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 country’s 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 York’s 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 Magnon’s 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 TBWA’s 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 DAN’s production offering.
Gujarat NRE Coke net profit grows 958.94%
Gujarat NRE Coke’s 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