Public Relations
General Motors today said Chris Liddell, Microsoft Corp"s outgoing finance chief, has been appointed as the vice-chairman and chief financial officer of the auto giant.
Global multinational drug companies’ need to outsource manufacturing to low-cost destinations like India has turned out to be a boon for leading drug companies in India such as Ranbaxy, Cipla, Dr Reddy’s Laboratories and Aurobindo.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal from German firm EADS Deutschland GmbH and Larsen & Toubro (L&T) for setting up a joint venture company for manufacturing, distribution and marketing of products pertaining to electronic warfare, military avionics, radars and defence-related mobile systems. This was done after taking up the matter in six of its previous meetings
Harrisons Malayalam Ltd (HML), the integrated agriculture player which is part of the RPG group, is mulling entry into the fruit juice segment in a year’s time. The company produces pineapple and passion fruit at its plantations in Kerala and is evaluating branching out into fruit juice.
Dabur"s promoter family member Gaurav Burman-led Atlas Acquisition today said it will acquire US-based staffing and employment services company Koosharem Corporation for $840 million (around Rs 3,900 crore) and merge with itself.
The last Auto Expo in January 2008 in New Delhi drew 1.8 million visitors. The 2010 edition scheduled at Pragati Maidan here, from January 5-11, is expected to draw close to 2 million visitors, which would make it the largest auto show in the world.
A crucial meeting of the Air India (AI) board tomorrow is likely to take decisions on several cost-cutting measures such as a proposal to scrap the productivity-linked incentives (PLI) to its management cadre, and adopt the financial accounts for 2008-09.
Oil marketing companies (OMCs) want a price cut of as much as Rs 8 in the procurement price of biodiesel from the producers, who, however, do not agree to this idea.
Newly elected BJP MLAs met today to decide on supporting JMM chief Shibu Soren as the new Chief Minister.
Even as legal experts refuse to buy government’s claim that 350 tonnes of waste is no source of pollution and factory premises pose no health risk to humans, a study is going on to incinerate the waste in some cement kiln. According to sources, a final report would come by end of this month or in January. If a well placed government source is to be believed, the Central Pollution Control Board and National Council for Cement and Building Material are in dialogues over the issue.
Aditi Phadnis / New Delhi December 26, 2009, 0:04 IST
*Name the person and the name he gave to the theoretical proto-hypertext computer system he proposed in 1945. This has been referred to as the vision behind search engines.
The Ministry of Finance is in favour of scrapping the practice of issuing oil bonds to government-owned oil marketing companies (OMCs).
Environmental think tank Teri wants to commercialise its technologies. Here’s how.
The Delhi High Court today directed the government and the National Aviation Company of India (NACIL) to file their reply on a petition challenging the merger of two state carriers Air India and Indian Airlines.
Airtel DTH has high hopes from a market that offers scope for exponential growth but is already packed tight like a can of sardines. Can the telecom major pull it off?
The Sensex is now at 17,664, down 23 points. The NSE Nifty is at 5,268, down nine points.
Flughafen Zurich AG, operator of Zurich airport in Switzerland, which has a 17 per cent stake in Bangalore International Airport Ltd (BIAL), will reduce this to five per cent, to fund its further growth in India. The divestment process is expected to take four months.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it.
The stock soared to a high of Rs 429 and finally ended at Rs 421, up 5.5% from its previous close. The counter clocked volumes of 323,029 shares as compared to the two-week daily average traded volumes of 20,162 shares on the BSE. _________________________________________
The current outlook is poor and how the future will look is critically dependent upon government policy on spectrum and on allowing mergers and acquisitions.
Motilal Oswal Financial Services reported a 74 per cent year-on-year growth in net profit to Rs 47.2 crore for the quarter ended September 30, 2009.
Global auto component maker Delphi today said it will showcase a number of its automotive technologies during next month"s Delhi Auto Expo including SD card-based navigation and generic body control module designs.
Notwithstanding the huge gains seen in 2009 and despite some challenges going ahead, analysts expect the overall trend to remain positive in the next year as well
Axis Asset Management Company (Axis AMC), a wholly-owned subsidiary of Axis Bank, today announced that it has received the final regulatory approval from the Securities & Exchange Board of India (Sebi) to launch its mutual fund business in the country.
