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Sahara flight to
Srinagar from 2 Punjabs can be
food basket: CM Cooking gas
through pipes in Jalandhar SBI launches
rural housing scheme Colgate to set up
unit in HP
Tatas get
licences for HP, Punjab, Haryana |
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Traders for
Amritsar as special zone Concession for plot
allottees Graphic: Weekly
stock movement
Committee report to hit A-I,
IA
Bajaj Auto, IOC,
BoP, Swaraj
Mazda profits rise
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Sahara flight to Srinagar from March 1: Bose New Delhi, January 31 “Our plan is to add one aircraft every month. At present, our fleet contains 19 aircraft”, CEO of Air Sahara U. K. Bose told ‘The Tribune’ in a interview. “We enjoy a market share of 14 per cent and expect it to raise to 30 per cent, calculated solely on the basis of the sector that Air Sahara is at present operating”, Mr Bose said. The airline also plans to expand its network. “We will soon add Srinagar, Gaya and Kanpur to our list of destinations”, he said, adding: “the Jammu-Srinagar sector is expected to commence on March 1 this year”. The airline flies to various destinations in India — Delhi, Mumbai, Chennai, Kolkata, Lucknow, Allahabad, Gorakhpur, Patna, Varanasi, Dibrugarh, Guwahati, Hyderabad, Pune, Goa, Kochi, Jaipur, Ahmedabad and Bhubaneswar. “In fact, over the next few months, we are going to increase our presence in south Indian destinations in a big way, including cities in Karnataka, Kerala and Andhra Pradesh,” Mr Bose said. The airline has already operated a Delhi-Colombo goodwill flight to mark its foray into international operations. “We are ready to fly to Colombo, Kathmandu and Bangladesh and are waiting for the government nod. In fact, we are preparing to fly to member-countries of the Association of South East Asian Nations (ASEAN) as when the official nod comes about,” he said. Formerly known as Sahara Airlines, Air Sahara is part of the multi-crore Sahara India Pariwar. The group has interests in public deposit mobilisation, media and entertainment, housing and infrastructure, tourism, consumer products and information technology. In 2004, the airline plans to increase its number of flights from 111 to about 165, he said, adding that the in the past one year, Air Sahara has focussed on reinventing its image. “By launching various schemes such as Advance Purchase (Apex) and auction, we are basically targeting two different sets of travellers — the frequent fliers and the new fliers who hitherto used to travel by train”, he said. He said it has definitely helped the company improve the volume of travellers. “The number of fliers has gone up from 13 million to 15 million — by about two million in one year. And about 1.3 million of these travellers are new additions”, he said. Mr Bose, however, dismissed the observations that schemes such Apex fare etc were hurting the bottomlines of the airlines. “It is all about yield management. It is not hurting revenue. In fact it is earning extra revenue. It is an internationally accepted formula”, he said and many competitors have taken cue from it. The present expansion programme of the airline was launched about one-and-a-half years ago. A major investment programme was launched for the modernisation and enhancement of its fleet. “Fleet review and route rationalisation became the focus points of Air Sahara’s strategy”, the Air Sahara CEO said. Five new Boeings were added to the fleet in one year and these were used to add new destinations and increase the frequency on existing routes. In the second phase, the airline inducted seven 50-seater CRJs
(Canadian Regional Jets) to service on regional routes. This process was completed in November 2003. “Today, the average age of Air Sahara’s fleet is a little over one year, making it one of the youngest fleets in Indian aviation”, he said. Prior to its expansion drive, which has seen Air Sahara’s fleet strength grow from four aircraft to 19, a detailed research was conducted by the company. The research revealed that the key drivers of growth of air travel besides increased business travel, were flexi-pricing, increased leisure travel, connectivity to regional routes and strong loyalty programmes, he said. On the recent developments taking place in the domestic civil aviation industry, Mr Bose said there was still enough scope for further reduction of air fares. The reduction in taxes on aviation turbine fuel (ATF) has resulted in a fall in domestic air fares.
