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Need to Know | Jet Airways, JetLite ink code-sharing agreement

Need to Know | Jet Airways, JetLite ink code-sharing agreement
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First Published: Mon, Jan 19 2009. 11 30 PM IST
Updated: Mon, Jan 19 2009. 11 30 PM IST
New Delhi:Jet Airways (India) Ltd said on Monday it has entered into a code-sharing agreement with its subsidiary JetLite that will enable it to sell the latter’s domestic tickets at foreign locations.
The code-sharing agreement will be implemented in two phases and JetLite’s domestic network will be available for sale under the Jet Airways’ code (9W) for tickets purchased at all international points across the globe, the company said in a statement.
Jet Airways chief executive officer Wolfgang Prock-Schauer said the code-sharing agreement would also result in benefits such as higher revenues and synergies for both carriers, apart from better connectivity and lower fares.
—PTI
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India got FDI worth $18.7 bn in Apr-Dec
New Delhi: The country got $18.7 billion (about Rs90,882 crore today) in foreign direct investment (FDI) during the April-December period, commerce and industry minister Kamal Nath said in New Delhi on Monday.
—Bloomberg
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CMIE trims 2008-09 growth forecast
Mumbai: The country’s economy is seen slowing in the current fiscal year from a previous estimate, weighed down by an industrial slowdown due to the global credit crisis, New Delhi-based think tank Centre for Monitoring Indian Economy (CMIE) said.
CMIE now expects the Indian economy to grow at 7.4% in the fiscal year ending 31 March, from an earlier estimate of 7.5% , it said in a monthly review for January.
The think tank expects the country’s economy to recover in 2009-10, helped by the government and central bank’s stimulus packages announced since December, but expects industrial performance to be subdued at 3.9% for 2008-09, compared with 8.1% a year ago.
—Reuters
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TCS to brief on European strategic initiative today
Bangalore:Tata Consultancy Services Ltd said it will announce a strategic initiative with a European automobile company on Tuesday.
Chief executive officer S. Ramadorai will brief the press on the initiative, the Mumbai-based company said in an emailed statement, without giving any details. Spokesman Pradipta Bagchi wasn’t immediately reachable for comment.
—Bloomberg
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Declaration of assets to CJI: HC stays CIC order
New Delhi: The Delhi high court on Monday stayed an order passed by the Central Information Commission (CIC) asking the Supreme Court’s (SC) information officer to give information to an RTI applicant on whether judges of the apex court have declared their assets to the Chief Justice of India (CJI).
In a petition filed by the central public information officer of the SC challenging the 6 January order passed by CIC, the apex court said information relating to declaration of assets by the apex court judges to the CJI was not a mandatory exercise under the law.
—PTI
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Wockhardt plans to raise Rs500 crore
Mumbai: Pharma company Wockhardt Ltd said on Monday it would raise funds up to Rs500 crore through issuing redeemable preference shares.
The funds would be raise for redemption of its foreign currency convertible bonds. It will also be used for general corporate purpose, the company said in a statement here.
The decision was taken at an extraordinary general meeting held on Monday and duly ratified by the shareholders, the statement said.
—PTI
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Prosenjit Datta named ‘Businessworld’ editor
New Delhi: Prosenjit Datta has been named the editor of ‘Businessworld’, the business weekly published by media company ABP Pvt. Ltd. Datta, who till now headed the editorial functions of ABP’s digital initiatives, replaces Jehangir Pocha, who resigned on 9 January. “For the short run, I will continue to head the editorial function of ABP Digital, the Web and telecom part of the business,” said Datta, adding it was too early to talk about future plans. Datta has been with the ABP Group since 1999 and has held many positions, including that of the executive editor of ‘Businessworld’ in 2000, during this period. He had begun his career with business daily ‘The Economic Times’ in 1989.
—Staff Writer
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Bullet trains soon on 3 routes: Lalu Prasad
New Delhi: Railway minister Lalu Prasad on Monday said his ministry was in the process of appointing global consultants for introducing high-speed trains on certain routes.
“The day is not far off when the ‘bullet train’ will run in the country,” Prasad told reporters in New Delhi.
“We are in the process of appointing global consultants for introducing ‘bullet trains’ on certain routes,” he said.
About the possible routes for running such trains, the minister said, “We are examining the possibilities of running it on some routes, including Mumbai-Ahmedabad, Delhi-Chandigarh and Delhi-Patna.”
—PTI and Staff Writer
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UltraTech Cement’s Q3 profit dips 15%
Mumbai:UltraTech Cement Ltd said its third quarter (Q3) profit declined 15%.
Net income fell to Rs238 crore in the three months ended 31 December from Rs279 crore a year earlier, the Mumbai-based company said in a statement to the Bombay Stock Exchange on Monday. Sales rose 18% to Rs1,630 crore.
—Bloomberg
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Allahabad Bank Q3 profit up marginally
Mumbai: Public sector lender Allahabad Bank said on Monday its net profit for the December quarter grew by 1% to Rs369.46 crore, against Rs365.05 in the corresponding period last year. Total income rose to Rs2,306.44 crore for the quarter under review, from Rs1,956.41 crore in the year-ago period.
—PTI
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Suven Life Q3 net dips 86% to Rs27.5 lakh
Mumbai: Drug maker Suven Life Sciences Ltd on Monday reported a 86.33% dip in its profit after tax at Rs27.5 lakh for the quarter ended 31 December, against Rs2.01 crore in the year-ago period.