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
The financial services industry will see significant changes.
The Planning Commission today expressed optimism that economic growth during the current year will exceed 7 per cent, up from 6.7 per cent recorded during 2008-09.
Anil Ambani-led Reliance Natural Resources (RNRL) today accused Reliance Industries (RIL) in the Supreme Court of unilaterally inserting provisions in the agreement for gas supply, saying it went against the family MoU of 2005 providing for fixed quantity of gas from the KG Basin for 17 years.
The advance tax collection from India Inc rose 20 per cent in the first nine months of the current financial year, compared to the same period last year, with automobiles, consumer goods and metals leading the pack.
Only Sri Lanka, Indonesia and Brazil better Sensex returns.
ArcelorMittal is the only other bidder for the state-run company.
The Sensex has opened at 17,378 - up 33 points. The index is now up 126 points at 17,473.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 278.37 crore in futures and options segments on Wednesday.
Markets have extended gains. The Sensex has touched a high of 17,531 and is now up 181 points at 17,524.
The Sensex has soared to a high of 17,513 and is now at 17,501, up 157 points. The NSE Nifty is at 5,214, up 44 points
With more competition lined up, comexes are focusing on delivery-based contracts.
Tatas is planning to introduce its small car Nano in Latin America in partnership with Italian auto maker Fiat.
Digital imaging company Canon India today said it would set up six outlets in various cities in the country over the next few months.
2009 saw a high-voltage legal battle between the Ambani brothers over the gas dispute reaching the Supreme Court with a judge withdrawing from the bench.
The Indian cinema has witnessed some key changes over the decade. The surge of multiplexes and digital screens, changing methods of distribution & promotion of films and rising actor remuneration — all have redefined the business of Bollywood in India.
Time Warner today said its board has approved the acquisition of Prannoy Roy-promoted NDTV"s entertainment channel Imagine for $126.5 million (about Rs 592 crore).
- Oil imports rise first time in over a year - 2010 set to be year of indices trading - Crisil to research illiquid stocks to help investors - "Indian regulatory regime has brought us a world of good" - Global crisis pinches FDI purse in 2009 - Experts debate rollback of lenient policy
With the objective to create awareness regarding banking services among people in remote villages of North-East, Reserve Bank of India (RBI) has undertaken a series of financial outreach programmes in the region.
The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 159.86 crore under Rural Infrastructure Development Fund (RIDF) XV to West Bengal. This includes an innovative Heifer Production Project (Rs 8.61 crore) in Kalyani. The project would generate and supply good quality crossbred cows and buffaloes throughout the state to boost milk production.
Hershey Co, exploring its options for a possible bid for Cadbury Plc, has been in contact with Nestle SA, said two people familiar with the talks. An agreement between Hershey and Nestle may not be reached, and Hershey would prefer to bid alone, said the people, who declined to be identified because the talks are private. Any offer would challenge an unsolicited $17-billion bid from Kraft Foods Inc.
In view of the unearthing of David Coleman Headley"s case by the FBI and several other similar incidents in the recent past, the US has modified procedure based on intelligence inputs to expose any travel nexus of terror suspects.
Gold was little changed, trading near a six-month high in New York as the dollar weakened, boosting the appeal of the metal as an alternative asset. Silver declined from a 13-month high. Gold futures, after reaching $999.50, the highest price since February 23, posted the biggest weekly gain since April.
Auto company Mahindra & Mahindra (M&M) today reported 32.11 per cent growth in domestic sales of its utility vehicles in October at 18,410 units.
Trade talks resumed in World Trade Organization (WTO) headquarters at Geneva today, 10 days after 30 ministers broke the impasse on Doha negotiations, aimed at reaching a global pact for opening $32 trillion international commerce.
Swaraj Baggonkar / Mumbai October 2, 2009, 0:51 IST
Competes with Mercedes, BMW, Porsche, Audi and Accura
Toyota Motor said today that global sales of its hybrid vehicles had topped the two-million mark since their launch in 1997, led by the Prius — Japan"s top-selling car for the past four months.
Lancor Holdings, a realty major, has approved the further issue of securities up to a value of Rs 75 crore with domestic and international markets through various instruments. The decision ws taken in its board meeting yesterday.
