Air India’s low-cost international subsidiary Air India Express on Wednesday reported its highest-ever net profit, at Rs 412.77 crore for the financial year 2019-20.
The airline had reported a net profit of Rs 169 crore in 2018-19.
The airline which started its commercial operations in April 2005, has been reporting net profit continuously for the last five years.
“Efficient utilisation of assets in terms of aircraft, manpower and materials and enhanced operational efficiency in key areas have significantly contributed to the the record profits,” said K. Shyam Sundar, CEO, Air India Express.
The airline’s operating revenues grew by over 25 per cent from Rs 4,172 crore in FY2018-19 to Rs 5,219 crore in FY2019 -20.
Besides, the number of passengers flown by Air India Express increased by 11 per cent to reach 4.84 million from 4.36 million in 2018-19.
With a fresh spike of 49,881 coronavirus infections and 517 deaths in 24 hours, India’s tally crossed 80 lakh-mark with the total number of cases at 80,40,203, the Union Ministry of Health stated on Thursday.
Out of the total Covid-19 cases, 6,03,687 are currently active, 73,15,989 have been discharged, while 1,20,527 lost the battle against the pandemic. On October 26, the single-day deaths were 480, lowest in recent times.
While the recovery rate stands at 90.99 per cent, the fatality rate is 1.50 per cent, the data from the Ministry of Health and Family Welfare showed.
Maharashtra continues to be the worst-hit with a total of 16,60,766 cases, including 43,554 deaths; followed by Andhra Pradesh, Karnataka, Tamil Nadu, Uttar Pradesh and Delhi.
According to the data from the Indian Council of Medical Research (ICMR), India conducted 10,75,760 sample tests in a single day on Wednesday, taking the total number of samples tested so far to 10,65,63,440.
3rd Session on Infrastructure and sustainable finance during the 10th India-UK EFD
The UK and India made agreements on financial services, infrastructure and sustainable finance, helping to boost jobs and investments in both countries…reports Asian Lite Newsdesk
3rd Session on Infrastructure and sustainable finance during the 10th India-UK Economic and Financial Dialogue (EFD)
The landmark tenth Economic and Financial Dialogue (EFD) between the UK and India saw the UK Chancellor Rishi Sunak and Finance Minister Nirmala Sitharamanmeeting to build further economic ties.
Both the nations have decided to establish the ‘India-UK Sustainable Finance Forum’.
The UK and India have a strong investment relationship, with UK and Indian investments supporting over half a million jobs in each other’s economies. Since the first EFD with India in 2007, UK bilateral trade with India has more than doubled to nearly £24 billion in 2019, a press release issued by the British High Commission said.
The Chancellor and Finance Minister discussed the importance of continuing to work together to deal with the global economic impact of Coronavirus – which the UK and India are already leading as co-authors of the G20 Action Plan – and tackling climate change through sustainable finance.
“Issues related to international tax agenda including development of inclusive consensus based solution on the taxation of digital economy was discussed,” said a statement by Ministry of Finance, Government of India.
UK Chancellor of the Exchequer, Rishi Sunak, said: “The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment and create and secure jobs. We are also committed to working together to lead the global economic recovery as we build back better after the pandemic.”
Agreements reached by both the nations include:
A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) Cityas an international financial centre – including regulatory capacity building support for the new International Financial Services Centre Authority
A new UK-India Partnership on Infrastructure Policy and Financing to support the Indian National Infrastructure Pipeline with UK commercial expertise and financing
Strengthening cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system
A fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech
Creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms
Joint investment by UK Research and Innovation and India’s Department of Biotechnology in research collaborations worth up to £8 million to understand the impact of Covid in South Asian populations in the UK and India
During the talks, the Chancellor championed UK markets as a source for Indian companies to raise international capital, and welcomed the decision to allow Indian companies to list on the London Stock Exchange – the UK being one of only seven jurisdictions permitted.
Ministers also agreed to explore ways to boost investment in insurance through an increase in India’s foreign investment limit.
