S&P | Business Upturn

Swami Prasad Maurya resigns as Samajwadi party leader

Matrika Shukla — Tue, 13 Feb 2024 13:31:19 +0000

On February 13, Senior Samajwadi Party figure, Swami Prasad Maurya, announced his resignation from the position of the party’s national general secretary. He stated his commitment to continue supporting and strengthening the SP, albeit without holding any official post.

In his resignation letter addressed to Party President Akhilesh Yadav, Mr. Maurya expressed his dedication to continuing his efforts to bolster the party, emphasizing that he would do so without holding any official position.

Mr Maurya publicly shared his resignation letter on social media platforms. A member of the state legislative council representing the SP, Mr. Maurya had previously switched allegiance from the BJP to the Samajwadi Party before the 2022 polls. He also ran as a candidate in the Assembly elections from Fazilnagar constituency but was unsuccessful in his bid.

संज्ञानार्थ,@yadavakhilesh @samajwadiparty pic.twitter.com/SYPBhEvhe8

— Swami Prasad Maurya (@SwamiPMaurya) February 13, 2024

Maurya, a former BJP member had resigned from his position as a cabinet minister in the Yogi Adityanath ministry and from the BJP itself just a month before the assembly elections in 2022, dealt a significant blow to the party. He cited the BJP’s perceived injustices toward various societal segments as the reason for his resignation. BJP countered, asserting that his resignation was prompted by his son being denied a Member of the Legislative Assembly (MLA) ticket for the upcoming 2022 Uttar Pradesh Legislative Assembly election.

After joining the Samajwadi Party ahead of the 2022 elections, Maurya contested from Fazilnagar instead of his stronghold Padrauna but lost to BJP’s Surendra Kumar Kushwaha. The constituency’s political dynamics were complex, with various communities expressing mixed opinions. Despite Maurya’s significant following, BJP’s mobilization efforts among non-Yadav OBCs and upper castes, as well as the support for other candidates like Ilyas Ansari from the Bahujan Samaj Party, influenced the outcome.

Following his entry into the Samajwadi Party, Maurya assumed the role of General Secretary. In subsequent months, he made controversial remarks about the Ramcharitmanas and the Gyanvapi mosque issue, criticizing BJP’s handling of religious matters and accusing them of exploiting divisive issues for political gain. He also highlighted alleged power structures in the country and criticized the BJP’s approach to Hinduism, advocating for the empowerment of marginalized communities.

Maurya’s statements stirred debate and drew criticism, particularly from political opponents. However, he remained steadfast in his support for opposition unity and expressed confidence in the INDIA coalition’s ability to challenge the BJP-led National Democratic Alliance in the 2024 Lok Sabha elections.

S&P affirms rating of Adani Green, removes from under observation on ‘fully’ secured debt’

Aryan Jakhar — Sat, 25 Feb 2023 08:57:07 +0000

Despite instability in the Adani Group, S&P Global has maintained its “BB+” rating on Adani Green Energy with a stable outlook. Additionally, the American credit rating firm has withdrawn the company from under-criteria inspection. S&P anticipates that the company’s restricted group will assist in meeting repayment commitments due to its robust reserving mechanism.

Wardha Solar (Maharashtra), Kodangal Solar Park, and Adani Renewable Energy are members of Adani Green’s limited group 2 (RJ).

The RG2 are co-issuers and co-guarantors of Adani Green’s $362.5 million in green bonds with a 20-year maturity and a weighted average life of 13.47 years.

According to media reports, S&P noted that RG2’s debt is completely guaranteed by cash flow waterfalls that prioritise operational expenses and debt service during disruptions. In addition, given their ring-fenced assets, S&P feels the arrangement adequately safeguards investors.

S&P says AGEL RG2 is not currently impacted by the bigger Adani Group’s governance concerns and financial issues.

S&P placed Adani Green under “criteria surveillance” on December 14, last year.

Significantly, the S&P criterion adjustment has no influence on the rating agency’s assessment of the project’s creditworthiness, as it stated on Friday.

This comes after Fitch Ratings confirmed Adani Transmission’s limited group notes at “BBB-” with a stable outlook the day before.