Finance Ministers of the world"s 20 most powerful countries in their two-day meet starting today are slated to discuss reforms to tackle black money and money laundering.
Development Credit Bank (DCB) today said it will raise funds up to Rs 100 crore by way of private placement of shares with potential buyers.
The listing of three big initial public offers (IPOs) — JSW Energy, D B Corp and Godrej Property — this week would be yet another test for the lackluster primary markets.
With seven of the 16 initial public offers (IPOs) launched this year trading below their issue prices, 2009 has been a mixed year for primary market investors.
The stock market could see 17-18 such issues next year
The government will sell 8.38 per cent of its stake in the mining major NMDC before March 31, 2010, generating Rs 14,100 crore from the process.
Mega public sector undertakings ONGC, SAIL and NTPC got greater financial and operational autonomy after the government today accorded the Maharatna status to these firms to help them emerge as global giants.
The interest rate futures (IRFs) trading in the country will get a boost in coming days, as Life Insurance Corporation (LIC) and Central Bank of India have agreed to provide support to the exchange-traded product. Both these will ensure adequate liquidity on the National Stock Exchange (NSE)— the bourse where IRFs are traded.
The Supreme Court has quashed criminal proceedings against a branch manager of Coca Cola under the Food Adulteration Act, stating that prosecution could not be initiated unless the complaint was accompanied by the report of the public analyst. This principle was laid down in the case, Saumindra Bhattacharya vs State of Bihar. In this case, a lawyer bought three bottles of Limca. When he drank one, he fell sick. He complained to Coca Cola company, which owns the Limca trademark, that the bottles contained foreign substance. It replied that it was receiving several such complaints and the bottles were being tampered with by unscrupulous elements.
I am 34 and employed in an IT company in Gurgaon. I began investing in June 2007, with a sum of Rs 2,500 a month. Gradually, I increased the SIP amount to Rs 16,500 a month. Can you help me with my financial plan? I have provided all the details below.
Teaser and step-up home loans may look similar in the beginning, but they work out differently in the later years
Vedanta Group has asked Orissa government to restrict entry of foreign NGOs in the area where it proposes to mine bauxite, as part of its $8-billion project in the state, saying they were instigating locals.
World Bank Group member International Finance Corporation (IFC) today said it will give $50 million loan to healthcare major Apollo Hospitals for providing high quality services to smaller cities across the country.
State-run, Union Bank of India has revised its interest rates on foreign currency deposits with immediate effect.
A V Rajwade / New Delhi November 2, 2009, 0:32 IST
Oil/dollars: Oil and the US dollar used to go together almost as naturally as gold and greed. Times change.
Over 10 per cent rise of rupee against the US dollar has become a "big worry" for exporters at a time when they saw arrest in sharp decline in the country"s exports amid a hope of recovery.
J K Paper Mills, a leading paper manufacturing company has initiated the process of registration with the United Nations Framework Convention of Climate Change (UNFCCC) on carbon credits in the forestry sector.
The global economic recovery augurs well for domestic companies having a large exposure to overseas markets.
China"s top 500 companies outperformed their US counterparts for the first time last year, a survey conducted by a business group has revealed, as the financial crisis wreaked havoc in the United States.
Sun Pharmaceutical has managed to gain more support in its battle to acquire Israel-based Taro Pharmaceuticals.
Stumbling blocks for resolving the gas row between the Ambani brothers can be removed by putting together the family MoU and the demerger scheme, Anil Ambani-led Reliance Natural Resources (RNRL) told the Supreme Court today.
The Punjab National Bank (PNB) is mulling to provide financial assistance to Small and Medium Enterprises (SME) clusters across the country. The bank has decided to grant a collateral free loan of upto one crore rupees under the programme.
While the Insurance Regulatory and Development Authority (Irda) is working on making third-party motor cover obligatory for non-life insurance companies along with rural and social sector obligations, private insurers want to abolish the fund, which is used to pay claims in this category.
The Reserve Bank of India has adopted a business correspondence model, acting as an agent of a commercial bank, to provide banking services to the people of remote areas where there is no banking outlet.
