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Kingfisher, woes seem never ending. Promoter Vijay Mallya in an internal communications with its employees, blamed the media for worsening the airline’s situation. Mallya also said, that the ‘salary overdue is a ‘personal sorrow’ and that he is ‘working tirelessly’ to pay the employees their dues. Vijay Mallya also hinted that two foreign airlines are ready to invest in his loss-making company as soon as a change in the lawsallowed that. The new law is expected to allow overseas airlines to own upto 49% in an Indian carrier.Shares of kingfisher airlines ended in the red at Rs 23.80
RIL’s European partner BP, has for the first time raised concerns over the falling output from KG D6 basin. The company plans to meet the government soon to submit an integrated development plan to rationalize investment and infrastructure. Natural gas production from the site had fallen below 35mn cubic meters/ day, due to water and sand ingress, raising concerns over the production capacity of the basin.
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India-focused refiner and power generator, Essar Energy posted its full year earnings, down by 10% for 2011.The company says, weaker refining margins & depreciation of the rupee are the key reasons for the lower numbers. The earnings posted this year stood at $624.8mn as compared to $696.5 mn in 2010. Shares of the company also reacted to the poor numbers, closing almost 8% lower at Rs 61.10
Indian Markets opened the week in the red, as high global oil prices revived concerns about inflation in the country. The Sensex closed at 17445.75down by 477.82and the Nifty slid to 5281.20 down by 148.10 points.
Most stocks across sectors took a beating. Stocks of heavyweight Reliance Industries fell nearly 4.77% to Rs 781.20
Banking stocks, led by ICICI Bank and SBI, fell on concerns over pricing pressures on RBI to ease the monetary policy.Stocks of ICICI Bank stood at Rs886.90 down by nearly 4.80%. SBI ended the day’s trading at Rs2125.10down by nearly 3.70%
Auto stocks also ended in the red. Thecountry’s largest car maker Maruti Suzuki ended 2.29% lower at Rs 1255.00. Tata Motors closed at Rs 260.05down by 2.02%