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Efforts on to make govt offices plastic-free: CS

Efforts on to make govt offices plastic-free: CS

Hans India3 days ago
Vijayawada: Chief secretary K Vijayanand announced that the state government is taking decisive steps to make all government offices plastic-free. During a video conference with district collectors and officials on Thursday, he discussed key initiatives, including the Swarnandhra P-4 Foundation, Swachhandhra, MSME parks, Pradhan Mantri Adarsh Gram Yojana, and population management.
Vijayanand stressed a phased approach to control single-use plastics, with a goal to declare all 17 municipal corporations plastic-free by October.
He directed officials to ban plastic items in government offices statewide and launch extensive public awareness campaigns about the environmental harm caused by single-use plastics, particularly air and water pollution.
He urged district collectors to engage plastic manufacturers to ensure compliance and promote eco-friendly alternatives. The Swarnandhra P-4 Foundation, aimed at eradicating poverty and reducing economic disparities, was a key focus.
The government has set a target to adopt 15 lakh Bangaru Kutumbams (golden families) by August 15. So far, 19.17 lakh Bangaru Kutumbams have been identified, with 5.2 lakh adopted by Margadarshis (mentors).
Vijayanand stressed maintaining high standards in identifying families and mentors, urging collectors to ensure the program's success by encouraging financially capable Margadarshis to participate.
On population management, Vijayanand described the population as an asset and highlighted the recent draft population policy. He instructed collectors to follow the policy's calendar of events to implement effective measures.
Under the Pradhan Mantri Adarsh Gram Yojana, 1,027 villages have been selected as model villages, with 765 already declared under the Village Development Plan (VDP). The chief secretary directed collectors to expedite efforts to declare the remaining 262 villages as model villages.
Each model village will receive a Rs 20 lakh gap-filling grant from the central government for infrastructure development, supplemented by additional funds through convergence, potentially reaching Rs 80 lakh per village.
Collectors were urged to prioritise these efforts to enhance rural infrastructure. The chief secretary also discussed the MSME Parks and RAMP (Rising and Accelerating MSME Performance) programme, a centrally-sponsored scheme supported by the World Bank.
He instructed collectors to ensure its effective implementation and promote circular economy clusters to foster sustainable industrial growth.
Additionally, the conference explored the use of AI chatbot technology to enhance government employee efficiency, signaling a move toward digital innovation in governance.
These initiatives reflect the state's commitment to environmental sustainability, poverty alleviation, and infrastructure development, with district collectors tasked to drive their successful execution.
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From a 90% crash to a 1,000% rally: Can PC Jeweller regain its shine?

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PC Jeweller's Stock Price Momentum (2014-2020) Between FY14 and FY18, PC Jeweller grew its revenue by 80% to Rs 9,610 crore, placing it alongside Kalyan Jewellers and Joyalukkas in terms of market share. But everything began to go south after SEBI pulled up PCJ for insider trading in January 2018. The stock tanked 90% within 9 months. The promoters moved the Securities Appellate Tribunal (SAT) and then to the Supreme Court. Though the apex court overturned SEBI and SAT's ruling in April 2022, four years of legal proceedings had done much damage. Legal troubles and weakened consumer trust pulled revenue down by 83%. The company reported a net loss of Rs 391 crore in FY22, with sales falling to Rs 1,605 crore, which were not enough to cover its fixed costs. PC Jeweller's Sales and Profits FY14-FY22 5,325 6,361 7,301 8,464 9,610 8,672 5,206 2,825 1,605 378 1 -391 Source: The gems and jewellery sector operates like any other retail business, with pan-India stores. What sets them apart is the cost of gold, the primary raw material. India imports gold to meet jewellery demand, and the government imposes a customs duty on these imports. Jewellers also have a high working capital demand as gold is slow-moving, often taking 6–12 months to convert into sales. When sales declined because of the pandemic and the legal issues, PCJ was left with unsold inventory worth Rs 5,667 crore. PC Jeweller's Inventory from FY18-FY22 Inventory (Rs Crores) 5,258 5,012 5,944 5,667 Inventory Days 1,465 Source: Moreover, the pandemic resulted in export clients defaulting on trade receivables. Thus, PCJ had to borrow Rs 727 crore from banks to meet its trade payables, which increased its borrowings to Rs 3,283 crore in FY22 (from Rs 2,294 crore in FY21), and reduced its cash reserve to Rs 60 crore. From a net-cash company in FY18, PCJ became a net debt company by FY22. Within six months, it defaulted on loans worth Rs 3,466 crore in Q2FY23 ended September 2022. At this point, short-term borrowings were more than its reserves, and cash was running dry. PC Jeweller's Cash and Debt from FY18-FY22 Mar-20 Mar-21 Mar-22 Short-Term Borrowings 1,025 2,091 2,282 2,294 3,283 Cash Equivalents 1,556 322 178 60 Source: The creditors lost trust in the jeweller. The State Bank of India (SBI) (Rs 1,060 crore outstanding loan), its largest lender, initiated insolvency proceedings on PCJ in January 2023. Its two prime properties in New Delhi came under the SBI's control, and its inventory at a few locations came under the court's custody, disrupting operations. In FY24, the company's sales fell 75.5% to Rs 604 crore. The 334% rally in 4 months (27 June-24 October 2022) after the Supreme Court ruling reversed after the bank loan default. PC Jeweller's Stock Price Momentum (2022-2025) In December 2023, despite reporting its lowest quarterly revenue of Rs 40 crore (down 95% year-over-year) and a net loss of Rs 198 crore, PCJ's stock surged 100%. Behind the rally was PCJ's negotiations with banks to avoid bankruptcy. The jeweller even offered to reduce payment terms to 3 years from 5 years to get the lenders to settle, instilling confidence in investors. In July 2024, the company reached a One-Time Settlement (OTS) with 12 out of 14 banks. As part of the settlement, PCJ agreed to repay the loan in cash and equity, with structured cash payments over 2 years from the date of settlement (September 30, 2024). However, it expects to repay the debt by March 2026. So far, PCJ has paid Rs 487 crore in cash and converted debt worth Rs 1,510 crore to equity, giving banks a 9.07% stake in the company. As of March 30, 2025, it halved its debt to Rs 2,064 crore. The company will announce more such capital infusion as part of its plan to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors. So far, the company has raised Rs 1,664 crore from share warrants. PCJ is strengthening its balance sheet by reducing debt. Simultaneously, it is reviving its business by using Rs 529 crore from the capital raised towards working capital. This helped the jeweller revive its FY25 sales. It reported a profit of Rs 578 crore by reducing its interest expense by Rs 454 crore to Rs 51 crore. PC Jeweller's Cash and Debt from FY23-FY25 2,245 2,064 Cash Equivalents Inventory 5,633 6,649 Source: PCJ is no longer in crisis mode. Over the last five years, it has avoided bankruptcy and returned to profits, which drove its share price up 1,068%. But challenges remain. PCJ's short-term borrowings have a Crisil rating of D (Default) 'issuer not cooperating' as on March 28. It received a show-cause notice from SEBI in February 2024 for alleged violation of the Listing Obligations and Disclosure Requirements (LODR) Regulations. 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