The UK and India have built a strong partnership on FinTech, and the Ministers agreed to collaborate on facilitating the flow of faster and cheaper UK-India remittances.
Ministers further committed to leading the world’s economic recovery by working closely together through the UK’s G7 and COP Presidencies and India’s G20 Presidency in 2022.
Alongside the EFD, the Chancellor addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry. The Chancellor highlighted the enormous potential for the UK and India to work together to drive green sustainable finance flows and generate even stronger bilateral investment.
India and the United Kingdom enjoy close bilateral relations in diverse areas.
India-UK economic ties are important as together they are two of the world’s top seven economies with a combined GDP of over $5 trillion. India-UK trade has more than doubled since the first EFD in 2007, with bilateral investment supporting over half a million jobs across both countries.
Two-wheeler major Hero MotoCorp on Wednesday reported a rise of 9 per cent in its net profit on a standalone basis for Q2FY21.
The profit after tax (PAT) for the quarter under consideration rose to Rs 953 crore, from Rs 875 crore reported for the corresponding period of the previous fiscal.
Besides, the company’s revenue from operations for the quarter rose to Rs 9,367 crore from Rs 7,571 crore earned during Q2FY20.
According to the company, the key earnings reflect a healthy performance based on improving economy and strong product line-up, combined with rationalisation of expenses and extensive cash-preservation measures.
“The earnings in the second quarter of FY21 reflects a strong performance, signalling a gradual revival from the negative impact of the global pandemic,” said Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp.
“The recovery in demand to pre-Covid levels, credible resumption of supply chain and logistics, cost and cash management, along with judicious price increase, has helped deliver profitability.”
“The challenging economic environment is headed for a recovery on the back of various initiatives by the government, especially those directed towards rural and semi-urban regions of the country,” he added.
Yadvinder Singh Guleria, Director, Sales and Marketing, HMSI
Having achieved year-on-year sales growth during the Navratri period, two-wheeler major Honda Motorcycle and Scooter India (HMSI) now expects stable demand to last beyond the festive season.
He also consider the rising demand for personal mode of transport as a driving force behind the present hike in sales.
Notably, the two-wheeler major has recorded a YoY sales growth in the nine-day period, which marks the arrival of the festival season in India.
This period is known for higher sales which are supported by new models and discounts.
In an interaction with IANS, Yadvinder Singh Guleria, Director, Sales and Marketing, HMSI, pointed out that sales growth during the start of the festive season has come on the back of many factors.
“There are a number of reasons behind this lower digit sales growth, especially the full unlock process that has taken place in the urban areas. Then, there is the pent up demand, introduction of new models, propensity of more customers to move from the public transport infrastructure to personal mode of mobility,” he said.
“There is now an increasing need of mobility in urban India as offices open up and more and more people venture out,” he added.
According to Guleria, retail finance availability at a lower rate of interest from the bankers has aided in accelerating the sales momentum.
Honda’s newly launched H’ness CB350
“The end of moratorium period from August onwards and the continued low repo rate which has been extended by the RBI to the banks basically to fuel the lending in the market has now started giving results. In September, we have seen a jump of almost 4 per cent in retail finance,” he cited.
Besides, Guleria expects the company to post positive retail sales growth during the festive season. However, the prediction comes with a caveat mandating stable or receding trend of COVID-19 infections.
“There are factors which are not in our control and no one can predict them. If everything continues in the same manner, single digit positive growth can be seen. Diwali is on November 14 and November 12 is Dhanteras, we are still over two weeks away from that. So, what happens in these two weeks simply cannot be predicted.”
Furthermore, Guleria believes the demand momentum will last beyond the festive season but at a slower pace.
“The government’s intention is very clear that economic activity must go on and there are also indications that colleges and schools are also going to open. We have missed the demand for two wheelers from students and the faculty of colleges and universities,” he said.
Traditionally, the two-wheeler industry sees a spike in average demand during July-August every year, as the new academic session begins.