Adani Transmission’s RG1 includes six co-issuers, including Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission, Hadoti Power Transmission Service, Raipur-Rajnandgaon-Warora Transmission, Sipat Transmission Limited, and Thar Power Transmission Service, as well as one non-issuing SPV, Adani Transmission (Rajasthan) Ltd. (ATRL).

Fitch also stated in a statement that, owing to the ringfenced structure of these assets, ATL RG1’s credit assessment is not immediately affected by the alleged malpractices at India’s Adani Group noted in Hindenburg Research’s study. Offshore bondholders benefit from a strong cash flow waterfall mechanism as well as covenants that limit cash upstreaming to shareholders and limit debt. ATL RG1 also has a 30-year, mostly amortising bond.

Adani Green Energy’s share price finished at Rs. 486.75 a share on the BSE, a 5% lower circuit. Similarly, Adani Transmission finished at a 5% lower circuit on Friday, at Rs. 711.90 a share.

BJP, SP name candidates for Gola seat

United News of India (UNI) — Sat, 08 Oct 2022 08:23:36 +0000

The Bharatiya Janata Party (BJP) and the Samajwadi Party (SP) on Saturday announced their candidates for by-election from Gola Gokarannath assembly seat in Uttar Pradesh’s Lakhimpur Kheri district.

While BJP has named Aman Giri, son of former MLA Arvind Giri, the SP has named former MLA Vinay Tiwari, who was elected from the seat in 2012.

The by-election was necessitated following the demise of BJP’s Arvind Giri.

The election will be held on November 3. October 14 is the last date for nomination. The polling will be held on November 3 and the result will be announced on November 6.

SP indulging in ‘drama politics’ to gain cheap popularity: Bhupendra Singh

United News of India (UNI) — Mon, 19 Sep 2022 15:21:12 +0000

Taking a jibe at Samajwadi Party (SP) president Akhilesh Yadav’s protest march to the assembly, Uttar Pradesh unit president of Bharatiya Janata Party (BJP) Bhupendra Singh on Monday said that people, who seldom leave their air-conditioned rooms are also oblivious of the ground realities.

Singh said, “Some people do not understand the importance of places. The place to address matters of public concern is the house and not the road. But, the SP president loves to recall the ‘jungle raj’ and corruption of his reign. On the other hand, the NCRB data shows that law and order is well-maintained in UP, under CM Yogi’s leadership.”

He claimed that the SP is cut off from the general public of the state and has engaged in this high-voltage drama on the road to gain cheap popularity. “The SP government had crossed all limits of corruption and the CBI is looking into a number of cases, including frauds involving mining and riverfront properties,” he said.

Singh said, “UP has set a record in giving government jobs and employment to people under the leadership of CM Yogi while the poor recruitment during SP government is not hidden from anyone. Youths today receive employment and jobs in a fair and transparent manner.”

Launching a scathing attack on the opposition, the BJP state president said that SP’s ‘goonda raj’ is still fresh in people’s minds and that their attempts will be ineffective since the Yogi-led government in the state is working for all segments of society without discriminating.

He said, “This is the first time in the last five and a half years that everyone at the bottom of the social ladder is benefitting from the double engine government’s initiatives without any prejudice.”

US Stocks: S&P 500, Nasdaq climb over 1% amid signs of easing geopolitical tensions

News Desk — Thu, 26 May 2022 18:33:00 +0000

US stock indexes have climbed up on Thursday after upbeat annual forecasts from several retailers. Also, the data confirmed the US economy has contracted in the first quarter. Thus, easing concerns about aggressive interest rate hikes.

All of the 11 major S&P sectors advanced in early trading with consumer discretionary up 3%. Which was followed by a 1.7% rise in the financials sector.

Macy’s Inc jumped 12.1% after the department store showed its annual profit forecast. As party-wear is in demand after the certain easing of curbs which were imposed during the COVID-19 pandemic.

Dollar General Corp and Dollar Tree have gained 13.2% and 17.8% respectively. Thus, predicting their annual sales forecasts. As data show more Americans turn to discount stores due to the rise in inflation rate.

