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The Print
12 hours ago
- Politics
- The Print
Family matters in Bihar's Dalit politics—Manjhis to Paswans, how kin are rising up the ladder
Opposition RJD criticised the appointments, saying these were made with an eye on the assembly elections due later this year. Chirag Paswan's brother-in-law Mrinal Paswan has been appointed chairperson of the commission, while Jitan Ram Manjhi's son-in-law Devendra Manjhi has been made its vice chairperson. New Delhi: The Nitish Kumar government's decision to appoint the relatives of Union ministers Chirag Paswan and Jitan Ram Manjhi to top posts in the Bihar Scheduled Caste Commission months before elections has fuelled debate around 'dynastic politics' in parties led by Dalit leaders in the state. Former chief minister Jitan Ram Manjhi's family now has seven members in politics, competing with the Lalu Prasad Yadav family's dominance in the state. Manjhi, who comes from the Mahadalit musahar community, contested the Lok Sabha polls from the Gaya seat in 1991, 2014, 2019 and 2024. He won only the 2024 polls. He is currently the oldest minister in the Modi cabinet, holding charge of the Micro, Small and Medium Enterprises Ministry. The Manjhi family Manjhi's son Santosh Kumar Suman is the national president of their party Hindustani Awam Morcha (HAM). He is a minister in the Nitish cabinet, holding the Minor Water Resources portfolio. He was a minister in Nitish Kumar's 2020 cabinet too when he held the Minor Irrigation and SC/ST Welfare portfolios. Suman's wife Deepa Manjhi won the byelection from Imamganj assembly constituency in November 2024 as Jitan Ram Manjhi vacated the seat after his election to Lok Sabha. Deepa Manjhi's mother Jyoti Devi is also an MLA from the party. She represents the Barachatti assembly constituency. Devendra Manjhi, who has been made the vice-chairperson of the SC Commission, has been HAM general secretary and unsuccessfully contested the assembly election in 2020 from Makhdumpur. Jitan Ram Manjhi has two sons and five daughters. His younger son Pravin Suman is also in politics. Manjhi's elder daughter Sunaina has contested a deputy mayoral election in 2022. Devendra Manjhi first came in news in 2014 when Jitan Ram Manjhi, as the chief minister of Bihar, appointed him as his personal assistant, and another relative, Satendra Kumar, a clerk. The BJP, then in the opposition, criticised Manjhi, citing a general administration department's order of 23 May 2000 that no minister can appoint a relative as PA. Manji defended the appointment, saying Devendra has been his PA since 2006. But as the controversy erupted, Devendra resigned. When ThePrint spoke to him after his appointment at the SC Commission, Devendra Manjhi said, 'When a doctor's son becomes a doctor, nobody asks questions.' He said he is an engineer and has been working among people for the last 25 years, despite being the son-in-law of an MP and former chief minister. 'Today, after spending so much time among people, I have been appointed as vice-chairperson to work among Dalits. What is wrong with it?' He said the HAM fought the 2015 elections in alliance with the RJD and the JD(U), and the party was given 21 seats to contest. 'But I did not get the ticket then and contested as an Independent. Nobody asked why Manjhi's son-in-law did not get a ticket. My appointment is not dynastic politics.' Also Read: Why India won't see women's reservation in effect until 2039—it's about trickery The Lalu family RJD president Lalu Prasad himself no longer contests elections due to ill health. But his two sons—Tejashwi Yadav and Tej Pratap Yadav—are members of the Bihar legislative assembly, and their mother Rabri Devi, also a former chief minister, is in the state legislative council. Prasad's eldest daughter Misa Bharti, a former Rajya Sabha member, now represents the Patliputra Lok Sabha constituency. His another daughter, Rohini Acharya, unsuccessfully contested the 2024 Lok Sabha elections against the BJP's Rajiv Pratap Rudy from Saran. His other daughter Raj Lakshami is married to the late Mulayam Singh Yadav's grandson Tej Pratap Yadav, a Samajwadi Party MLA. Raj Lakshami's sister Anushka is married to Chiranjeev Yadav, who is son of Haryana Congress leader Ajay Yadav. Chiranjeev was an MLA until 2024 when he lost the assembly poll. Prasad's daughter Ragini is married to Rahul Yadav, son of Samajwadi Party leader and Uttar Pradesh MLC Jitendra Yadav. Rahul contested the 2022 Uttar Pradesh assembly elections from Sikandrabad but lost. Also Read: Women in LS not without dynastic ties — 55% have political links, 23 