AirAsia starts hiring pilots for its Indian operations
Malaysian low cost carrier AirAsia has started the process of hiring pilots for its Indian operations, AirAsia Group CEO Tony Fernandes announced on Friday.
AirAsia India, which is a joint venture among AirAsia, Tata Sons and Telstra Tradeplace's Arun Bhatia, has invited applications for the posts of pilots till April 19 and announced that the interviews would be held in Bangalore.
The budget airline has plans to commence operations with three to four airbus A320s from Chennai. The airline will focus on connecting tier II-III cities across the country.
RBI imposes Rs 5 lakh penalty on J.P. Morgan Chase
The Reserve Bank of India (RBI) on Friday slapped the local branch of J. P. Morgan Chase with a penalty of Rs 5 lask (US$9170) for violatation of rules on risk management and inter-bank dealings & compliance functions.
In a notice posted on its official website, the central bank wrote that the rule violations were made by the financial institution during the fiscal year 2012-13.
Gold finance companies slip due to weakness in gold prices
Stocks in gold finance companies like Muthoot Finance and Manappuram Finance suffered sharp declined in early morning trade on Monday in response to ongoing weakness in gold prices.
At 7 a. m., gold slipped $24.74 to $1,453.61 per ounce. U. S. futures extended losses to decline more than 3 per cent. In India, the world's biggest purchaser of gold, prices are currently trading below the Rs 28,000 mark. On Saturday, gold prices slipped the most in a year, by Rs 1,250 per 10 grams.
SC to hear petitions of Sunil Mittal, Ravi Ruia in 2G case
The Supreme Court will today, on Monday, hear Bharti Airtel chairman Sunil Mittal and Essar Group's co-founder Ravi Ruia's petition, challenging CBI's summons related to alleged irregularities in the 2G case.
A CBI special court had issued summons to the two industrialists in the case related to allotment of mobile phone bandwidth during the BJP-led NDA regime in the year 2002.
Sistema plans to invest Rs 1,093cr on 4G LTE rollout
Sistema Shyam Teleservices Ltd (SSTL) has announced its plans to migrate to 4G LTE services with investments of nearly Rs 1,093 crore ($200 million).
In a recent interview, SSTL president & CEO Vsevolod Rozanov said
That the company would gradually gradually migrate to 4G services and reach to break-even point in India by the second quarter of 2015. However, he clarified that the company would not commence 4G LTE services this year.
Tata Power shares jump after CERC allows tariff hike
Tata Power shares gained as much as 5.9 per cent to nearly Rs 98 apiece on Tuesday, after the electricity regulator permitted the company to charge "compensatory" tariffs for power produced from the Mundra power plant on account of the soaring cost of imported coal.
On Monday, the Central Electricity Regulatory Commission (CERC) ruled that Tata Power's Coastal Gujarat Power Ltd can raise tariffs to meet the rising cost of imported coal.
New Factory Commencement at Chandigarh to Cater Domino’s, Dunkin Donuts Customers
Sources suggested about the announcements made by the Jubilant FoodWorks. The company is commissioning its factor factory called "commissary" at Zirakpur near Chandigarh.
It was suggested that the commissioning of the factory is being done because of an excellent response made by the customers of Domino's Pizza and Dunkin Donuts at the outlets of Chandigarh, Mohali, Panchkula and the states of Punjab, Haryana, Uttarkhand, Himachal Pradesh and Jammu and Kashmir.
Germany Shows Support for Early FTA Signed between EU and India
Negotiations were drawn out between the European Union and India on a free trade agreement long back. It has been revealed in a new report that the Germany has shown support for an early conclusion over the same.
Germany said that the move would fulfill both the countries' interests. It said that the early signing being seen of a focused free trade agreement between the two nations was highly important a step.
On Wednesday, Philipp Roesler, German Minister of Economics and Technology, affirmed that the step could bring an enhancement in Germany's economic cooperation with India.
Finance Ministry to Meet Fitch and Other Agencies to Bring Decline in Fiscal Deficit
As per recent reports, it has been found that the Finance Ministry has planned certain things in order to bring a decline in fiscal deficit. Official sources informed that they have been trying to bring the fiscal deficit to 3% by 2016-2017.
The Finance Ministry said that in order to do so, they will be trying to get an up gradation in ratings from Fitch. "The Fitch team will come tomorrow. Representatives from Standard & Poor's and Moody's are scheduled to visit on April 25 and May 5 (respectively)", said the official authorities.
Money Laundering Case: RBI Initiating Action against ICICI, HDFC and Axis Banks
It was in last month that online portal named as Cobrapost took the names of the three banks, ICICI bank, HDFC Bank and Axis Bank for indulging in the act of money laundering.