“Additionally, many other industries are slowly limping back. Over a period of time, people employed with these industries will also get back their buying power. So, these factors will surely add some additional demand to the market.
“There could be some level up going forward. It will not be like the festive season demand spike, but we expect the positivity to continue,” Guleria said.
In September, HMSI reported positive sales growth for the second consecutive month in FY21.
The company’s YoY domestic sales zoomed by double digit to 10 per cent growth to close at 500,887 units compared to 455,896 units sold in September 2019.
It exported 25,978 units and clocked a total sales of 526,865 units in September 2020 compared to 485,663 units sales in September 2019.
Senior officials from both sides who participated in the webinar spoke about the deep-rooted relations between India and the UAE…reports Asian Lite News
Nearly 200 persons participated in a webinar on “Indian Defence Industry Global Outreach for Collaborative Partnership: India-UAE Defence Cooperation”.
The webinar and a virtual exhibition with over 100 stalls was organised by the Department of Defence Production in the Indian Ministry of Defence in partnership with Society of Indian Defence Manufacturers and the Confederation of Indian Industry.
The high level of participation in the webinar and the virtual expo was indicative of the wide interest in India in doing business with the UAE, the Ministry of Defence said in a readout on the day’s event.
Senior officials from both sides who participated in the webinar spoke about the deep-rooted relations between India and the UAE.
Both sides agreed to explore further cooperation in through joint production and trade.
Sanjay Jaju, Joint Secretary in the Indian government, said: “We are emphasising on openness and inter-linkages so that our companies could become a part of the global supply chains and foreign companies could have a role in the Indian manufacturing ecosystem.”
Five companies from the UAE made presentations at the webinar and expo, the readout said.
In the first funding for NTPC Ltd under Japan Bank for International Co-operation (JBIC)’s GREEN or Global Action for Reconciling Economic growth and Environment preservation initiative, India’s largest power producer on Wednesday entered into foreign currency loan agreement with Japanese financial institution for JPY 50 billion (approx $ 482 million/Rs 3,582 crore).
JBIC will provide 60 per cent of the facility amount and the balance will be given by commercial banks (viz., Sumitomo Mitsui Banking Corporation, the Bank of Yokohama Ltd, the San-In Godo Bank Ltd, the Joyo Bank Ltd, and The Nanto Bank Ltd), under the JBIC’s guarantee.
The facility is extended under JBIC’s outreach for projects, which ensure conservation of global environment.
The loan proceeds will be utilized by NTPC for funding its capex for Flue Gas Desulphurisation (FGD) & renewable rnergy projects. FGD substantially reduces the SOx emission in the flue gases of thermal power plants and is a critical step towards environmental sustainability.
The loan agreement was signed by Anil Kumar Gautam, Director (Finance), NTPC and Tanimoto Masayuki, Managing Executive Officer, Global Head of Infrastructure & Environment Finance Group, JBIC through video conferencing.
The Tata Group has decided to set up an electronics component manufacturing unit in Tamil Nadu, at an outlay of about Rs 5,000 cr, a state government official said.
The official, who did not want to be identified, told IANS that the proposed unit will be making electronics components for consumer durables.
The unit will be set up in Krishnagiri district near Hosur and the ‘bhoomi puja’ was done on Tuesday.
The unit will be located on about 500 acres.
According to the official, the Tatas plant will be set up in GMR Krishnagiri SIR (Special Investment Region), a joint venture between with Tamil Nadu Industrial Development Corporation (TIDCO) and the GMR Group.
According to the Coimbatore-based GKD Institute for Technological Resources (GKDITR), the Tata Group is coming up with a brand new manufacturing company in Hosur and wants to make it a 90 per cent all women’s company.
The Tata group company will start making precision mechanical parts for the electronics industry and plans to recruit 18,000 associates by 2021, GKDITR has said on its website.
In a significant move, the Centre has notified the new Land Laws for Jammu & Kashmir. In a gazette notification, the union home ministry has notified this on Monday. It paved way for any Indian to buy land in the Union Territory (UT) of Jammu & Kashmir.
