With no end in sight to the 16-day impasse over a lockout and strike by its workers, Kingfisher Airlines management has called a meeting with their representatives on Wednesday in a last-ditch effort to convince them to return to work. The meeting, scheduled in Mumbai, is likely to be attended by top officials of the parent company, UB Group, apart from the airline top-brass. The carrier would also have to submit its reply to the Directorate General of Civil Aviations (DGCA) show-cause notice by October 20.
Essar Ports Q2 net profit up 97% to R80.53 crore
Ruia-owned port company Essar Ports posted a 97% increase in net profit at R80.53 crore for the second quarter ended September, compared with the corresponding period last year, helped by 31% rise in total volumes during the period. The company has posted a profit of R40.8 crore for the second quarter last year. The company, carved out from Essar Shipping Ports and Logistics in October and listed in March last year, posted second-quarter revenues of R348.29 crore, up 25% from the corresponding period last year. The company said the increase in revenue was due to increased offtake from anchor customers. Essar Ports had clocked in about 96% of revenue in the quarter from Essar Group companies like Essar Oil and Essar Steel.
ONGC Videsh seeks fee waiver on oil transit
ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation, has sought a waiver of transit fee from the Sudanese government on moving crude oil from its fields in South Sudan blocks. Government of Sudan has formed a committee to look at the pipeline that would help OVL and others to transport gas. India is seeking exemption of the transit fee of one dollar, an oil ministry official said at the Petrotech 2012. The issue of charging transit fee demanded by North Sudan led to the suspension. ONGC Videsh will pay around $11/bbl for transport crude, which includes $8.40 for transportation, $1.60 as processing fee and $1 as transit fee, the official said.
DHL supply chain to invest R640 cr in India in 4-5 yrs
Global logistics firm DHL on Tuesday said its supply chain division plans to invest 100 million euros (about R640 crore) over four to five years to set up eight warehouses and new transport facilities in the country. DHL is strongly committed to investing in markets of growing importance. The investment will help us to meet future demand, DHL supply chain chief executive for Asia Pacific Paul Graham said. The company will have new facilities in eight cities and will add an additional 5 m sq ft of warehousing space to its existing 4 m sq ft.
Shree Cement records 5-fold rise in Q2 net profit
Shree Cement on Tuesday clocked nearly five-fold increase in net profit for the July-September period at R228.13 crore. The cement maker had reported R38.49 crore net profit in the corresponding quarter last fiscal, it said in a BSE filing. Revenue grew to R1,323.79 crore during the quarter against R856.07 crore in the July-September quarter of the last fiscal. Net profit margin grew to 17.23% from 4.5% in the year-ago period.
NIIT profit after tax down 5.8% to R43.1 crore
IT firm NIIT Technologies on Tuesday reported a decline of 5.8% in consolidated profit after tax of R43.1 crore for the quarter ended September, due to appreciating rupee. The company had posted a profit after tax of R45.8 crore in the September quarter last year. The revenue of the company however grew to R500.1 crore for the September quarter from R371.1 crore in the corresponding period a year ago, translating into a growth of 34.8%.
RInfra commences NHAI Delhi-Agra road project
Reliance Infrastructure (RInfra), through its special purpose vehicle DA Toll Road, has announced the commencement of four to six lanes widening and tolling of Delhi-Agra road. The 180-km-long project is being executed on DBFOT (design, build, operate, finance and transfer). RInfra has been awarded the contract to construct, operate and maintain the road for a concession period of 26 years. The widening will cost R2,945 crore involving construction and renovation of 16 flyovers, two overpasses, 14 vehicular underpasses, eight bridges on service road and 10 pedestrian underpasses, among others.
ISB, IBA Karachi launch first joint programme
The Indian School of Business (ISB) and Institute of Business Administration (IBA), Karachi, announced the commencement of their first joint executive education programme in Pakistan. The programme titled Leadership Skills for Top Management is currently under way in Karachi. This initiative is an outcome of the MoU signed between ISB and IBA, Karachi on April 13, aimed at bringing world-class executive education programmes to Pakistan.