Whereas, the Commerce Department’s report showed U.S. gross domestic product has been down at a 1.5% annualized rate last quarter, revised down from the 1.4% declined in April.

The economy grew with a lot of resistance to upper circuit 6.9% pace in the fourth quarter. In another scenario weekly jobless claims fell to 210,000 last week, consistent with a tight labor market despite rising interest rates and tightening financial liquidity.

Thomas Hayes, chairman of Great Hill Capital said. ‘These numbers are indicative that growth is slowing. Demand is slowing and maybe prices are even starting to slow. And if all those three things are in place, then the case for a dovish pivot will build over the summer months,”.

The reality is a lot more complicated at this juncture and so we will have these counter trend rallies in any bear market environment”. Said Hans Olsen, chief investment officer of Fiduciary Trust Company.

UP Elections 2022: BJP in lead with 203 seats as per early trends

Himanshu Mishra — Thu, 10 Mar 2022 05:15:39 +0000

Counting of votes is underway for the elections to the 18th Legislative Assembly of Uttar Pradesh. In the initial trends of UP, BJP has got a majority. BJP has crossed 201 seats, SP is on 89. BJP is ahead in Purvanchal and Awadh, in western Uttar Pradesh it is facing tough competition from SP.

While exit polls have anticipated a victory for the ‘double-engine’ government of BJP, the state has not reimbursed a government to power since 1985. SP in alliance with the Rashtriya Lok Dal put up a vicious fight, drawing support from West Bengal Chief Minister Mamata Banerjee.

According to Poll of Polls, BJP can get around 250 seats this time. Yogi Adityanath is contesting the Vidhan Sabha elections for the first time. He is a candidate from the Gorakhpur Sadar seat. SP president Akhilesh Yadav is the candidate from the Karhal seat in the Mainpuri district. UP Deputy CM Keshav Prasad Maurya Sirathu and Swami Prasad Maurya, who left BJP and joined SP, are candidates from the Fazilnagar seat of Kushinagar district.

Samajwadi Party names candidates for 10 seats

United News of India (UNI) — Tue, 01 Feb 2022 08:20:45 +0000

Lucknow, Feb 1 (UNI) Samajwadi Party (SP) has announced the names of candidates for 10 seats for the Uttar Pradesh assembly elections on Tuesday. In Lucknow the party has named former MLA Gomti Yadav from Bakshi Ka Talab, former MLA Ravidas Mehrotra from Lucknow Central, Arman from from Lucknow West, Puja Shukla from Lucknow North, Anurag Bhadauria from Lucknow East and Raju Gandhi from Lucknow Cantt. The party has named Munna Alvi as its candidate for Bangarmau seat in Unnao district. The party has fielded Shyam Sunder Bharati from Bachrawan (Rae Bareli), Tahir Khan from Isauli (Sultanpur) and Vishambhar Yadav from Baberu (Banda). UNI/AB ACL1344

(This story and headline has not been edited by Business Upturn staff and is published from a syndicated feed.)

UP CM Yogi Adityanath tightens security in UP post Block Panchayat Chief Elections

Aayushi Singh — Sat, 10 Jul 2021 14:21:47 +0000

At 3 p.m the counting of the votes for UP Block Panchayat Chief had been concluded. On Saturday, the votes were polled for 476 posts of the block panchayat chiefs in Uttar Pradesh. The voting was held from 11 a.m to 3 p.m and the certificates would be issued to the candidates by today itself.

BJP won overall seats of 8 blocks in Lucknow and Kannauj, and the party had registered victory of six out of eight seats in Moradabad and three seats in Bhadohi out of the six seats, BJP won 15 out of 19 seats in Sitapur and in Hardoi BJP won 14 seats out of 19 blocks, whereas the saffron party won 14 seats in Agra and in Barauli Aheer the BJP defeated the SP where the polls were held.

The Uttar Pradesh Chief Minister, Yogi Adityanath, directed his officials to tighten the security arrangements and it should be available on each block where the counting was being held.

Yogi Adityanath said that there must be a system in place where the winning and losing candidates would be escorted to their homes under police protection.

CM Adityanath added that the police force should remain on extra alert and be sensitive, and stringent actions must be initiated against the people who indulged in vitiating the atmosphere.