The MHA notified what it calls UT of Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Third Order, 2020. The order comes into force with immediate effect.
“With immediate effect, the Acts mentioned in the Schedule to this Order shall, until repealed or amended by a competent Legislature or other competent authority, have effect, subject to the adaptations and modifications directed by the said Schedule, or if it is so directed, shall stand repealed,” read the order.
The General Clauses Act, 1897 applies for the interpretation of this current Order since it applies for interpretation of laws in force in India, said the order. Meanwhile 12 state laws have been repealed as a whole.
Meanwhile those legislations which are being repealed as whole include the Jammu and Kashmir Alienation Of Land Act (V of Samvat 1995), the Jammu and Kashmir Big Landed Estates Abolition Act (XVII Samvat 2007), The Jammu and Kashmir Common Lands (Regulation) Act, 1956, the Jammu and Kashmir Consolidation Of Holdings Act, 1962, among others.
Meanwhile, National Conference Vice President Omar Abdullah hit out the new land laws, terming it a “deceit” and a “wanton breach of trust”.
Calling the J&K Development Act, which has come into force with immediate effect, as hostile to the interests of the people of Jammu, Kashmir and Ladakh, Abdullah, a former Jammu and Kashmir Chief Minister, contended that the amendments to the land ownership law has put J&K “up for sale”.
“With these new laws in place, tokenism of the domicile certificate has been done away with as purchasing non-agricultural land has been made easier. These new laws are unacceptable to people of J&K, Ladakh,” he said.
“The BJP remains unchallenged in the opportunistic politics and that the issuance of the amended land rules notification smacks of its cheap politics and deceit,” he said.
“Interestingly the Centre waited till the elections to LAHDC had concluded and the BJP had won a majority before putting Ladakh also up for sale. This is what Ladakhis got for trusting the assurances of the BJP,” he said.
“The new laws are a consequence of the measures undertaken by the GOI on 5th of August without democratic bearings and much to the resentment and anger of the region’s populace.
“The measure reflects the wanton breach of trust of the people of J&K by a dispensation which is brewing with abhorrence for the diversity of the country and the democracy. The measures are also part of a larger design aimed to destroy the local, distinctive cultural identity of Kashmir, thereby giving a ditch to the successive promises made by the successive Central governments from time to time,” he said.
“Such measures reveal that it is not the people’s aspirations which matters to the ruling dispensation at New Delhi, it is rather the land which they want to hold on and are interested in,” Abdullah added.
Meanwhile, National Conference Vice President Omar Abdullah hit out the new land laws, terming it a “deceit” and a “wanton breach of trust”.
Calling the J&K Development Act, which has come into force with immediate effect, as hostile to the interests of the people of Jammu, Kashmir and Ladakh, Abdullah, a former Jammu and Kashmir Chief Minister, contended that the amendments to the land ownership law has put J&K “up for sale”.
“With these new laws in place, tokenism of the domicile certificate has been done away with as purchasing non-agricultural land has been made easier. These new laws are unacceptable to people of J&K, Ladakh,” he said.
“The BJP remains unchallenged in the opportunistic politics and that the issuance of the amended land rules notification smacks of its cheap politics and deceit,” he said.
“Interestingly the Centre waited till the elections to LAHDC had concluded and the BJP had won a majority before putting Ladakh also up for sale. This is what Ladakhis got for trusting the assurances of the BJP,” he said.
“The new laws are a consequence of the measures undertaken by the GOI on 5th of August without democratic bearings and much to the resentment and anger of the region’s populace.
“The measure reflects the wanton breach of trust of the people of J&K by a dispensation which is brewing with abhorrence for the diversity of the country and the democracy. The measures are also part of a larger design aimed to destroy the local, distinctive cultural identity of Kashmir, thereby giving a ditch to the successive promises made by the successive Central governments from time to time,” he said.
“Such measures reveal that it is not the people’s aspirations which matters to the ruling dispensation at New Delhi, it is rather the land which they want to hold on and are interested in,” Abdullah added.
