HAL to pursue growth opportunities despite challenges
Bengaluru, Sep 28 : State-run Hindustan Aeronautics Ltd (HAL) will pursue growth opportunities despite facing challenges, said a top official of the aerospace major on Friday.
"We are committed to pursue growth opportunities in spite of the challenges," HAL's new Chairman R. Madhavan told the shareholders at the company's 55th Annual General Meeting (AGM) for fiscal 2017-18 here.
Addressing the institutional and retail investors of the city-based defence behemoth, Madhavan said the company had posted consolidated net sales of Rs 18,624 crore for the fiscal under review.
"The company recorded the highest sales turnover of Rs 18,624 crore in fiscal 2017-18, as against Rs 18,553 crore in fiscal 2016-17, registering a 0.4 per cent annual growth despite challenges," said Madhavan.
The AGM was the first the company held with the participation of the retail shareholders after it went public in March, divesting 10.2 per cent of its equity holding to raise about Rs 1,400 crore.
The company's consolidated net profit for the fiscal, however, declined 21 per cent year-on-year (YoY) to Rs 2,073 crore from Rs 2,625 crore year ago.
Profit before tax also declined 7.5 per cent YoY to Rs 3,326 crore from Rs 3,592 crore year ago.
"We produced 40 aircraft and helicopters, including Sukhi-30 MKI fighters, Light Combat Aircraft (LCA) Tejas and Dornier Do-228 in fixed wing and Advanced Light Helicopter (ALH) Dhruv and Chetak choppers in rotary wing," said Madhavan.
The company also made 105 aero engines, overhauled 220 aircraft/copters and 550 engines during the last fiscal.
"We have also produced 146 aero-structures for the space programmes of the state-run Indian Space Research Organisation (ISRO) during the period," added Madhavan.
The company's scrip with Rs 10 face value lost Rs 44.10 per share on Friday's trading, ending at Rs 781.85 on the BSE against Thursday's closing rate of Rs 825.95 and opening price of Rs 818.
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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