The online portal said that they exposed these banks by carrying out a sting operation. Their investigation revealed that there were some bank officials who offered to launder unaccounted money in insurance schemes.
Positive Fourth Quarter Revenue for Infosys
After a plunge in shares, Infosys holds on to a profit in the fourth quarter of 2012. This has been an earning season for the company.
Viju George and Amit Sharma of JP Morgan said, "We expect Infosys to meet its guidance in constant-currency terms, but 0.3 percentage point cross-currency revenue growth headwind might just make it difficult to meet guidance in reported terms".
Sahara Chief Subrata Roy Feels Victimized for Years by Political Vendetta and RBI
Market regulator, the Securities & Exchange Board of India summoned Sahara Chief Subrata Roy yesterday to give details of assets belonging to him and his two group companies. SEBI may use those assets for auction to produce nearly Rs 24,000 crore needed to be returned to the investors.
"It started as political vendetta against us in 2005, and thereafter became a chain reaction. First, the RBI took action against us in 2008 and then SEBI clamped down on our businesses", the head of the diversified conglomerate said.
Apple iPhone 4 Sales Increase Three Times in Last Five Days
iPhone 4 sales have outshone iPhone 5's in India. The sales trebled over the last five days and seem to surpass the demands for iPhone 5 in India. Apple has launched a buyback scheme for the customers that offer a discount of at least seven thousand rupees on the iPhone 4 in exchange for any other smartphone.
Cupertino-based company has pushed the older model in India as it wanted the two-year-old phone fall in the category of sub- Rs 20,000 segment, said a senior official of a leading Apple premium reseller.
Bharti Airtel Allowed to Continue with 3G Services
Bharti Airtel Ltd. has been allowed to perpetuate with third-generation telecom services by an Indian court. It has asked the company to continue with the services in seven areas but with a disclaimer that they must not take any future orders in these areas.
Haryana, Maharashtra, Madhya Pradesh, Uttar Pradesh (East), Kolkata, Gujarat and Kerala were the seven areas where the services were asked to stop. Earlier, the Government had asked them to discontinue the services as it was thought that they were violating the telecom rules.
Spot Gold Seen Trading at USD 1560
Today morning, the spot gold was seen trading at USD 1560 and not a bigger change in the trend is expected.
As per the reports from a research firm, the daily close of gold trade below USD 1539 may drag it to hit a new multi-support level of USD 1525/1520. Cyprus is expected to sell its gold holdings to meet its national debt and it is said that it will help it maintain its hold over the market keeping the price of gold lower.
M&A Activity in India Falls to USD 2.9 Billion
According to recent reports, merger and acquisition (M&A) activity fell from USD 17.2 billion last year to USD 2.9 Billion in January-March quarter.
This is apparently 83.1% fall in the activity as compared to the same in the last year. The M&A activity in the Asia Pacific also fell by 26.1% down to USD 72.9 billion. In the first quarter of 2012, its value was recorded to be USD 98.6 billion, avowed reports from global deal tracking firm mergermarket.
I-T dept. slaps two Aditya Birla firms with tax demand order of Rs 3,900cr
The income-tax department has slapped two Aditya Birla group companies with a tax demand order of Rs 3,900 crore over demerger of telecom business that took place nearly four years back.
In 2009, Aditya Birla group demerged its telecom business into two companies, viz. Idea Cellular and Aditya Birla Telecom. The income tax department is now treating the transfer of assets, licence and liabilities from Aditya Birla Telecom to Idea Cellular as a slump sale, which is taxable.
Infosys' S Gopalakrishnan elected as CII’s new president
Infosys Technologies Ltd Co-Founder & Executive Co-Chairman Kris Gopalakrishnan has succeeded Godrej Group Chairman Adi Godrej as the President of the industry body Confederation of Indian Industry (CII).
A Padma Bhushan recipient and alumni of IIT, Mr. Gopalakrishnan along with Mr. Narayana Murthy and five others, founded Infosys in the year 1981. His initial responsibilities included the management of design, development and implementation of information systems for clients in the United States.
DLF Informed BSE of Signing Agreement of Sale of Rajasthan and Tamil Nadu based Wind Mill Projects
To bare the debts of company, DLF, India's largest real estate firm, has signed definitive agreements according to which it will sell its assets of wind power present in Tamil Nadu and Rajasthan. The company gave a statement that - the transactions are in line with the DLF's objective of divesting its noncore assets.
Virtual Dressing Room will be Available soon on Myntra
Myntra - the online fashion and lifestyle products retailer said in a statement that it has acquired FITIQUETTE - San Francisco-based technology platform provider. Though, Myntra has not disclosed the amount yet, but said that the acquisition was partly done by cash and partly done by stock. The company is of the view that technology innovation offered by FITIQUETTE will be able to solve issue of online shoppers related to size and fit.