with serving or ex MP/MLA spouses The Ram Vilas family Late Union minister Ram Vilas Paswan formed the Lok Janshakti Party in 2000. After his death in 2020, the party split into Lok Janshakti Party (Ram Vilas), controlled by his son and MP Chirag Paswan, and Rashtriya Lok Janshakti Party led by his brother Pashupati Kumar Paras. Chirag's brother-in-law Mrinal Paswan, who is the Lok Janshakti Party's (Ram Vilas) general secretary and who unsuccessfully contested the 2020 assembly polls from the Raja Pakar seat in Vaishali, has been made the chairperson of SC commission by the Nitish Kumar government. Mrinal is married to the daughter of Ram Vilas Paswan and his first wife Rajkumari Devi, who was recently in news after Pashupati Kumar Paras's wife Sobha Devi allegedly humiliated her. Like Manjhi, Ram Vilas Paswan can also be credited with bringing his family members into politics. He first got Pashupathi Paras to contest the 1977 Bihar assembly elections, and later made him the state president of the undivided LJP. Paswan's other brother Ram Chandra Paswan contested the 1999 Lok Sabha polls and won. Ram Vilas' two daughters—Usha and Asha—from his first marriage are married to politicians. Paswan has two children from his second marriage, Chirag Paswan and daughter Nisha. Chirag is the MP from Hajipur, while Nisha is married to Arun Bharti, who represents the Jamui Lok Sabha seat. Ram Chandra's son Prince was also a Lok Sabha member but he lost his Samastipur seat in the 2024 polls. Mrinal Paswan told ThePrint he has spent many years in politics and he cannot be called an example of dynastic politics. 'I didn't get anything automatically,' he said. 'I will work for all sections of society.' In other appointments, Nitish Kumar has made Manoj Rishi the chairman of the Mahadalit Commission. Manoj is son of Vishwanath Rishi, a former minister and the first chairman of Mahadalit Commission. Nitish Kumar created the first Mahadalit Commission in 2007, two years after coming to power in 2005 for his second term. He empowered them by facilitating land ownership, skill development, reserving seats in local bodies and creating employment opportunities for them. This was seen as his attempt to create a captive Mahadalit voter base for his JD(U). The Nitish government also appointed Bhumihar leader Maha Chandra Prasad as the chairperson of the Bihar Swarn Commission. Gulam Rasool Balyawi, who vocally protested against the Waqf Act, has been appointed the chairperson of the state's Minority Commission, which is being seen as an attempt to send a message to the minority community. Other Dalit leaders There are other Dalit leaders whose kin entered politics. Former deputy prime minister Jagjiavn Ram's daughter Meira Kumar became a Lok Sabha speaker. Her son Anshul is a Congress spokesperson and has contested a Lok Sabha election. BSP chief Mayawati promoted his brother Anand Kumar as the vice president of the party and nephew Akash Anand as chief national coordinator. Congress leader and former Union minister Sushilkumar Shinde's daughter Praniti Shinde is now a member of Lok Sabha. Congress president Mallikarjun Kharge's son Priyank is a minister in the Karnataka government and son-in-law Radhakrishna Doddamani an MP from Gulbarga. (Edited by Ajeet Tiwari) Also Read: Protect BJP from becoming Congress & be patient—Modi's masterclass to MPs, MLA in poll-bound Bihar
Time of India
5 days ago
- Business
- Time of India
Buy Ashoka Buildcon, target price Rs 273: HDFC Securities
HDFC Securities has maintained its buy call on Ashoka Buildcon with a revised target price of Rs 273. The current market price of Ashoka Buildcon is Rs 216.2. Ashoka Buildcon, incorporated in 1993, is a Mid Cap company with a market cap of Rs 5973.79 crore, operating in Infrastructure sector. Ashoka Buildcon's key products/revenue segments include Income From Construction Work, Ready Mix Concrete, Other Operating Revenue, Scrap and Land for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 2755.42 crore, up 13.56% from last quarter Total Income of Rs 2426.36 crore and down -12.19% from last year same quarter Total Income of Rs 3137.88 crore. The company has reported net profit after tax of Rs 451.22 crore in the latest quarter. The company's top management includes Katariya, Hiran, Nazareth, Panchal, Katariya, Parakh, Londhe, Kataria, Mehta, Hiran, Nazareth, Mehta, Kataria, Parakh, Londhe, Kataria, Mehta, Hiran, Nazareth, Panchal, Katariya, Parakh, Londhe, Panchal. Company has SRBC & Co LLP as its auditors. As on 31-03-2025, the company has a total of 28 crore shares outstanding. Investment Rationale Ashoka Buildcon's