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2 Punjabs can be food
basket: CM Amritsar, January 31 According to a press note issued here today, the Chief Minister who is in Lahore, Pakistan, said peace and development had to co-exist to make a significant headway in cross-border trade. “Market competition, technology and skill upgradation were some issues being faced by both countries. By sharing knowledge, technology and maximising our advantages in trade and industry, both India and Pakistan could transform these challenges”, he asserted. Focusing on the tremendous potential of agriculture in the two Punjabs, he said this region could become a “global food basket” and hub of agro-processing industry of the world. Favouring Safma (South Asian Free Trade Agreement) as a good beginning, the Chief Minister impressed that holding trade fairs, exhibitions and festivals was an active means to promote goods and wares that would be mutually beneficially to both countries. He invited the LCCI to hold an exhibition in Punjab on the pattern of the proposed ‘Made-in-Pakistan’ exhibition to be held in Delhi by Pakistan rice exporters. Mian Anjum Nisar, president, LCCI, while welcoming the CM earlier described it as a historic occasion and hoped that the initiative could go a long way for peace and prosperity in the region. He said visa restrictions were the only impediment in the way of free trade and commerce between them. Capt Amarinder Singh assured to take up the matter with the Ministry of External Affairs. The LCCI president hoped that while Pakistan could export cotton, artisan products and leather, India could export foodgrains. Capt Amarinder Singh said a competitive edge could be reached by both countries by becoming global partners in trade and invited members of the LCCI to set up a joint trade promotion council with offices in Lahore and Chandigarh. All ministers, MLAs and others from India accompanying the Chief Minister were in attendance.
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Cooking gas through pipes in Jalandhar Jalandhar, January 31 The MoU was signed by the Chairman of the trust, Mr Tajinder Singh Bittu, and the DGM (Marketing) of HPCL, Mr Anil Khurana. Jalandhar has become the first city in Punjab to provide cooking gas through underground pipelines. The HPCL will provide a round-the-clock LPG supply to the residents of the colony for 10 years, which would be extendable. The project would benefit around 4,000 families. The trust would provide land on lease to HPCL for setting up a cooking gas storage centre and laying underground pipelines. Applicants living in up to eight marla houses would be provided gas connections at subsidised rates. Mr Khurana said they would set up a computerised gas centre equipped with latest safety gadgets soon to store the cooking gas. “Each consumer will be provided with a gas meter at his end and monthly bills will be issued accordingly. The system also incorporates various safety devices for protection in the kitchen and around the installation,” said Mr Khurana.
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SBI launches rural housing scheme Karnal, January 31 After launching the scheme for Haryana, Punjab, Himachal Pradesh, Chandigarh and Jammu and Kashmir, Mr Yogesh Aggarwal distributed sanction letters of loan approval to 125 rural inhabitants of Karnal district. The loan amount worth Rs 2.16 crore had been sanctioned through the grain market branch of SBI Karnal. The annual rate of interest for this scheme is 7.5 per cent per year. It is for the first time that the SBI has provided loans for housing especially to the rural people. Any rural inhabitant can avail himself of this scheme for the purchase or construction of a house or work-shed for pursuing income generating activities like dairy shed, tailoring shop, grocery shop, work-shed for village artisans etc. The scheme would also be applicable for renovation or repair of existing house or shed, purchase of plot/land for purpose of house construction and extension of existing house or workspace. Meanwhile, a customer relations programme was organised by the SBI to strengthen its relationship with the customers of both commercial and retail networks.
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Colgate to set up unit in HP
Mumbai, January 31 In fact, the government of Himachal Pradesh has allotted land to the company for setting up the unit.
Profit jumps
Colgate Palmolive India has posted a net profit of Rs 27.45-crore for the quarter-ended December 31, 2003 as compared to Rs 21.09-crore for the same quarter last fiscal, a rise of 30.16 per cent. Its total income has increased from Rs 274.56-crore in the Q3-02 to Rs 289.26-crore in the quarter-ended December 31, 2003, an increase of 5.35 per cent.
