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Soon, airlines to pay if flights delay: Minister
Delay in Aircraft Delivery
Higher prices push Hindalco profit
Maruti car prices go up by Rs 7,500
Allahabad Bank to raise Rs 2,600 cr
10 pc more DA for Centre, state staff
ICC scouts partners for sick units in US
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ADAG pack falls on Sebi notice
Gopal Dass is BSNL new boss
Unichem gets USFDA nod for heart drugs
SKS Micro fixes IPO price at Rs 985
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Soon, airlines to pay if flights delay: Minister
New Delhi, August 3 In what is seen as a move to protect the interests of passengers, the minister said the Director-General of Civil Aviation (DGCA) was in the process of finalising a Civil Aviation Rule (CAR) and the comments received on the draft CAR were being compiled. "After the enforcement of CAR, airlines will be required to pay compensation and/or provide facilities to the passengers in case of denied boarding, cancellations and delays of flights," Patel said. The Civil Aviation Minister also said 11 airports in the country had been marked as “critical airports from the flight operations' point of view”. He was replying to another question, asked in the wake of the May 22 Mangalore air crash. "The inspection of these airports is being carried by a team of officials from the DGCA and reports are being forwarded to the respective aerodrome operators," he said. — PTI
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Delay in Aircraft Delivery
New Delhi, August 3 According to Boeing’s India head Dinesh Keskar: “It is clear that we have delayed and they (Air India) are entitled to compensation.” The National Aviation Company of India (NACIL) had in 2006 placed orders for 68 aircraft, including 27 Dreamliners. As per the original schedule, the first aircraft was scheduled to be delivered in 2008. The aircraft manufacturer now says the first Dreamliner delivery would be sometime around April 2011. NACIL has already slapped $710-million compensation on Boeing for delay in deliveries. The aircraft manufacturer, it seems, has agreed to pay but only $145-million as compensation to the NACIL, a Parliamentary Committee report recently revealed. Keskar said all was well with 787 and the “airplane has been performing as well as expected in its test flights”, adding that Boeing had so far received 863 orders worldwide for Dreamliner the first of which is to be delivered by the end of this year Meanwhile, Boeing has raised its commercial aircraft sales forecast for India. The aircraft maker said it had expected the Indian carriers to buy up to 1,150 planes worth $130 billion by 2030. It had previously forecast that India would need 1,000 aircraft worth $100 billion by 2029.
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Higher prices push Hindalco profit
New Delhi, August 3 The leading aluminium and copper producer said the company benefited from higher aluminium prices on the London Metal Exchange and better by-product realisation in its copper business. The company had a net profit of Rs 480.56 crore in the year-ago period. The company clocked net sales of Rs 5,178.25 crore for the reporting quarter over Rs 3,896.90 crore q-o-q. Aluminium prices were hovering around $ 1,600 a tonne on the London Metal Exchange in June 2009 and had touched a high of around $ 2,400 a tonne in April 2010. Hindalco said metal prices on the LME ended in the first quarter at 1,900 a tonne level. Similarly, copper prices, which ended the first quarter at around $ 6,700 a tonne, had touched $ 5,000 a tonne in the same period a year ago. Hindalco is positive on the outlook for the sector as it hopes demand and prices to rise steadily. "The domestic aluminium industry had a nominal growth of 8 per cent on y-o-y basis. Major growth areas were the electrical sector and castings for the auto industry. Global demand is expected to continue to be good in Q2, though the base effect will start to get diluted," the company said. "The outlook for refined copper consumption in the country remains robust, given the continuing growth momentum in the economy," it added. Elaborating on the company's outlook, it said, "Outlook for the coming quarters will be impacted by a subdued financial market sentiment, uncertain commodity and financial markets and lower production at Hirakud. We are determined to tide over these negatives because of our strong fundamentals and committed resources," the company said. Its subsidiary Utkal Alumina is setting up a 1.5 million tonne per annum aluminium refinery in Orissa and has tied up Rs 4,906 crore debt for the same. Besides this, Hindalco is also undertaking Aditya Aluminium and Refinery projects in the state. It has also announced similar projects in MP Pradesh, Jharkhand. — PTI
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Maruti car prices go up by Rs 7,500
New Delhi, Aug 3 The new prices are applicable with immediate effect, the company said. "Due to a sharp increase in the input costs, Maruti Suzuki India has decided to pass on a part of this cost impact to customers," the company said in a statement. The price revision, however, would not include its largest selling model Alto, it added. "The approximate price revision on various models (Ex-Showroom, Delhi) ranges between Rs 2,000 and Rs 7,500. The price increase ranges between 1 per cent and 1.5 per cent," the statement said. The hike comes on a day when the company reported its best-ever domestic monthly sales for July at 90,114 units, a 33.45 per cent increase from 67,528 units in July 2009. — PTI
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Allahabad Bank to raise Rs 2,600 cr
Chennai, August 3 "The board has decided to raise Rs 2,600 crore in the current fiscal from the market. It might be through preferential allotment of shares or through tier-I capital from the government," he told reporters. The bank had sought Rs 1,000 crore from the Centre for its expansion activities. The capital adequacy of the bank was around 13.55 per cent, he said. The bank reported a credit and deposit growth of 24.12 per cent and 21.16 per cent during the quarter. Its net NPA stood at 0.41 per cent and net interest margin at 3.10 per cent as on June 30. It reported a 15 per cent rise in net profit to Rs 347 crore in the first quarter of the current fiscal, he said. The bank proposes to open three foreign branches in Hongkong, Shanghai and Dacca, he said, adding that the governments concerned and the Reserve Bank of India had been approached for this purpose, he said. — PTI
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10 pc more DA for Centre, state staff
Shimla, August 3 The 12 monthly moving averages of consumer price index for industrial workers (CPI-IW), which determined the biannual revision of DA in January and July every year, rose to 167.9 points. The Central and other state government employees, who are paid DA linked to CPI-IW, would get 45 per cent of basic pay as DA from July 1.