Acccoridng to Ministry of Home Affairs, Syed Mohammad Yusuf Shah alias Syed Salahudeen, Pakistan based, Supreme Commander of Hizb-ul-Mujahideen and Chairman, United Jihad Council (UJC) Involved in fund raising and routing finances to India for furtherance of terrorist activities by HM cadres…reports Asian Lite News
Syed Salahuddin.
Government has declared 18 more individuals as terrorists under the Unlawful Activities (Prevention) Act, 1967 including Hizbul Mujhadeen chief Syed Salahuddin involved in the Mumbai terror attack as well as the IC 814 hijacking.
The MHA in a statement said that under the strong and iron-willed leadership of the Prime Minister, the central government had amended the Unlawful Activities (Prevention) Act, 1967 in August 2019, to include the provision of designating an individual as a terrorist.
“Prior to this amendment, only organizations could be designated as terrorist organizations,” the statement said
The Minister said Home Minister Amit Shah has unequivocally reaffirmed the nation’s resolve to fight terrorism. “By invoking the said amended provision, the Central Government designated four individuals in September, 2019 and nine individuals in July, 2020 as terrorists.”
The government said that it is committed for strengthening national security and its policy of zero tolerance to terrorism.
Those who have been named include Syed Mohammad Yusuf Shah alias Syed Salahudeen,Pakistan based, Supreme Commander of Hizb-ul-Mujahideen and Chairman, United Jihad Council (UJC) Involved in fund raising and routing finances to India for furtherance of terrorist activities by HM cadres.
Sajid Mir and Yusuf Muzammil, both Pakistan based Commander of LeT operations in Jammu & Kashmir and accused in the 26/11 Mumbai Terror attack. Abdur Rehman Makki, Brother-in-law of Hafiz Saeed, chief LeT and Head of LeT political affairs and served as Head of LeT’s foreign relations department.
Shahid Mehmood, Pakistan-based Deputy Chief of proscribed organization Falah-i-lnsaniyat Foundation (FIF), a frontal organisation of terror organisation Lashkar-e-Taiba (LeT).
Farhatullah Ghori Pakistan based terrorist and was involved in attack on Akshardham Temple (2002) and Suicide attack on Task Force office in Hyderabad (2005).
Abdul Rauf Asghar, Pakistan based terrorist, involved in Setting up of training camps in Pakistan for recruitment and militant training and Key conspirator in the terrorist attack (13.12.2001) on the Indian Parliament House,Pakistan based terrorist, involved in the hijacking of the Indian Airlines Flight No. lC-814 on December 24, 1999, (Kandhar hijacking case) and also the key conspirator in the Indian Parliament terrorist attack (13.12.2001).
The others are Yusuf Azhar, Shahid Latif, Ghulam nabi Khan, Zaffar Hussain Bhatt — all Pakistan based terrorist
Terrorism.
Pakistan-based, Founder member of terrorist organization “Indian Mujahideena, Riyaz Ismail Shahbandri, and Iqbal Bhatkal Involved in various terrorist acts in India including German Bakery (2010), Chinnaswami Stadium, Bengaluru (2010), Jama Masjid (2010), Sheetlaghat (2010) and Mumbai (2011) are also declared terrorist under UAPA.
The agency has also names Chhota Shakeel, Pakistan-based Associates of Dawood Ibrahim, looks after all criminal and underworld operations of D-Company. Finances D-Company operatives of India. Involved in the smuggling of firearms to Gujarat, India, during 1993.
Mohammad Anis Shaikh, Ibrahim Memon alias Tiger Memon Pakistan-based terrorist, involved in Bombay Serial Blast Case, 1993 and responsible for the supply of arms, ammunition and hand grenades.
The MHA has also named Javed Chikna @ Javed Dawood Tailor,Pakistan based Associate of Dawood Ibrahim Kaskar, involved in Bombay serial blast case, 1993.
“These individuals are involved in various acts of terrorism from across the border and have been relentless in their nefarious efforts of destabilizing the country,” said the MHA statement.