— UNI
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Tatas get licences for HP, Punjab, Haryana
New Delhi, January 31 The Tatas were issued Letters of Intent for 12 circles last month while the company has signed licence agreement for 11 leaving out Madhya Pradesh. With this, the Tatas would have presence in 17 circles. The new licences are for circles of Uttar Pradesh (E), Uttar Pradesh (W), West Bengal, Kolkata, Bihar, Orissa, Rajasthan, Himachal Pradesh, Haryana, Punjab and Kerala.
— PTI
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Traders for Amritsar as special zone Amritsar, January 31 |
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Concession for plot allottees Chandigarh, January 31 This was announced here yesterday by Mr Ram Lubhaya, Chairman of the PSIEC, after a meeting of the board of directors. This concession had been allowed, to begin with, in focal points covering Ludhiana Phase-IV and Phase VIII (main pocket), Amritsar Bathinda, Jalandhar and Hoshiarpur on payment of specified fee as applicable to different focal points.
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Committee report to hit A-I, IA The in-depth study and analysis of the Naresh Chandra Committee report makes it clear that it is a totally anti-flag carriers’ document. If the recommendations are implemented, both Air-India and Indian Airlines will not only lose a sizeable market value but they may be liquidated with the passage of time. When the government formed the Committee, it had been given specific terms of reference that it should define in detail the future of the national carriers. The committee was required to prepare a roadmap for the civil aviation sector covering among other issue of “competition in international and domestic airlines.” Air-India and Indian Airlines together continue to enjoy 50 per cent share of the domestic market and 32 per cent share of the international traffic to and from India. There is a plenty of scope to merge and privatise them to give a rise to a large national carrier that will command the synergies of routes. Instead of making a balanced report to develop the civil aviation sector, it has merely succeeded in showing a huge bias towards private and foreign carriers. The Committee has merely focused on short-term measures without paying sufficient heed to further liberalisation, connectivity, viability and affordability. The aviation sector has been neglected since the independence and its all-important rights should not be treated as some form of largesse, as has been done. The need of the hour in the aviation sector is to make a policy that will lead to the emergence of a strong flag carrier and about half-a-dozen strategically located hub airports within the country. The policies that have been adopted in the recent years and the Committee’s recommendations will further erode upon India’s ability to develop a strong flag carrier to provide befitting competition to foreign carriers. The opening of Indian skies is understandable, but underlying aim should be to promote the aviation policy ‘of Indian, for Indian, by Indian’. Even liberal and affluent countries give precedence to their own product instead of promoting foreign products, no matter how good they may be. As it is, the gulf between the two national carriers continues to exist, although it has narrowed down recently. This is where the Civil Aviation Ministry has so far failed. But now to allow private carriers to fly on the international routes and also there is a lurking possibility of foreign airlines jumping in the fray, the exercise will lead to a kind of “death warrant” to the national carriers. If the oft-repeated slogan of “affordable airline for common people” by Minister of State for Civil Aviation Rajiv Pratap Rudy is to be successfully launched, then policy has to be meticulously tailored to suit Indian conditions. Let it be remembered that the affordable airline can only be provided by the national carrier, not by foreign and private airlines.
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Bajaj Auto, IOC, BoP, Swaraj Mazda profits rise
Mumbai, January 31 The total income (net of excise) has increased from Rs 1,155.21 crore in the Q3-02 to Rs 1,371.91 crore in the quarter-ended December 31, 2003. IOC
The IndianOil Corporation today reported a massive 209 per cent jump in its net profit at Rs 2,403.44 crore in the quarter ended December 31, 2003 as opposed to a net profit of Rs 776.56 crore in the same period last year. The IOC’s turnover increased from Rs 31,447.97 crore to Rs 35,589.99 crore in October-December 2003, the company said.
