Air India to ground 2 Boeing- 747 despite of $4.5 billion bailout.

State owned aviation company Air India was forced to ground two 747 dreamliner aircrafts despite of a $4.5 billion bailout from the government.  The planes were grounded because of lack of spare parts and was not able to cover the repair cost of these aircrafts. In a statement given to the Indian parliament , Junior Aviation Minister Mahesh Sharma said that due to financial crunch the engineering department was not able to buy relevant parts from Japan and was paying an additional  parking of $1 million every month for past 10 months.

The carrier has been in losses from the day it was merged from Domestic Carrier Indian Airlines. It amounts to 35% of the total market share and is facing stiff competition from other carriers like Jet Airways and Indigo Airlines.

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Futuregroup to raise 300 crore for FMCG business.

Kishore Biyani lead future group is in talk with various strategic investors to rise 300 crore for the FMCG business. As per reports two Belgium based company Verlinvest and Arisaig has decided to invest in the CO in the near future. Both these companies hold 10% of the comapny. Kishore Biyani , the man behind the retail revolution of the country has focused majorly in retail sector in recent years.

The company has recorded a net growth of Rs 447 crore for the quarter ended in September this year . The company has grown by 52% in this quarter which is a good sign for the company. Company’s flagship brands like Sunskrit and Harvest has also shown growth. The group has launched a series of new brands and flour based foods which have been a huge success in recent times.

It will be interesting to see when and where the investment would take place and what will be the future of the company.

No Liquor in Bihar from April 1, 2016.

Bihar government has decided to ban all kinds of Liquor in Bihar from 1st of April 2016. The newly formed government under Nitish Kumar decided to ban both Indian and Domestic brands in the state. Increase in consumption of liquor was a major cause for domestic violence among children and women in the state. The move would cause a serious dent to state’s revenues as the ban would reduce the tax received from liquor excise . as per reports the government rakes more than3,650 crore as the excise tax from liquor and other trades.

The move is concurrent to Nitish government promise of Healthy and Clean state. The move has been criticized by many critics as they believe that the ban would increase the black market of liquor across the state which can subsequently increase the black money laundering .

Myntra to launch its mobile site.

Following the footsteps of its parent Flipkart , Myntra is planning to launch a mobile web platform to allow its users browse and buy its products from the web. The moves comes 8 months after the company planned to shut down its website and go “app- only”. The decision was taken due to the fact that 90% of its traffic while 70% of its business came from mobile . The move created a debate in tech circles making companies think on a mobile first mobile only strategy .

According to Myntra CTO Shamik Sharma , It isn’t about the money but just the realisation that if we don’t build (a mobile-only product), somebody else is going to build it and whoever builds that is going to be the winner.

Flipkart was planning on a same mobile strategy but changed its plans and launched Flipkart Lite , a mobile site which gives app like user experience to its audience . This has again changed the strategy being followed by many companies as app has more limitations and it becomes difficult for the company to update the same on a regular basis. It will be interesting to see how the business fares up with this launch.

Get Me A Shop now a Times Internet company.

Times Internet has acquired DIY shop creation portal Get Me A Shop for undisclosed amount. The company is 1 year old and has helped more than 1800 business to go online in recent times. GMAS , helps business create their own websites and mobile websites without any technical know how and helps merchants advertise locally .

“In the past couple of years, we have helped hundreds of customers across multiple verticals, bringing them online and helping them grow. With Times Internet, we hope to reach scale with the extensive network of businesses they work with,” said founder of GMAS Pushkal Srivastava.

“We have been observing the growth of this business since they were part of fourth batch of TLabs. We see a lot of synergies with the businesses within TIL and GMAS,” added Abhishek Gupta, head of TLabs, the incubation arm of Times Internet.

“Get Me a Shop is a full-stack platform that enables merchants across all segments participate in the ecommerce revolution in India, and we are very excited about the work the founding team has put in,” said Miten Sampat, vice president of corporate development at Times Internet

The company plans to work in the same manner it has been working since its inception and would keep its startup culture intact. This is a second major DIY shop creator after Kart Rocket.

Indigo to get new Airbus Neo.

Indigo today confirmed that it would receive its first Airbus Neo aircraft from Airbus by end of December and would increase its fleet strength to 143 within next 15 months. Indigo finalized the purchase of 250 Airbus Neo aircrafts for USD 26.5 billion in August this year. According to its president Aditya Ghosh “The Airbus A320 Neos will start coming in from December- end. In the next 14-15 months itself we will see a huge expansion. We are going to grow from about 98 to 134 airplanes.”