revenue/EBITDA/APAT came in at Rs 19.7/1.4/0.6bn, a (miss)/beat of -19.3/-35.3/-39.6% vs. HDFC Securities' estimates. EBITDA margin: 7.3% (-19/-186bps YoY/QoQ) was lower than the estimate of 9%, owing to weak margins in legacy projects. ASBL has guided for 10% revenue growth YoY in FY26 and expects to record higher EBITDA margins of 10-11% during that year on the back of new order execution. The OB as of Mar?25 stood at Rs 149 billion (~2.1x FY25 revenue), while the Order Inflow (OI) stood at Rs 95 billion. Further, ASBL guided for OI of Rs 100-120 billon for FY26, while participating in bids worth INR 1.1trn. Business-wise, the revenue is well diversified with HAM (roads)/EPC (roads) /power T&D/railways/EPC (buildings) and others comprising 12.5/58.3/2.8/2.11/24.3%. Additionally, ASBL has already invested Rs 11.1 billion in the HAM portfolio; the balance equity requirement in its existing NHAI HAM assets is Rs 3.7 billion as of Mar?25. Given the stable OB, improving visibility on asset monetisation, and margin expansion on the back of new order execution, the brokerage maintains BUY. However, they have tweaked the SOTP to Rs 273/share (11x Mar-27E EPS) basis lower than expected execution and factoring in 1.4x P/BV for HAM assets. Promoter/FII Holdings Promoters held 54.48 per cent stake in the company as of 31-Mar-2025, while FIIs owned 7.48 per cent, DIIs 14.93 per cent.
Economic Times
5 days ago
- Business
- Economic Times
Buy Ashoka Buildcon, target price Rs 273: HDFC Securities
HDFC Securities has maintained its buy call on Ashoka Buildcon with a revised target price of Rs 273. The current market price of Ashoka Buildcon is Rs 216.2. Ashoka Buildcon, incorporated in 1993, is a Mid Cap company with a market cap of Rs 5973.79 crore, operating in Infrastructure sector. ADVERTISEMENT Ashoka Buildcon's key products/revenue segments include Income From Construction Work, Ready Mix Concrete, Other Operating Revenue, Scrap and Land for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 2755.42 crore, up 13.56% from last quarter Total Income of Rs 2426.36 crore and down -12.19% from last year same quarter Total Income of Rs 3137.88 crore. The company has reported net profit after tax of Rs 451.22 crore in the latest quarter. The company's top management includes Katariya, Hiran, Nazareth, Panchal, Katariya, Parakh, Londhe, Kataria, Mehta, Hiran, Nazareth, Mehta, Kataria, Parakh, Londhe, Kataria, Mehta, Hiran, Nazareth, Panchal, Katariya, Parakh, Londhe, Panchal. Company has SRBC & Co LLP as its auditors. As on 31-03-2025, the company has a total of 28 crore shares outstanding. Investment Rationale ADVERTISEMENT Ashoka Buildcon's revenue/EBITDA/APAT came in at Rs 19.7/1.4/0.6bn, a (miss)/beat of -19.3/-35.3/-39.6% vs. HDFC Securities' estimates. EBITDA margin: 7.3% (-19/-186bps YoY/QoQ) was lower than the estimate of 9%, owing to weak margins in legacy projects. ASBL has guided for 10% revenue growth YoY in FY26 and expects to record higher EBITDA margins of 10-11% during that year on the back of new order execution. The OB as of Mar?25 stood at Rs 149 billion (~2.1x FY25 revenue), while the Order Inflow (OI) stood at Rs 95 billion. Further, ASBL guided for OI of Rs 100-120 billon for FY26, while participating in bids worth INR 1.1trn. Business-wise, the revenue is well diversified with HAM (roads)/EPC (roads) /power T&D/railways/EPC (buildings) and others comprising 12.5/58.3/2.8/2.11/24.3%. Additionally, ASBL has already invested Rs 11.1 billion in the HAM portfolio; the balance equity requirement in its existing NHAI HAM assets is Rs 3.7 billion as of Mar?25. Given the stable OB, improving visibility on asset monetisation, and margin expansion on the back of new order execution, the brokerage maintains BUY. However, they have tweaked the SOTP to Rs 273/share (11x Mar-27E EPS) basis lower than expected execution and factoring in 1.4x P/BV for HAM assets. Promoter/FII Holdings Promoters held 54.48 per cent stake in the company as of 31-Mar-2025, while FIIs owned 7.48 per cent, DIIs 14.93 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
Hans India
6 days ago
- Business
- Hans India
Slow pace of admin irks ministers