Revenue rose 21% to Rs35 crore during the quarter under review, from Rs29 crore in the year-ago period.
—PTI
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Apollo Tyres net dips on lower sales, higher costs
Mumbai:Apollo Tyres Ltd reported profit plunged 91% in the third quarter (Q3) on lower sales and higher costs.
Net income in the three months ended 31 December dropped to Rs5.5crore from Rs62.2 crore a year ago, the company said in a statement to the Bombay Stock Exchange on Monday. Sales fell to Rs903 crore, from Rs974 crore a year earlier, it said.
—Bloomberg
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Petronet LNG Q3 net income declines 20%
Mumbai: Petronet LNG Ltd posted a 20% decrease in net profit in the third quarter (Q3).
Net income fell to Rs105 crore in the three months ended 31 December, from Rs131 crore a year earlier, the New Delhi-based company said in a statement to the Bombay Stock Exchange on Monday.
—Bloomberg
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Sterlite Tech Q3 net up 11% on strong orders
Mumbai:Sterlite Technologies Ltd said on Monday its net profit for the December quarter rose 11% on a robust order book, new clients and as it cut costs and excess inventory.
Sterlite Technologies posted a net profit of Rs31.45 crore in the third quarter (Q3) ended 31 December, compared with Rs28.4 crore in the same period a year ago on a 68% rise in net sales to Rs840 crore.
—Reuters
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Religare consolidated net for Q3 at Rs44.4 cr
Mumbai: Financial services firm Religare Enterprises Ltd said on Monday its consolidated net profit was Rs44.43 crore on net sales of Rs356.63 crore. Comparative year-ago figures were not available.
Reuters
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Great Offshore net up 5% at Rs58 cr
Mumbai: Great offshore Ltd on Monday reported a 4.86% growth in its net profit at Rs57.72 crore for the third quarter (Q3) ended 31 December, against Rs55.04 crore in the year-ago period.
Total income rose to Rs269.62 crore in Q3, from Rs201.65 crore in the corresponding year-ago period.
—PTI
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Vodafone not to exit Bharti completely
New Delhi: The world’s largest mobile operator by revenue, Vodafone Group Plc., said on Monday it will continue to hold a 4% indirect stake in Sunil Mittal-promoted Bharti Airtel Ltd, putting at rest the speculation that the British company is keen to get out of Bharti completely.
“We have that stake (4% in Bharti Airtel)...one day we will discuss (Vodafone and Bharti Group) what to do with it. To have a discussion on any issue we need to have both the partners,” Vodafone’s chief executive officer Vittorio Colao said.
Colao said at a Confederation of Indian Industry conference that the firm will invest more in India as it sees greater opportunities in the country.
—PTI
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Tata Com turns major shareholder in Neotel
Johannesburg: Tata Communications Ltd has acquired the 30% stake in Neotel Ltd previously owned by South Africa’s Transnet Ltd and Eskom Holdings Ltd.
The purchase brings Tata’s stake to 56% and makes it the controlling shareholder, Neotel said in an emailed statement on Monday.
—Bloomberg
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Prosenjit Datta named the editor of Businessworld
New Delhi: Prosenjit Datta has been named the editor of Businessworld, the business weekly published by media company ABP Pvt Ltd. Datta, who till now headed the editorial functions of ABP’s digital initiatives, replaces Jehangir Pocha, who resigned on 9 January.
“For the short run, I will continue to head the editorial function of ABP Digital, the web and telecom part of the business,” said Datta, adding it was too early to talk about future plans. Datta has been with the ABP group since 1999 and he held many positions, including that of the executive editor of Businessworld in 2000, during this period. He had begun his career with business daily The Economic Times in 1989.
—Staff Writer
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NGO impleads itself so its can also be heard in the Bayer versus UoI matter
New Delhi: In a Monday development in the Bayer AG versus Union of India case, the Cancer Patients Aid Association, an NGO, has impleaded itself so its can also be heard in the matter. The NGO filed an affidavit in the Delhi High Court on 19 January, pointing out policy issues regarding the linking India’s drug regulatory process with its patent regime.
In December, the Delhi high court had directly asked drugs controller general of India (DCGI) to reject a generic drug application filed a few months ago by Cipla for a generic version of German multinational Bayer AG’s cancer drug Nexavar. Cipla sought the revocation of that decision earlier this month.
The DCGI has also filed a counter-affidavit in the court regarding the ruling. A senior health ministry official said that the DCGI’s office is not equipped to handle patent issues. ”However, there are talks that the DCGI along with the patent arm of the Intellectual Property Office will form a set of guidelines for generic drug approvals in the country.”
—Radhieka Pandeya
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Wockhardt to raise up to Rs500 crore through issue of redeemable preference shares
Hyderabad: India’s sixth-largest drug maker,Wockhardt, announced on Monday, that it will raise up to Rs500 crore through issue of redeemable preference shares. The company will increase its existing authorised share capital from Rs125 crore to Rs175 crore by creating 10 crore preference shares with a face value of Rs5. The decision was taken at a meeting of the shareholders. According to a company release, the funds raised through issue of redeemable preference shares will be used to pay off investors who had subscribed to its foreign currency convertible bonds, or FCCBs maturing in October 2009, apart from other, general uses. Wockhardt has outstanding FCCBs worth $110 million or Rs 534 crore.
—Lison Joseph
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First Published: Mon, Jan 19 2009. 11 30 PM IST