India Infrastructure Finance Company (IIFCL) will sign a loan agreement of $700 million with the Asian Development Bank (ADB) next month, a top company official said here today.
State-owned Indian Overseas Bank (IOB) is planning to foray into the venture capital business.
Public sector lender Bank of Baroda (BoB) today reported a jump of 60 per cent in net profit to Rs 634.18 crore for the second quarter ended September over the corresponding period a year earlier.
Mukesh Ambani and Anand Jain promoted Mumbai SEZ Ltd has suspended, for an indifinite period, its land acquisition for the MahaMumbai special economic zone (SEZ) in coastal Raigad. The company may drop the project altogether, as it was not able to acquire “a minimum of 1,000 hectares of contiguous land” as mandated by the SEZ Act.
Public sector lender Bank of Baroda (BoB) today reported a jump of 60 per cent in net profit to Rs 634.18 crore for the second quarter ended September over the corresponding period a year earlier.
Trades between FIIs generated a volume of Rs 38 crore on the BSE Tuesday-an decrease of 38.84% from Rs 62 crore clocked on Monday. As many as six stocks witnessed trades of 7.71 lakh shares on Tuesday.
Media house Sun TV Network today reported a rise of 20.54 per cent in its net profit at Rs 130.56 crore for the second quarter ended September 30, over the same period a year earlier.
BS Reporter / Mumbai October 28, 2009, 0:17 IST
Federal Reserve officials are stepping up scrutiny of the biggest US banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.
Wells Fargo & Co, seeking to wipe away the tarnish of US government bailout funds, kept pace with rival banks by announcing a $10.4 billion share sale to help repay the Troubled Asset Relief Program. The San Francisco-based bank plans to return all of the $25 billion that taxpayers invested last year, according to a company statement issued on Monday.
The 50-share Nifty also ended almost flat at 5,041.
US fund house TIAA-CREF has exited Oil and Natural Gas Corp (ONGC) and other Chinese energy firms over their investments in war-torn Sudan, but the Indian company said its operations did not support suppressive activities anywhere in the world.
Brazilian firm wants to concentrate on gas finds back home
Brazil"s Petrobras has decided to quit Oil and Natural Gas Corp"s (ONGC) prolific gas discovery block in the Krishna Godavari basin, a vacancy that Royal Dutch/Shell and BP Plc are keen to fill-in.
A K Bhattacharya / New Delhi January 5, 2010, 0:48 IST
Although Smart Portfolios kicked off on September 1, 2009, it feels good to end the calendar year on a cheerful note. The net returns in the second season are at the highest point currently. The benchmark S&P CNX 500 portfolio value has appreciated by 12.73 per cent to Rs 11.27 lakh as against its starting corpus of Rs 10 lakh. Ajay Parmar and Amar Ambani continue to outperform the benchmark with a wide margin. While the former"s return has zoomed 20.46 per cent, the latter"s portfolio value has soared nearly 19 per cent. Phani Sekhar has reported gains of 6.72 per cent so far, and Praveen Panjwani"s net worth is up by 6.3 per cent.
The markets rose steadily for the better part of the week on news of robust GDP numbers and allaying of fears on the Dubai repayment crisis. The S&P CNX 500 index rose over 4 per cent to 4,239, thereby taking the benchmark’s portfolio value higher to Rs 11.04 lakh as against Rs 10.60 lakh in the preceding week.
State-run Oil and Natural Gas Corporation has lost an oilfield in Algeria to a consortium led by a Chinese oil firm.
Wind power major Suzlon Energy today said financial services major Indiabulls Financial Services has reduced stake in the company to 0.6 per cent, by way of releasing pledged shares.
A majority of graduates in India lack basic business proficiency skills and over 40 per cent students give more importance to employability skills over the domain knowledge, a survey has said.
Space, says Raavi Sabharwal, is “opportunity”, “challenge” and, most importantly, “fun”. Sabharwal, 63, is the publisher of Timeless Books and owner of Timeless — The Art Book Studio, tucked away in one of the many bylanes of Kotla Mubarakpur, one of the many “asides” of the Capital, cheek by jowl with the upmarket South Extension shopping centre. The 1,600 sq ft space, which you stumble into after you’ve taken a few wrong turns, is quiet and peaceful, a refuge from the chaos that surrounds it.
