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The Mint Report for 25 May 2010

The Mint Report for 25 May 2010
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First Published: Wed, May 26 2010. 12 09 AM IST
Updated: Wed, May 26 2010. 12 09 AM IST
In what is appears to be a coincidence just days after the Air India crash, airline regulator, DGCA is calling for a programme that will identify air operators in trouble. The proposed scheme will try to make sure airlines facing financial or other issues are not cutting corners on safety. It’ll make airlines produce details about personnel, layoffs and delays in salaries. Operators will also have to submit details about the maintenance, sale or repossession of planes. As of now, the DGCA has sent out a circular on the proposals to domestic airlines, asking for their comments.
To add to Air India’s woes, at least 13,000 of the airline’s staff went on strike Tuesday grounding flights across the country. They’re protesting both delays in salary payments and a gag order from management threatening action against them if they spoke to the media.
HUL beat expectations with its quarterly profits. Net profit shot up 47% to Rs581 crore. Net sales, on the other hand, went up to Rs4,316 crore for the quarter from Rs3,989 crore
HUL’s profits were driven by sales of property and investments.
Worries about Europe sent the bears to work in India Tuesday. The Sensex lost 447 points to close 16,022. And the Nifty followed it down, falling one 137 points to finish at 4,807.
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First Published: Wed, May 26 2010. 12 09 AM IST
More Topics: The Mint Report | DGCA | Airline safety | HUL | Profit |