AI probing overheated oven on Dreamliner

Updated: Jul 27 2013, 05:55am hrs
An oven in a Boeing Dreamliner operated by Air India overheated during a domestic flight this week causing smoke but did not interrupt services, the Indian carrier said, adding an investigation has begun. The aviation regulator said it was examining the incident and had sought a report from Air India. The overheating did not cause a fire, an Air India spokesman said, adding they were in touch with Boeing over the issue. Prima facie we feel that its something to do with the oven, not with the machine (plane) as such, Arun Mishra, who heads Indias civil aviation regulator, said over phone, but added he can comment further only after getting the investigation report.

Piramal Healthcare arm to invest $2.5 m at UK site

Piramals Healthcare vertical will invest $2.5 million at its USFDA approved Grangemouth, UK, site to upgrade one of its antibody drug conjugate (ADC) manufacturing suites, from clinical phase to commercial grade, in response to customer demand. The upgrade will give Piramal two commercial grade ADC suites at the Grangemouth facility, while retaining clinical phase manufacturing capacity in other suites on site. Piramals Healthcare is a part of the Piramal Enterprises. As part of the investment, the areas supporting the manufacturing suite will also be upgraded to provide new areas for buffer preparation and equipment preparation.

RPG Life Sciences net increases to R55 crore

Pharmaceutical firm RPG Life Sciences has reported a net profit of R54.69 crore for the quarter ended June. The company had posted a net profit of R2.79 crore during the same period of previous fiscal. Net sales of the company rose to R62.9 crore during the quarter against R54.7 crore during the corresponding quarter of last year. The company said it has received a notice of non-compliance from US Food and Drug Administration during the quarter. The company has duly responded to the said notice, however, there is no immediate business impact of this event as the company does not have any exports to US, the company said in a press release filed to BSE.

Tata Coffee Q1 net up 43% at R40.38 crore

Tata Coffee on Friday reported 43% increase in its consolidated net profit at R40.38 crore for the first quarter ended June on lower expenses and better margins. The company had posted a net profit of R28.18 crore in the year-ago period, Tata Coffee said in a filing with BSE. Total income from operations marginally rose to R418.46 crore for the April-June quarter as against R413.73 crore during the corresponding period of 2012-13 fiscal. Shares of the company closed 5.28% higher at R1,072.60 apiece on the BSE.

Dish TV Q1 standalone loss narrows to R30.37 cr

Zee Group firms direct-to-home services provider Dish TV on Friday reported narrowing down of its standalone net loss in the first quarter ended June at R30.37 crore. The company had posted a standalone net loss of R32.32 crore for the same period last fiscal year. Standalone income from its operation also increased to R576.49 crore in the April-June quarter, compared with R519.95 crore in the same period of the previous fiscal.

Heidelberg Cement India Q1 net loss at R8 crore

Higher input costs, power and fuel costs and freight charges pushed Heidelberg Cement India into the red, with the company reporting R7.95 crore loss in the first quarter ended June. The company, which recently entered into a pact with JSW Group to sell its Raigad grinding unit in Maharashtra, had clocked R19.27 crore net profit in the corresponding quarter last fiscal, it said in a BSE filing. Income from operation of the company during the quarter, however, went up to R366.87 crore from R307.44 crore a year ago.

Eveready Q1 net up 23% at R4.12 crore

BM Khaitan Group flagship firm Eveready Industries on Friday posted a 23% rise in standalone net profit at R4.12 crore in the first quarter ended June, on account of better price realisation and cost management. The company had reported a net profit of R3.35 crore in the corresponding quarter last year, the company said in a filing with BSE. Net sales increased by 9% to R279.56 crore in the quarter under review against R256.54 crore in the same quarter last year.

PE fundraising in China, India touches $52 bn

The aggregate capital raised by the Chinese and Indian PE markets in 2012 touched $52 billion, registering a decline of 13.34% over the corresponding period a year ago. According to the report titled Global Capital Markets Perspective, global PE fundraising activity increased in 2012, but it declined in the Asia Pacific region as Chinese and Indian PE markets seem to have hit a growth wall. Moreover, IPO exits in the region (Asia-Pacific) became difficult due to what appeared to be weak markets and investors shying away due to high valuations.