On Friday, a total of 349 candidates had been elected for the block panchayat chief posts. Friday was the last day for the withdrawal of nomination papers.

Manoj Kumar, the State Election Commissioner, said that 1778 nomination papers were received for 825 posts of the block panchayat chief, out of which, 68 were canceled and 187 withdrew. The State Election Commission announced that the candidates on the 349 posts had been elected unopposed, and the BJP claimed that the 334 among the winning candidates belonged to their party.

Swatantra Dev Singh, the UP BJP chief, said that a state of development and good governance had been established by eradicating casteism and corruption in UP after the government was formed under the leadership of CM Yogi Adityanath.

Congress to make comeback in UP after 3 decades under Priyanka’s leadership, says Ajay Kumar Lallu

Aayushi Singh — Sun, 04 Jul 2021 11:31:40 +0000

Samajwadi Party and Bahujan Samaj Party has ruled out forging any major alliances for the Uttar Pradesh assembly polls.

On Sunday, Ajay Kumar Lallu, state unit chief, expressed confidence that his party had the capacity to fight the elections without aligning without aligning with either of them and form the next government on it’s own. He added that the Congress would be fighting the next years assembly polls in Uttar Pradesh under Priyanka Gandhi Vadra’s “dekh-rekh” and under her leadership the party would make a comeback in Uttar Pradesh after more than 3 decades.

Ajay Kumar Lallu said that the Congress had emerged as the main challenger to the oppressive UP government and has claimed that his party with just five legislators had proven to be more effective opposition than SP.

He referred to Priyanka Gandhi as winds of change and said that the party had strengthened on various levels due to Priyanka Gandhi’s leadership.

Lallu said that Priyanka Gandhi would be states in charge and that the elections would also be fought under her supervision.

He said that the people of Uttar Pradesh were looking at the Congress with hopes and there was enthusiasm in the workers as the Congress government would be formed in Uttar Pradesh under Priyanka Gandhi’s leadership.

He mentioned that Priyanka Gandhi would visit several districts with an aim to enthuse the team and prepare them for an electoral battle with the ruling BJP. He added that the Congress would fight the polls alone or would make an alliance with BSP or SP due to the issues of the people, women, farmers, poor and the oppressed.

These remarks came after the BSP and SP said that they would not go in alliance with any big party.

Lallu added that if any party was raising it’s voice against the Yogi Adityanath dispensation on the streets then it was only Congress which has turned out to be a strong opposition.

Congress has raised it’s voice on many issues for the farmers, youth and poor in regard with the unemployment, law and orders, COVID-19 pandemic, jungle raj, etc.

Priyanka Gandhi raised her voice when the tribals were killed in Sonbhadra, when the daughters of Hathras, Unnao and Shahjahanpur were done injustice, she fought against the injustice, she even hit the streets to oppose the farm laws. He said that cases were filed against thousands of Congress workers.

Ajay Kumar Lallu mentioned that the Congress received 50 lakh voted in Lok Sabha Polls and in the Assembly elections they received 51 lakh votes whereas in the panchayat polls the Congress received 1,52,00,000 votes. He added that with their determination they would make a comeback under Priyanka Gandhi’s leadership and that they had faith in the people.

Lallu added that Congress was also in place with appointment of Zila committee, block presidents, and setting up of the Nyaya panchayat and gram sabha units, and that due to the rise in people’s issue they would definitely make a comeback in Uttar Pradesh.

He added that the farmers would also support them as Congress stood against the three farm laws.

India’s economic recovery is gaining steam: S & P Global Ratings

Devanshu Singla — Tue, 16 Feb 2021 08:38:00 +0000

On Tuesday, S&P Global Ratings said India is on track for an economic recovery in the fiscal year ending March 2022. It estimates India’s economic recovery at 10 per cent in FY22.

India is on track with regard to its economic recovery in financial year 2021-22. Consistently good agriculture performance and flattening of Covid19 infection curve are supporting the Indian economy, S&P Global Ratings said in a release today. It observed that India’s near term prospects are positive.