Bank of Punjab
Bank of Punjab today declared its nine-month results ended December 31, 2003. The net profit has grown from Rs 25.81 crore as on December 31, 2002 to Rs 30.16 crore as on December 31, 2003. The operating profit has grown up by Rs 12.96 crore to Rs 89.84 crore. During the period the bank has opened 15 offices in which 7 are in Punjab, Amritsar (2), Garhshankar, Gurdaspur, Sangrur, Ferozepur and Faridkot. The Bank also opened branches at Surat, Pune and Delhi (3). According to Mr Tejbir Singh, Executive Director, Bank of Punjab. “The bank expects to further grow its fee income with increased profit coming from new products and growth in existing products.
Swaraj Mazda
Swaraj Mazda today announced third quarter net revenue of Rs 115 crore against Rs 91 crore for the same period last year, a rise of 26 per cent. The quarter has generated a profit before tax of Rs 8.2 crore against Rs 6.2 crore achieved for the same period last year, up 32 per cent. The net profit at Rs 5.4 crore has risen 35 per cent over the quarter of the previous fiscal.
Swaraj Engines
Swaraj Engines announced its third quarter net revenue of Rs 26 crore against Rs 15.6 crore for same period last year, an improvement of 67 per cent. The quarter has generated a profit before tax of Rs 5.4 crore, double the Rs 2.6 crore posted for same period last year. The net profit for the quarter at Rs 3.45 crore has shot up by 116 per cent over the corresponding quarter of previous fiscal year 2002-03.
Britannia
Britannia Industries today reported an increase of 6.77 per cent at Rs 26.8 crore in its net profit from October to December as against Rs 25.1 crore during the corresponding period last year. The company also reported sales of Rs 368 crore for the third quarter, an increase of 10.84 per cent over Rs 332 crore in the third quarter in 2002, a Britannia statement said here.
Godrej to buy back
Godrej Consumer Products (GCPL) today reported a 21.7 per cent rise in its net profit for the third quarter ended December 31, 2003, to Rs 17.9 crore as against Rs 14.7 crore posted in the corresponding period of the previous fiscal. The company board at its meeting today declared a third interim dividend of Rs 2 (50 per cent on the share of face value of Rs 4 each) for 2003-04. It also approved a proposal for fresh buyback of shares, from the open market, subject to the approval of shareholders through postal ballot at a price not exceeding Rs 200 per share for an aggregate amount not more than Rs 8.4 crore.
India Cements
India Cements has posted a net loss of Rs 37.24 crore for the quarter-ended December 31, 2003, as compared to a net loss of Rs 50.54-crore for the quarter-ended December 31, 2002.
Asahi India
Asahi India Glass said today its net profit had grown over five-fold for the quarter ended December, 2003, to Rs 17.54 crore from Rs 3.44 crore a year earlier. Gross sales jumped 162 per cent year-on-year to Rs 157.57 crore from Rs 60.14 crore.
Amrutanjan
Amrutanjan has declared an interim dividend of 13 per cent without deduction of tax at source amounting to Rs 41,60,000 for the financial year 2003-2004 and absorbing Rs 5,33,000 towards tax on interim dividend after transferring to reserves Rs 30,00,000.
Nalco
Nalco has posted a net profit of Rs 167.09 crore for the quarter-ended December 31, 2003, as compared to Rs 127.6 crore for the quarter-ended December 31, 2002, a rise of 30.88 per cent.
Videocon
Videocon International has posted a net profit of Rs 43.46 crore for the quarter-ended December 31, 2003, as compared to Rs 43.17 crore for the quarter-ended December 31, 2002, a nominal rise of 0.67 per cent.
Novartis
Novartis India has reported a 300.08 per cent jump in the net profit for the quarter-ended December 31, 2003, at Rs 48.81 crore as against Rs 12.2 crore in the comparable quarter of the last fiscal.
ONGC
Following a directive by the Central Government to share the under-recoveries in the sale of LPG, state-owned oil the ONGC saw the net profit dip sharply by more than 33 per cent in the third quarter of the current fiscal. The ONGC posted a net profit of Rs 1,718.53 crore for the quarter ended December 31, 2003, against Rs 2,593.47 crore for the comparable quarter of the last fiscal, a decline of 33.73 per cent.
— TNS and Agencies
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New Delhi, January 31