Hyderabad: It seems like the higher echelons in the state administration are still not mustering the required pace and momentum that is expected of those representing a state government that has been in office for the past 18 months. Sources told Hans India that many ministers in the state cabinet are unhappy at the slow pace of administration in the state Secretariat. Many Secretaries heading various departments have failed to accomplish the tasks before the deadline. Added to that many of them are slow in clearing files. The Education and MA&UD wings, the portfolios which are with the Chief Minister A Revanth Reddy, have also not been spared from the lethargic approach. There have been delays in completing the assigned works. The finance, agriculture, R&B, civil supplies, endowments, panchayat raj and welfare departments are consuming a lot of time to clear files pertaining to implementation of policies, employees' grievances and release of funds, among others. After the state government announced taking up road development under HAM (Hybrid Annuity Model), the execution agency R&B Department has been moving at a snail's pace to ground works in many districts due to delay in finalisation of private stakeholders. Under the HAM model, the state government has agreed to bear 40 per cent of the funding with the remaining 60 per cent set to be borne by private agencies. Many files requiring clearance are pending at different stages with the Secretary and Engineer-in-Chief in the Secretariat. Although R&B Minister Komatireddy Venkat Reddy has been coaxing top officials to expedite the works, they remain on paper. Civil Supplies Minister N Uttam Kumar Reddy drew an action plan for the issue of new white ration cards from May. Ironically, the department officials have not yet made arrangements to clear the applications, Officials said that the minister is eager to issue the ration cards in a time bound manner, but the Secretariat level authorities remain oblivious of the urgency. Agriculture Minister Thummala Nageswara Rao has been asking the top officials to ensure a speedy release of funds under the Rythu Bharosa scheme. Farmers, who own over five acres of land, are still waiting for the scheme benefits. Vexed with the official apathy of finance and agriculture wings, the Minister seems to have given up all hope of early implementation. Officials from the endowments wing are consuming more time to execute Minister Konda Surkeha's orders as regards the release of funds for refurbishing prominent temples in the state. A similar tragic tale haunts the Panchayat Raj department, especially in the districts. The Chief Minister has been asking MA&UD officials to expedite the process for urban development vis-à-vis 17 urban development authorities in the districts. The files for clearance were still pending at different stages due to various reasons. The ministers are fuming at Secretaries for not implementing policy decisions and their failure to clear files pertaining to promotions, transfers and disbursement of other benefits to government employees. Meanwhile, some Secretaries are blaming the GAD officials for the delay in file approvals despite repeated pleas by the ministers.
Time of India
6 days ago
- Business
- Time of India
PNC Infratech has executed over 90 major infra projects: CMD Pradeep Kumar Jain
PNC Infratech has executed over 90 major infrastructure projects in the country including roads, highways, expressways and bridges, the company's CMD Pradeep Kumar Jain said. Jain shared the update on projects in a letter to stakeholders on the occasion of completing 10 successful years since its listing on stock exchanges. Jain said till now, the company has executed over 90 major infrastructure projects spread across 13 states, including roads, highways, expressways, bridges, flyovers, airport runways and other pavements and industrial area development projects. In the period from FY 2015 to FY 2024, the revenue has grown from Rs 1,561 crore to Rs 7,699 crore, at a CAGR of 19.4 per cent. On the profitability front, the company's EBITDA has grown from Rs 217 crore to Rs 1,277 crore a CAGR of 21.8 per cent, and profit after tax has grown from Rs 100 crore to Rs 850 crore at CAGR of 26.8 per cent (in the period from FY 2015 to FY 2024). Live Events On May 23, PNC Infratech announced it has completed the stake sale in 10 of the company's road assets to Highways Infrastructure Trust (HIT). Highways Infrastructure Trust (HIT) is an Infrastructure Investment Trust (InvIT), whose sponsor is affiliated with funds, vehicles. This divestment is aligned with the company's strategic objective of recycling the capital invested in operating road assets and reinvesting the capital in fund-based opportunities in the infrastructure space, it added. In January 2024, it executed definitive agreements with HIT to divest 12 of its road assets, comprising 11 National Highway (NH) Hybrid Annuity Model (HAM) assets and 1 State Highway BOT Toll asset with approximately 3,800 lane-km aggregate length, located in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan, in two tranches.