In a bid to continue on its recovery path, the global rating agency noted India needs to quickly and thoroughly vaccinate most of its 1.4 billion people. “Emergence of more contagious COVID variants with the potential to evade vaccine-derived immunity a major risk to recovery,” it said. In addition to this, possibility of early withdrawal of global fiscal stimulus also poses a major risk to India’s recovery, it further added.

Meanwhile, Global Ratings agency also noted that India’s near term prospects are critical to its ability to sustain higher deficits. Economy still faces important risks as it transitions from stabilization to recovery. According to its estimate, India faces a permanent loss of recovery of about 10% of GDP output versus its pre-pandemic path.

“A sustained earnings rebound is key for ratings to stabilize. Estimate banking system’s weak loans ratio at 12% of gross loans and credit cost to remain elevated at 2.2%-2.7%,”S&P Global said.

The rating agency further added that the faster economic recovery, government and RBI measures cushioned the effect of crisis on bank balance sheets. It expects India’s banking system to start improving materially in FY23.

Awards and achievements of SP Balasubrahmanyam – Accolades he received for his excellence

Ariba Khan — Fri, 25 Sep 2020 14:29:26 +0000

Sripathi Panditaradhyula Balasubrahmanyam popularly called SP Balu or just Balu was famous for being one of the best musicians in India. He was a playback singer, music director, actor, dubbing artist, and film producer. He predominantly worked in Telugu, Tamil, Kannada, Hindi, and Malayalam movies. This is just what he does and where he did. To our surprise, he has sung over 40,000 songs and that too in 16 different languages. Obviously, he was super talented so he has been showered with multiple awards throughout his lifetime. Let us have a look at some of the awards he won.

Check out the list of awards and achievements of SP Balasubrahmanyam.

National Film Awards

He has won national film awards multiple times in his entire career for the Best Male Playback Singer. He won this award in 1995, 1996, 1979, 1981, 1983, and 1988.

Filmfare Awards

Again for Best Playback Singer – Male, he has received many accolades, and one such is the Filmfare award. He won this award in the year 1981, 1989, 1991, 1994, 2007, 2008, and 2011. He also received this for Outstanding Achievement As a Playback Singer in 1987. He also received a Lifetime Achievement Award in 1984 from Filmfare awards for his contributions.

Filmfare Awards South

As he was famous not only in the Hindi film industry but even more loved in the South industry he has received quite a number of awards there as well. The years in which he received these awards are 1983, 1986, 1991, 1995, 2005, 2006, 2007, 2008, 2009, 2010, and 2011.

Civilian Honours

He has received Civilian Honours awards from the Government of India for his work in the Indian music industry. He received Padma Shri in 2001 and Padma Bhushan in 2011. He deserves it for sure.

These were some of the amazing awards and achievements of SP Balasubrahmanyam that he has achieved throughout his lifetime. He has been showered with many more awards such as Karnataka State Film Awards, Tamil Nadu State Film Awards, Nandi Awards, South Indian International Movie Awards, and many such awards and honours. The list is never-ending and you can guess the amount of talent he got to become a legendary musician.

Global Markets: US Markets added gains – highest figures since February

Ruchit Purohit — Thu, 13 Aug 2020 02:49:20 +0000

The US markets on Wednesday closed with adding highest figures since February as the investors continue betting on more stimulus despite of doubts. Gold prices whipsawed and silver on Wednesday saw claw back.

The Dow Jones Industrial Average rose 289.93 points, or 1.05%, to 27,976.84, the S&P 500 gained 46.66 points, or 1.40%, to 3,380.35 and the Nasdaq Composite added 229.42 points, or 2.13%, to 11,012.24.

The S&P ended within 6 points of its closing record high of 3,386.15. The index slipped on Tuesday after seven straight days of gains.

SGX Nifty was trading higher indicating a positive opening for the Indian indices. The Nifty futures were trading at 11,328 on the Singaporean Exchange around 07:30 hours IST.

Asian stocks were set for broad gains on Thursday after Wall Street’s S&P 500 index briefly touched record highs, as investors appeared to shrug off worries about stalled U.S. stimulus talks and a shaky economic recovery.(Moneycontrol)