approved three proposals of FDI amounting to Rs.60.73 crore approximately," the finance ministry said in a statement here on Wednesday. The decision was taken at a FIPB meet held on April 29, the statement said. The FIPB has also recommended to the Cabinet Committee on Economic Affairs (CCEA) for approval the Axis Bank proposal to increase the foreign investment limit in the bank to 74% from the current 62%, the statement said.  The Axis Bank's proposal involves FDI of Rs.12,973.14 crore, it said. Wockhardt shares closed at Rs952.95, up 0.61% on the BSE. Aurobindo Pharma shares closed at Rs783.55, up 0.93% on the BSE. Axis Bank shares closed at Rs501.35, down 0.33% on the BSE.
Higher provisions for bad loans and contingencies turned state-run Syndicate Bank into red, with a whopping Rs.2,158 crore net loss for fourth quarter of 2015-16 from net profit of Rs.417 crore in like period year ago on standalone basis. "Total income, including interest for quarter under review also decreased marginally (1.1%) to Rs.6,525 crore from Rs.6,599 crore in same period year ago on standalone," the Manipal-based bank said in a statement here on Tuesday. For 2015-16 too, the bank posted a net loss of Rs.1,644 crore as against net profit of Rs.1,523 crore in 2014-15 on standalone basis. "Total income for fiscal under review, however, increased 8.4 percent to Rs.25,707 crore from Rs.23,725 crore year ago," the statement said. On consolidated basis, net loss for 2015-16 was Rs.1,517 crore as against net profit of Rs.1,664 crore in FY 2015. Total income (consolidated), however, increased to Rs.25,831 crore for FY 2016 from Rs.23,865 crore in 2014-15. "Provisions (other than tax) and contingencies shot up 237% year-on-year to Rs.2,412 crore in fourth quarter from Rs.715 crore in like period year ago and 116% YoY to Rs.4,348 crore for fiscal from Rs.2,011 crore in FY 2015 on standalone basis," the bank said in its profit-and-loss statement. Gross non-performing assets (GNPAs) ratios for the last quarter and fiscal doubled to 6.7% from 3.13% in like period year ago and net performing assets (NPAs) ration zoomed to 4.48% from 1.90% in same period year ago. "Cash recovery in NPA was Rs.2,702 crore in FY 2016 as against Rs.2,195 crore in FY 2015," the statement added. Syndicate Bank shares closed at Rs68.45, up 2.93% on the BSE.
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Tuesday decided shift as many as 51 scrips to the trade-to-trade (the 'T' group) segment, while NSE would move 10 stocks to the category. The scrips to be moved to the restrictive segment on both the bourses include Resurgere Mines & Minerals, Sezal Glass, HMT Ltd, Suryajyoti Spinning Mills, Capital Trust Ltd, Kemrock Industries and Exports, Lumax Automotive Systems, Acropetal Technologies Ltd, Spectacle Ventures Ltd and others. No speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory in the segment.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:



Amit Dhur

5 months ago

Nifty BUY trend continues, 8336 on the cards

Stock Market Today by Shailesh Saraf 30th May 2016
Indian Market Outlook:
FII continued their buying spree across all segments in the Indian markets after buying worth Rs.15747 Cr in Index Options, worth Rs.8474 Cr in Index Futures and worth Rs.1095 Cr in the cash segment in last 5 days.
Nifty the Indian benchmark index saw consolidation at 8200 levels after 7720 the low made on Tuesday 24th, the rally of more than 500 points in four trading sessions with the breakout of critical level of 8000 and the huge buying of FII and PRO buy in future and options which suggests that 8336 are in the cards to come.

International Market Outlook
The Asian markets continue their rally after trading in green today as well. The US markets were closed yesterday for Memorial Day, has also given a breakout of 2100 levels in future index. Non-farm payroll data which is one of the major data events is on Friday which would bring in further stimulus for the FED rate hike scheduled for the June 15 meeting. Traders would also keenly watch the developments around the BREXIT which is scheduled for the 23rd June. FII Index Future Open Interest for the Week FII Options Open Interest for the Week.

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