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PNB posts net loss of Rs 13,417 crore for Q4

CBI officials said the chargesheet names Nirav Modi and his brother Nishal in connection with the issuance of Letters of Undertaking totalling Rs 6,498.20 crore during 2011-17.

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PNB

Mumbai, May 15 (IANS) The multi-crore fraud hit Punjab National Bank posted a net loss of Rs 13,417 crore for the fourth quarter (January-March) of 2017-18, a regulatory filing by the company on the BSE stated on Tuesday.

The company had posted a net profit of Rs 262 crore for the corresponding quarter in 2016-17.

The gross non-performing assets (NPA) of the company stood at 18.38 per cent for the fourth quarter of 2017-18 compared to 12.53 per cent during the corresponding quarter in 2016-17.

The bank has made provisions and contingencies worth Rs 20,353.10 crore for the fourth quarter while it was Rs 4,466.68 crore for the October-December quarter of 2017-18.

Regarding the multi-crore fraud that came to light under the Q4, the bank said: “The fraud is under investigation by various central investigating agencies.”

The CBI on Monday filed a chargesheet against Allahabad Bank MD and CEO Usha Ananthasubramanian and 21 others, including 11 bank officials, in the over Rs 13,000 crore Punjab National Bank fraud case in which diamantaire Nirav Modi and his uncle Mehul Choksi were allegedly involved.

The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in international operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here.

CBI officials said the chargesheet names Nirav Modi and his brother Nishal in connection with the issuance of Letters of Undertaking totalling Rs 6,498.20 crore during 2011-17.

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Army, Navy rescue marooned people in Karnataka’s flood-hit district

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Srirangapatna flood

Bengaluru, Aug 17 (IANS) Indian Army troops and Navy divers joined the national and state disaster relief forces to rescue hundreds of people marooned in Karnataka’s flood-hit Kodagu district, said an official statement on Friday.

“About 60 Dogra Regiment soldiers and 12 expert naval divers rescued 873 marooned people in the flood-hit district, where overnight heavy rains caused landslides and inundated low-lying areas at Makkanduru,” said the statement from the Chief Minister’s office here.

Kodagu, about 250 km from Bengaluru, is one of the districts in the southern state worst hit by the south-west monsoon rains since June first week.

The Army’s engineering task force deployed 73 boats, equipment and rafts in rescuing the people and escorting them to safer places in the district.

About 60 members of the national and state disaster relief forces and 45 members of the civil defence joined the rescue and relief operations with boats and equipment in Madikeri in the hilly district.

“Though the Indian Air Force (IAF) aborted rescue mission due to inclement weather, it will fly M17 chopper from Mysuru on Saturday to rescue the remaining stranded and transport relief supplies,” noted the statement.

About 200 personnel of the state fire service had rescued people in flood-hit towns and villages across the district with their boats and equipment.

“Telecom services, disrupted due to rains and strong winds uprooting poles and snapping phone lines, are being restored on priority. HAM operators have been deployed as back-up. Power lines are also being restored,” said the statement.

The district administration has housed 573 persons in 17 relief camps.

Intra and inter-state bus and train services between Karnataka and flood-hit Kerala were suspended due to landslides and rain water submerging the highways and roads in the ghat section.

State-run and private bus services from Mysuru and Chamarajanagar to Ooty and Coonoor hill stations in Tamil Nadu were suspended due to flooding and fallen trees blocking the routes in the ghat section.

According to the weather office, rain fury continued in the state’s coastal districts of Dakshina Kannada, Udupi and Uttara Kannada, disrupting normal life, including vehicular movement of goods and people.

Incessant rains lashed the Malnad region, flooding several areas in Shivamogga, Hassan and Chikkamagaluru districts.

Schools and colleges will remain shut even on Saturday in the affected districts due to flooding and disruption of bus services.

The state’s metrological department has warned of moderate to heavy rain in coastal, south interior and north interior areas of the state till Sunday.

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Oil prices rises after sharp declines

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Crude Oil

New York, Aug 18 (IANS) Oil prices continued to rise slightly on Friday after slumping over 2 per cent earlier this week.

The West Texas Intermediate (WTI) for September delivery rose $0.45 to settle at $65.91 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery rose $0.40 to close at $71.83 a barrel on the London ICE Futures Exchange, Xinhua reported.

The market was under pressure earlier in the week as official data showed the US crude inventories rose nexpectedly recently.

The Energy Information Administration said in its weekly report on Wednesday that US commercial crude inventories rose by 6.8 million barrels in the week through August 10, way higher than market estimates of a decrease of 2.5 million barrels.

WTI and Brent oil prices rebounded slightly on Thursday and Friday after touching the lowest levels in months on Wednesday.

On the data front, the number of US oil drilling rigs were unchanged this week at 869 rigs, according to a weekly report from energy company Baker Hughes on Friday.

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Nifty sets new closing high on firm global cues; Sensex ends near 38,000

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sensex up

Mumbai, Aug 17: Broadly positive global cues lifted the key Indian equity indices on Friday with the NSE Nifty50 ending at a record closing high of 11,470.75 points.

According to market observers, healthy buying activity was witnessed in banking, metal and healthcare stocks.

At 3.30 p.m., the Nifty50 on the National Stock Exchange provisionally closed at 11,470.75 points, up 85.70 points or 0.75 per cent from its previous close.

The benchmark S&P BSE Sensex, which had opened at 37,898.60 points, closed at 37,947.88 points up 284.32 points or 0.75 per cent from previous close of 37,663.56 points.

It breached the 38,000 mark during the day and touched an intra-day high of 38,022.32 points, and hit an intra-day low of 37,840.16 points.

The major gainers on the Sensex were Yes Bank, State Bank of India, Vedanta, Hindustan Unilever and Tata Motors, while Hero MotoCorp, ONGC, Maruti Suzuki, Coal India and Power Grid were the major losers.

IANS

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