New Delhi: Talks in Delhi between the management and striking pilots of Jet Airways ended inconclusively on Friday, with both sides agreeing to continue negotiations in Mumbai. The senior management of Jet had been in talks with representatives of the pilots all of Friday trying to resolve the standoff. On Friday nearly 500 pilots remained on strike forcing the Jet Airways to ground 255 of its flights. The pilots say they’re protesting the dismissal of four of their colleagues and their right to form a union.
Click here to watch the day’s biggest business news
India’s industrial output continues to rise. The IIP rose 6.8% in July, with 16 out of 17 industry segments showing positive growth. But not all sectors of the economy are growing. India’s exports shrank 19.7% in August, the 11th straight month of decline.
India may not get any help from developed countries for dealing with climate change. The European Commission is offering somewhere 2-15 bn euros every year to developing countries from 2020. But India isn’t on the list of beneficiaries. Instead the commission is proposing countries like India contribute to a global fund to help other developing nations. The commission’s proposals are part of the European Union’s preparations for climate talks in Copenhagen in December.
Satyam Computer’s founder Ramalinga Raju may be tried in court soon than expected. The ministry of corporate affairs says Raju will be tried in a special fast-track court to bypass a legal system that has millions of backlog cases. In January Raju admitted he overstated Satyam’s assets by one billion dollars. The government is accusing Raju of diverting the money, a charge he denies.
NTPC is set to buy natural gas from RIL at the government price of $4.20 cents per unit. The power company will buy 0.61 million metric standard cubic metres a day for plants in Rajasthan and the outskirts of Delhi. NTPC had been reluctant to buy gas from RIL at the government price because it feared the agreement would weaken its legal case against RIL in which it is demanding gas at $2.34 per unit.
Sterlite has increased its bid price for Asarco to $2.57 billion in cash. The move comes after Sterlite’s rival bidder Groupo Mexico offered $2.5 billion last month. Both companies want to buy Asarco for it copper mines in Arizona.
The Nationalist Congress Party is mounting pressure on the Congress to extract as many seats as it can for the Maharashtra assembly elections next month. Agriculture minister Sharad Pawar is warning the Congress leaders it will be too risky for them to go alone. The Congress wants to contest in about 175 seats out of Maharashtra’s 288 seats.
Markets continued their rise on Friday. The Sensex went up 47 points to end trade at 16,264 and the Nifty rose 10 points to close at 4,830.