Kingfisher Airlines on Tuesday said it can't conduct board meetings, and hence is unable to release its annual and quarterly results for the last fiscal and quarter respectively, until it has obtained security clearance from the civil aviation ministry for the appointment of Lalit Bhasin as director. The Vijay-Mallya led airline, which has been grounded since 2012, said it has informed the Registrar of Companies that it can't publish its audited financial results for FY2014 in a letter dated May 19, it said in a BSE notification.
Bajaj Auto to cut Discover models to three from six
Bajaj Auto plans to market three Discover models instead of the earlier six as it believes it will be able to reduce overcrowding in the market, which will help it regain lost market share in the commuter space. The company's share in the commuter space fell to 19% at the end of FY14, from a high of 24% a year ago. There was a gradual decline in Discover sales because of too many launches. We will not make that mistake again. Going forward, we will focus on three Discover models only, said Kevin P D'sa, president-finance, while speaking with analysts on Tuesday.
Daimler India trucks enter Zimbabwe
Daimler India Commercial Vehicles Private Limited, a wholly-owned subsidiary of Daimler, along with Mitsubishi Fuso Truck and Bus Corporation of Japan, a Daimler company, launched its robust DICV-made trucks in Zimbabwe, making it into the fourth African market since starting export in May 2013. As part of the first 15 export markets for DICV under the new Asia Business Model, Zimbabwe is a potential market in Africa. The trucks will be sold through the exclusive dealer, ZIMOCO, an authorised local distributor in Zimbabwe. The trucks are already present in the markets of Kenya, Sri Lanka, Zambia and Tanzania with more markets to follow in Africa and Asia.
Tata Global unit acquires stake in Earth Rules
With reference to earlier announcement dated May 19, intimating that an overseas subsidiary has acquired 100% stake in an Australian company engaged in coffee business under the MAP brand, with presence in the R&G coffee and coffee in pods (single service portions) segments in Australia, Tata Global Beverages has now informed the BSE that it wishes to clarify that the investment was made by its overseas subsidiary in Earth Rules and not Bronski Eleven as stated earlier. Bronski is however the holding company of Earth Rules, from which the stake was acquired.
USs Purdue University honours Venu Srinivasan
Venu Srinivasan, chairman of TVS Motor Company, was conferred an honorary Doctorate of the management degree by Purdue University in the US. The honour was conferred during the spring commencement ceremonies at Purdues West Lafayette campus in recognition of his contributions in the field of management. Srinivasan is an engineer with a Master's in management from Purdue. At the occasion, he said, Im humbled and deeply moved with this honour. The fact that this recognition has come from my alma mater makes it all the more special to me. Over the years, it has been heartening to witness Purdue grow from strength to strength to become one of the top universities in the world and I am proud to be an alumnus of this glorious institution.
Ballarpur Industries shuts AP unit temporarily
Paper major Ballarpur Industries has decided to temporarily shut down its Kamalapuram unit in the Warangal district of Andhra Pradesh. In a notice to BSE, the company said it has temporarily shut down the unit due to adverse global and Indian market conditions of rayon grade pulp/viscose staple fibre.
One dies, 5 suffer burns in explosion at NLC
One person died and five other employees of the Neyveli Lignite Corporation (NLC) sustained burns after a steam pipeline exploded due to heavy pressure on Tuesday. A portion of the building collapsed in the blast, damaging the entire set-up. The explosion was caused because of heavy pressure in the steam pipeline, NLC public relations officer S Sridhar told FE over phone. This was the first of a kind incident in our history as the Russian-built structures are classic in nature. However, we will look into the matter by setting up a probe committee, he said. The high pressure heater of Unit-VII of capacity 100 MW got damaged and dislocated. It has been shut down immediately.
Reliance Power commissions fourth unit of Sasan UMPP
Reliance Power's fourth 660 MW unit of the Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh has commenced electricity generation. Post commissioning of the fourth unit, total operational capacity of the plant has reached 2,640 MW, Reliance Power said in a statement. The remaining two units are in advanced stage of construction and will be commissioned in the next few months, it said.