With the newly acquired fleet Indigo is also planning to start more international flights from Kolkata. According to Ghosh “Sometime in the summer, we are planning a direct flight to Dhaka and another to Singapore and Bangkok. When we bought the first 100 planes everybody asked where you are going to park the planes. Today we are not only parking planes but flying close to 100 aircraft. The market is growing at 21 per cent year on year for the past several quarters and there is not enough capacity coming in. So, there is a huge opportunity. I do not see infrastructure is an issue. We have a robust cadet pilot program. We generate 25 new junior first officers every month. We create 15 new captains every month. Some of our first junior officers have started becoming captains. We have just moved into a brand new learning facility.”

The airline got listed last month and it will be interesting to see how the company plans to scale up its infrastructure and operations.

IT department launches an upgraded website for Tax Payers.

The IT department has launched an upgraded version of its website with better links for its tax payers. The new website http://www.Incometaxindia.Gov.In has a special tab named as Tax payers service where they can go and  get links related to PAN card , e-filling of returns and checking refunds. It also has a section where the tax payer can go and check various circulars and notification from Income Tax Department.

The website is developed and managed by National Information Centre or NIC and has improved on various features required by Tax payers to manage their return . In a statement issued by Senior IT official ” The new website has been made operational and a special section on tax FAQs for senior citizens and other class of taxpayers has also been brought out prominently.”

 

Hyundai has sold 4 million vehicle since its inception.

Hyundai motor reported on sale of 4 million vehicles in India since its inception. The company which took Indian shores 19 years ago with the launch of Hyundai Santro has come up with various popular brands like I-20 , Grand i-10 . The company is one of the top exporter for the last 10 years . It has more than 433 dealers with 1,100 service stations. Hyundai has also developed a multi million global R&D centre in Hyderabad to meet the global edge in passenger vehicle market.

According to YK  KOO , Hyundai Motor India Director ” Hyundai has since inception focussed on make in India products, made for the world” . Hyundai motor India is a wholly owned subsidary of Hyundai Motor Company . It is the largest car exporter and second largest car manufacturer in India after Maruti Suzuki . It exports to 85 destination and puts India as one of the prime market in the country.

 

Indian slated to be a double digit economy soon.

According to Home minister Rajnath Singh India is slated to become a double digit economic power soon. Speaking at a press conference Mr Singh said that India has become one of the hottest destination for Foreign Investors. According to him the present government has taken substantial steps to improve the economic condition of the country and followed the path set by Atal Bihari Government in 2004. Taking a dig at previous government , Mr Singh said that he was confident that India would reach a double digit growth soon and bureaucracy in financial matters was a thing of past .

But after 2004, even though there was growth initially, the momentum lost gradually. The country could not achieve the desired growth. They could not match the momentum achieved by the Vajpayee government. By 2014, the economic condition of the country further deteriorated. When the Modi government assumed charge, you all know what was the economic condition of the country. “India has become the hot favorite destination for foreign investors. I am sure in a few years, India’s economic growth would in double digit”

The government has made many structural and procedural reforms in order to crub corruption and bureaucracy from financial matters and have ensured that the government is in a path of economic growth in the coming years.

There is a sense of confidence among investors. This government means business, this government is business friendly, this government is investors friendly, a decisive government, India will soon become one of the five top economies in the world. We are trying to make common people part of the development process,” he concluded.

Inland waterways can help save Rs 10000 crores in Coal transportation.

Modi government flagship project of transporting goods through inland waterways can help the government save Rs 10000 crores , according to Shipping Minister Nitin Gadkari. The ministry is trying to convert 11 rivers across the country as Inland waterways and plans to invest in this direction .

According to Nitin Gadkari ” Inland waterways will help in saving logistics costs and boost movement of goods and passengers across the country. Besides, they will also save around Rs 10,000 crore per year while transporting coal, a crucial resource. I am hopeful that Parliament will approve the bill to convert 111 rivers across India into National Waterway. We expect the ports to register a profit of Rs 6,000 crore this fiscal, which the government will invest to create assets to spur growth.”

It is a cheaper and Eco friendly medium of transportation of goods as one Horse Power of Energy can be utilized to transport 150 kg on road, 500 kg on rail and 4,000 kg on water besides one litre of fuel moves 24 tonne/km on road, 85 tonne/km on rail and 105 tonne/km on water.

He also added that there will be a massive change in the infrastructure in near future as government is planning to convert many 4 lane highways into 8 lanes and large number of express highways will be turned in express ways. The move is controversial though as there was an uproar in parliament on land acquisition by the government . It will be interesting to see what turn does the government takes in recent times in this direction .