New Delhi: The country’s largest carrier by passengers flown, Jet Airways (India) Ltd, has announced plans to add more flights to its European hub at Belgium’s Brussels airport from two Indian cities—Amritsar and Bangalore.
Jet CEO Wolfgang Prock-Schauer said the Bangalore-Brussels flight will be launched on 31 October. The launch date for the Amritsar-Brussels flight is still to be finalized.
Meanwhile, Kingfisher Airlines also announced its 3 September international debut flight between Bangalore and London on Friday.
Rejection of revamp by AAI questioned
New Delhi: A parliamentary panel has said it is unable to understand why the government rejected a 2006 proposal of Airports Authority of India, or AAI, to modernize Delhi and Mumbai airports, while questioning the move to privatize these facilities.
“Had the government agreed to this proposal of the AAI, the (modernization of) Mumbai and Delhi airports would have been completed by this time,” the standing committee on transport, tourism and culture said in its latest report.
Meanwhile, AAI said two consortiums—B. Seenaiah & Co. (Projects) Ltd-KGLC consortium, and Herve Pomerleau International & CCC Ltd joint venture—were selected to modernise and develop the Chennai airport at an estimated cost of Rs1,800 crore. The work on developing a new runway and a passenger terminal will start next month.
—PTI & Staff Writer
Wheat, rice reserves to top buffer limit
New Delhi: India, the world’s second biggest producer of wheat, may have twice as much as of the grain than needed to meet emergencies.
State-owned warehouses may hold 7.86 million tonnes (mt) of wheat by 1 April, compared with a minimum requirement of about 4 mt, the food ministry said in a statement on Friday.
The government may hold 6.24mt of rice on 1 October compared with a buffer stock 5.2mt, the ministry said. India bought 26.68mt of rice from farmers as on 18 August, compared with 25.1mt purchased in the year ended 30 September.
E I du Pont de Nemours launches Indian arm
New Delhi:E I du Pont de Nemours and Company, a $ 29.4 billion (Rs1.27 trillion) company by revenue, has launched the Indian arm of its photovoltaic solutions business. To be based out of its upcoming research and development centre in Hyderabad, the new initiative will offer technical support to its existing customers in India, as well as focus on developing new materials, that would augment its global photovoltaics business.
—Jacob P. Koshy
Indus Gas starts drilling at SSG-1 well
London: Indus Gas Ltd, an oil and gas explorer in India that sold shares for trading in London in May, started drilling operations at a well in the Indus basin.
The SSG-1 well in Block RJ-ON/6 will be drilled to a planned depth of 3,500m, targeting the Pariwar formation, the Guernsey-registered company said on Friday in a statement distributed by Regulatory News Service.
Phoenix Mills gets Rs1,293 cr investment
Mumbai: Phoenix Mills Ltd, the second worst performer on India’s main realty index over the past year, won as much as $298 million (Rs1,293.3 crore) in investments from the MPC Synergy Real Estate SA fund.
MPC Synergy also agreed to invest in EWDPL Group, 42% owned by Phoenix Mills, the Mumbai-based developer said in a statement to the Bombay Stock Exchange, without giving details. .
MPC Synergy will acquire a 10-49% stake in 21 projects of Phoenix Mills and its units across India, the “Economic Times” reported on Friday, citing Atul Ruia, the joint managing director at Phoenix.
Sebi for internal audit every six months
Mumbai: Capital market regulator Securities and Exchange Board of India, or Sebi, on Friday asked stockbrokers and clearing members of stock exchanges to carry out internal audits every six months. The first audit period should be from 1 October to 31 March, Sebi said in a statement on its website.
These audits will cover internal control systems, know-your-customer requirements, data security, and compliance with regulatory norms. Sebi has asked the stock exchanges to amend norms to implement the audit system. Sebi on Friday barred Vivensari Financial Services Pvt. Ltd, Harsha Pranav Securities Pvt. Ltd and Newfin Financial Services Pvt. Ltd from trading in the stock markets for six months.
Bombay Stock Exchange board meeting today
Mumbai: The board of Bombay Stock Exchange or BSE, Asia’s oldest bourse, will meet on Saturday – the first such meeting after its chief executive officer Rajnikant Patel announced resignation on 7 August.
Before Patel, its chairman Shekhar Datta and a director, Jamshed Godrej, resigned from the BSE board in June. The board meeting is critical as it is expected to discuss Patel’s successor.
BSE on Friday said it plans to allow two foreign shareholders, Singapore Stock Exchange (SGX) and Deutsche Boerse (DB), to have their representatives on its board. The two exchanges have picked up a 5%stake each in BSE which was demutualised last year.
—Staff Writer & PTI
Forex reserves fall $9 bn in 2 weeks
Mumbai: India’s foreign exchange reserve has fallen sharply, for the second consecutive week, on account of Reserve Bank of India’s (RBI) dollar sale in the foreign exchange market to stem the fall of the rupee as well as weakness of euro and other major currencies vis-à-vis dollar. These currencies, along with the greenback, constitute India’s foreign currency reserves.
On Friday, the rupee closed at 43.43 to a dollar. According to weekly statistical data, released by RBI every Friday, the country’s foreign exchange reserves fell by about $4 billion in the week to 15 August. With this, India’s foreign exchange reserves have come down by more than $9 billion in a fortnight from $305.47 billion to $296.21 billion.
Steel makers may be asked to cut prices
New Delhi: The government may persuade Steel Authority of India Ltd and the other steelmakers to lower prices if global rates of the alloy fall as a measure to cool the inflation. “If international market prices come down, they will have to cut,” steel secretary Pramod Rastogi said. “Our reading is that global prices have softened.”
SAIL chairman S.K. Roongta said the company will hold prices, but didn’t provide details.