Away from the glamour, but important nevertheless
The Sensex touched a fresh 22-month high of 17,790, However, it were the mid-cap and small-cap stocks which stole the limelight this week.
Foreign institutional investors (FIIs) were net buyers of Rs 516.10 crore (provisional) today, according to data released by BSE.
The Ministry of New and Renewable Energy (MNRE) has announced an incentive of 50 paise per unit of wind power fed by independent power producers into the grid.
The original visa application form of Pakistani-origin terror-suspect David Coleman Headley, charged with criminal conspiracy in Mumbai attacks, along with all the attached documents has been "retrieved" from the record room of the Indian Consulate in Chicago, reliable sources said today.
Business Standard / New Delhi November 24, 2009, 0:08 IST
The US President’s visit to the region begins a new game with new rules.
Mukesh Ambani, India’s richest man and chairman of the country’s largest private sector company, Reliance Industries, has been ranked the fifth-best CEO in the world by Harvard Business Review.
"Vulgar" salaries became a sore thumb in 2009 and everyone from CEOs to office assistants felt the pinch of the economic downturn, but Indians still managed a worldwide-best average six per cent hike in their pay.
China is getting all worked up about the wrong thing when it comes to the US. Forget these nascent trade wars over tires, cars and chickens. China’s real problem is how quickly the dollars they hold in great quantity are getting all the respect of pesos these days. Sounds like hyperbole? Not when you consider what may be the hottest investment of 2010: the dollar-carry trade.
Purchase of Affiliated Computer Services to help Xerox triple sales from services
While the battle lines for folding the Forward Markets Commission into Sebi have been drawn — and good luck with that — I believe that there is a more important, and easier, battle that needs to be fought as well. This has to do with the evolution of the corporate bond market. No less an authority than the prime minister has acknowledged that this is a crucial piece of India’s development and I have little doubt that you are already working with RBI on how best to turn this need into a reality.
Investors got the upper hand in 2009, while fund houses struggled to cope with regulatory changes and upheavals in the economy, even as the industry shrugged off recession blues with its assets hitting an all time high of Rs 8 lakh crore.
The rupee today appreciated by 8 paise to hit a month"s high of 46.22 against the US currency in early trade, in line with other firming Asian currencies.
Swiss banking major Credit Suisse Group today returned into black with a third quarter profit of 2,354 million Swiss francs, riding on the strong performance by its investment banking business.
Reliance Industries (RIL) has raised over Rs 2,587 crore through sale of 2.5 crore treasury stocks of the company.
The country"s most valued firm Reliance Industries (RIL) today said the public sector insurer Life Insurance Corporation of India (LIC) has hiked its stake in the company to 6.94 per cent over the past two years through open market transactions.
Financial services provider Religare Enterprises today said it would raise Rs 1,850 crore through rights issue.
With the revival of the job market India Inc is all set to witness a significant jump in attrition levels as well, especially in sectors like aviation, information technology and business process outsourcing, executives search firm GlobalHunt India said today.
The 700-member Bombay Stock Exchange (BSE) Brokers Forum may approach the Prime Minister’s Office (PMO), the ministry of finance, the Securities and Exchange Board of India (Sebi), investor associations and other trade associations against the move to extend trading hours.
With the friendly policy initiatives and the funding mechanism, the Gujarat government may be moving in the right direction to promote entrepreneurship. However, India remains a tough place to be an entrepreneur, according to a report by KPMG India and The Indus Entrepreneurs (TiE).
Vanita Kohli-Khandekar / Mumbai December 18, 2009, 2:33 IST
British banking major Standard Chartered today said its proposed local listing would enhance its commitment to Indian market.
Hyatt Hotels today said it will partner with Indian real estate developer DB Hospitality to operate five new hotel properties in India as the global hospitality company seeks to expand its footprint in the "world"s most vibrant emerging market".
Global banking major, Standard Chartered, which is widely expected to list its shares on the bourses here in the first half of next year, said the listing would enhance the lender"s commitment to the local market. "The issue of proposed Indian Depository Receipts (IDRs) demonstrates our commitment to India," Standard Chartered, Global CEO, Peter Sands said.
