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Updated: Jan 10 2013, 11:28am hrs
Domestic air traffic demand fell by over 6% in Nov: IATA

Domestic air traffic demand in India fell by over 6% last November as the countrys business fundamentals remained weak, though neighbouring China saw an impressive 7.7% growth in the same period, global airlines body IATA said on Wednesday. Overall domestic air traffic demand in India fell by 6.5%, reflecting the slowing economy and sinking business confidence, the International Air Transport Association (IATA) said in its analysis of the latest global air traffic. Month-on-month traffic (in India) increased by 3.2%, the second month of positive growth in a row. However, it is not clear if India has turned the corner as business fundamentals remain weak, the global traffic results said.

New Yorks TBWA acquires Magnon

TBWA Worldwide, a New York-based advertising agency, has acquired New Delhi-based digital agency Magnon Solutions for an undisclosed amount. The acquisition includes Magnons domestic digital agency Magnon Solutions and its digital outsourcing agency Magnon International. As per the agreement, Magnon will become part of the TBWA group of companies in India. Magnon Solutions will join TBWAs global Digital Arts Network (DAN), while Magnon International will become part of E-graphics Worldwide, an arm of TBWA and would also function as an accelerator for DANs production offering.

Gujarat NRE Coke net profit grows 958.94%

Gujarat NRE Cokes net profit grew 958.94% year-on-year to R20.12 crore for the quarter to December FY13 against R1.90 crore during the corresponding period last fiscal. Sales for the quarter increased 57% y-o-y to R527.11 crore from R335.57 crore during the same period in FY12. Operational profit grew 35.11% y-o-y to R113.29 crore from R83.85 in the same period a year ago. Earning per share went up to 34 paise during the quarter from 3 paise in the same quarter last fiscal.

Residential project launches dip 16% in 2012

Residential market across major cities in India witnessed a drop in total number of units launched by around 16% over previous year. The year 2012 recorded launch of close to 1,62,000 new units of residential properties across the eight major cities. Of the total number of units launched, majority units were launched in the mid - end segment comprising approximately 83% of total launches, according to a survey by Cushman & Wakefield. With nearly 54,500 new units, NCR constituted a majority (34%) of the total number of new units launched in the year. Pune recorded the second highest number of fresh launches at approximately 24,000 new units, followed closely by Mumbai (about 22,500 new units) and Chennai (about 20,800 new units). Bangalore recorded a drop of 50% in the number of launches over previous year.

GVK Bio, Onconova tie up for cancer research

GVK Bio, a contract research and development organisation, and Onconova Therapeutics, a US-based biopharmaceutical company engaged in discovery and development of novel small molecules for oncology, have entered into a joint partnership to develop new drugs for cancer treatment. The joint partnership will be based in the US and will align research priorities and technological expertise from both companies to move certain Onconova oncology assets from early discovery to clinical development stage. Onconova will provide two discovery targets with early chemical equity, while GVK Bio will use its multi-disciplinary discovery platform to advance these programmes through lead optimisation and candidate selection, said a company release.

Fernas, Swarn Energy to set up LNG storage

Fernas Construction India in joint venture with Swarn Energy has planned to invest $1 billion to set up LNG storage and regasification unit. Fernas will hold 50% stake in the proposed LNG venture that will come up in Gujarat. Rohit Singhal, CEO, Fernas, said: The company decided to enter into the Indian LNG market to help in bridging demand-supply gap that is of the order of 75 mscmd now.

IFC plans $25 m investment in India 2020 Fund

Global development institution IFC is proposing an equity investment of up to %25 million in a 'India 2020' fund that aims to provide capital and strategic assistance to SMEs in the country. The investment has been proposed in the 'India 2020 Fund II', which is a successor to India 2020 Fund I. The earlier fund with a size of $100 million had earned an estimated gross internal rate of return of 30%. "India 2020 Fund II has a target fund size of $125 million. IFC is proposing an equity investment of up to $25 million (nearly R140 crore)," IFC said in a notification. The board of directors of IFC, a member of World Bank Group, is expected to discuss the proposed investment in a meeting on February 11. India 2020 Fund-II aims to invest in sectors that benefit from and promote consumer demand and purchasing power like healthcare and education, as well as rural consumption and agribusiness.