— PTI |
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ICC scouts partners for sick units in US
Chandigarh, August 3 Talking to TNS here today, Seann Nelipinath, president and director, India Chamber of Commerce, said a number of small scale units in manufacturing sector, medical equipment sector, information technology and biotechnology sectors had either become sick or economically unviable during the recession. “We are meeting Indian businessmen looking for a footprint in the USA, exhorting them to invest in these ventures there,” he said. Nelipinath was here on the invitation of The Indus Entrepreneurs (TiE). He said other than seeking business associations in the USA, they were also looking at business opportunities for American businessmen in India, Mexico, Costa Rica and Brazil. “By acting as facilitators, we have already started with two projects of constructing hospitals in Karnataka and Kerala in India (as a JV between an American and Indian healthcare company); setting up of a rainforest resort in Costa Rica and a university in Mexico,” he said. The chamber president said their aim was to advance business opportunities in the USA and promoting its trade with India and other business-friendly countries through direct representatives, or in collaboration with international business chambers. “We not only provide an overview of the business and economic environment for setting up business, but also provide guidance and services on licensing, trade regulations, compliance, legal matters, information etc to its members. Besides, he also pointed out that the chamber was setting up a global village at Minnesota, the USA, which will be a free-trade zone spread over 100 acres. This will have four quadrants - manufacturing and retail, education, government set up and for travel businesses. “This will require an investment of $ 150-200 million and we are looking at businessmen from India, Mexico and Costa Rica to set up shop in this village,” he said.
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ADAG pack falls on Sebi notice
Mumbai, August 3 Shares of RNRL finished the day 3.3 per cent lower at Rs 39.55 after hitting a 52-week low shedding 3.7 per cent to Rs 39.35 during the day on the BSE. Reliance Infra (RInfra), too, lost 1.4 per cent to a month's low of Rs 1,100 but later recovered to settle flat at Rs 1,120.05, up 0.31 per cent. On June 7, Sebi had issued notices to RNRL, RInfra and their five top executives "in the matters of dealings by Reliance Natural Resources and Reliance Infra." Yesterday, the regulator asked them to appear before it for personal hearing on September 3. Besides Anil Ambani, who is the chairman of both these companies, RInfra vice-chairman Satish Seth and other directors JP Chalsani, SC Gupta and Lalit Jalan were also asked to submit replies by August 27 to the show-cause notices given to them in June. "The fall in the entire ADAG pack today was primarily triggered by the Sebi notice to RNRL and RInfra. The investor sentiment in the market too was weak," BNP Paribas Financial Services assistant vice-president Gaurang Shah said. Other counters from the ADAG pack also ended the day in the red with Reliance Communications shedding 2.3 per cent to Rs 174.45, thereby becoming the biggest loser on Sensex. Reliance Power fell 2.5 per cent to settle at Rs 158.20. Reliance Capital also lost 0.69 per cent down to Rs 783.85. — PTI
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Gopal Dass is BSNL new boss
New Delhi, August 3 Das, at present serving as director ,HRD, in the telecom PSU, steps into the shoes of Kuldeep Goyal, who retired on July 31 as BSNL CMD. "After a good old journey of more than three decades, this is the best form of reward I can seek for my career. A great challenge lies ahead of us and I am sure we will meet every challenge with determination,"
Das said. Prior to joining the BSNL in 2007, Das has served as the CGM (Wireless Services) in MTNL at Mumbai. |
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Unichem gets USFDA nod for heart drugs
New Delhi, August 3 The company's Abbreviated New Drug Application (ANDA) for marketing Bisoprolol and Hydrochlorothiazide tablets have been approved by the US Food and Drug Administration (USFDA), Unichem Labs said in a statement. "The product will be immediately commercialised from Unichem's Goa plant," the company said.
— PTI |
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SKS Micro fixes IPO price at Rs 985
New Delhi, August 3 "The issue price has been fixed at Rs 985 per share. We will offer a discount of Rs 50 per share to retail investors," a top official of the company told PTI. According to the official, listing of SKS shares will happen on August 16. The Rs 1,654-crore public offering generated robust demand, especially among retail buyers, and was oversubscribed by 13.69 times. The IPO closed yesterday. For institutional buyers, it had closed on July 30. The Hyderabad-based firm had entered the capital markets with an IPO of 1.6 crore shares in the price range of Rs 850 to 985 a share.
— PTI |
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New Delhi, Aug 3
Chandigarh, August 3