Business Standard / New Delhi October 28, 2009, 0:09 IST
The markets have extended their early morning gains on the back of strength in energy, power and IT stocks. The Sensex is quoting at 16,958, up 266 points, and the Nifty has regained the 5k mark at 5067, up 81 points.
In order to expand its edible salt production capacity, Tata Chemicals Ltd has decided to set up a new plant at its existing facility located in coastal area of Mithapur in Gujarat. The edible salt plant will have a production capacity of 600 tonnes per day (TPD).
As companies step into the new year, they realise that they may have to live with lower growth and costlier money as 2010 could be more challenging than 2009.
Realty firm Godrej Properties may look at launching affordable housing projects in the price range of Rs 5-15 lakh per unit by the next financial year.
ING Life Insurance is expecting a 60 per cent growth in renewal premiums during this fiscal.
Trapped by the Inca! For violating the sacred temple! Tied to stakes atop a pyre which will soon be lit by the rays of the sun, concentrated by a lens! But why does Tintin look so calm? Ah, it is because he knows something these colourfully dressed Incas don’t: there is going to be a solar eclipse. Tintin calls out to the sun to hide his face, and lo and behold! the god obeys. Tintin and his friends are saved; nay, they are treated as demigods by the hapless Incas.
Adani Enterprises today reported a 30 per cent growth in consolidated net profit at Rs 147.95 crore for the second quarter ended September 30, 2009.
The Insurance Regulatory and Development Authority (IRDA) today said it would come with initial public offer guidelines for the insurance sector within a fortnight to allow companies to raise funds from the capital market.
Investors got the upper hand in 2009, while fund houses struggled to cope with regulatory changes and upheavals in the economy, even as the industry shrugged off recession blues with its assets hitting an all time high of Rs 8 lakh crore.
Reason: Few issues have enabled investors to make listing gains.
Titan Industries, the manufacturer of mechanical, digital and quartz watches, jewellery watches etc., has announced that ICRA has upgraded the rating assigned to the Rs 52.83 crore, or 6.75 per cent non-convertible debentures and the Rs 100 crore bond programme of the company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier.
Anil Dhirubhai Ambani Group (ADAG)’s flagship company Reliance Infrastructure Ltd (R-Infra) has won a Rs 1,000-crore road project from the Gujarat government, within a week after winning the Rs 1,725-crore Pune-Satara Road project from the National Highway Authority of India (NHAI).
Titan Industries (TIL) plans to tap the rural and semi-urban markets with its Sonata brand of watches, company officials said while launching new designs of its "Super Fibre" range here today.
Foreign firms helping domestic oil explorers need to pay tax at lower rate of 10 per cent only as their business is technical services, the Authority for Advance Ruling (AAR) has ruled.
State-run Rural Electrification Corporation (REC) today said it has received approval from the Power Ministry approval for its proposed follow-on public offer (FPO).
Raju and associates ‘forged board resolutions’ to secure loans.
Non-banking finance company Tata Capital today announced the appointment of Jamshed Daboo, to the newly created position of head, of national sales and services organisation.
Acting chief Vasudevan caught taking Rs 7 lakh.
Sensex, Nifty recoup on banking, realty rebound.
Ahead of its upcoming initial public offer to mop up about Rs 4,000 crore, realty firm Emaar MGF today said it would not be impacted by Dubai"s debt repayment crisis, which has led to a rating downgrade for its Middle-East promoter.
The follow-on public issue of the power sector financier, Rural Electrification Corporation (REC), is likely to hit the market by February next year.
Just days after an aborted deal for merger with South Africa"s MTN, Bharti Airtel today said it may bid to acquire Luxembourg-based telecom firm Millicom"s operations in Sri Lanka.
The GSM operators added over 93 lakh subscribers in the month of August, taking the total cellular subscriber base to 33.54 crore.
The government today referred a proposal by private carrier Jet Airways to raise Rs 2,000 crore from foreign investors to the Cabinet Committee on Economic Affairs (CCEA).
After its Rs 462-crore initial share sale, the real estate developer Godrej Properties today said it plans to raise around Rs 3,000-crore through debt or equity to fund its expansion plans over the next two-three years.
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.