Mumbai: The civil aviation ministry on Thursday asked Bangalore International Airport Pvt. Ltd (Bial) to delay the opening of its new $625 million (Rs2,525 crore) facility in the city until after 10 May from the previously announced 30 March start date. The ministry has sought the delay because the Airports Authority of India (AAI) said air traffic control, or ATC, services won’t be available by the original start date. “Delays in the construction of ATC facilities including the control tower, the technical block, office accommodation of AAI personnel and issues such as electricity supply, housekeeping, air-conditioning at the ATC facilities were the reasons for this delay,” the ministry said.
Hindalco falls on US slowdown concerns
Mumbai: The country’s biggest aluminium maker, Hindalco Industries Ltd, extended declines as stockpiles of the metal in London rose to almost a four-year high, signalling weak demand in the US, the world’s second largest consumer.
Hindalco slumped 9.5% to close at Rs173.70 on the Bombay Stock Exchange (BSE), twice the decline in the BSE sensitive index.
Inventories tracked by the London Metal Exchange (LME) rose 23,775 tonnes, or 2.5%, to 987,325 tonnes, the exchange said in a daily report, the highest since 17 June 2004. The US accounted for 80% of the gains, taking stockpiles there to a record. Hindalco sells its products at LME-linked prices.
“People are concerned about slowdown in demand for metals, especially aluminium since consumption is largely US driven,” Niraj Shah, an analyst at Centrum Broking Pvt. Ltd, said.