- Saturday, November 23, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Wednesday, June 5, 2024:
Air India will be retrofitting more than 100 planes, including 40 wide-body planes, and has ordered around 25,000 aircraft seats as part of revamping the fleet, its chief Campbell Wilson said on Wednesday. Emphasising that “plenty of things” are going on as part of the transformation at Air India, Wilson said the focus is on integration, growth, optimisation and customer experience. As part of Tata Group consolidating its aviation business AIX Connect, formerly AirAsia India, is getting merged with Air India Express and Vistara with Air India. There is “immense flexibility” for the group whether it is full or low-cost services, and we are in a good position”, the Air India CEO and MD said.
Benchmark equity indices Sensex and Nifty began the trade on an optimistic note on Wednesday after facing heavy drubbing in the previous trade as value-buying at lower levels led to an uptrend in the markets. Making a strong comeback after Tuesday’s sharp decline, the 30-share BSE Sensex jumped 948.83 points to 73,027.88 in early trade. The NSE Nifty went up by 247.1 points to 22,131.60. While the National Democratic Alliance is comfortably above the majority mark of 272 in the 543-member Lok Sabha or Lower House of the Indian parliament, the Bharatiya Janata Party has fallen short of the magic number for the first time since 2014 and is critically dependent on its allies for government formation.
India has planned to form a new shipping company to expand its fleet by at least 1,000 vessels in the next decade, as Asia’s third-largest economy aims to secure a bigger chunk of revenue from surging trade, two officials of its government said, Reuters reported. New Delhi is spending billions of dollars to refurbish infrastructure in its race to become a world-class manufacturer with prime minister Narendra Modi, who won his third term on Tuesday (4), aiming for it to be a developed nation by 2047. The firm, which is yet to be named, will be jointly owned by state-run companies in the oil, gas and fertiliser industries, which would provide it with business, along with the state-run Shipping Corp of India and foreign entities.
Auto manufacturer Maruti Suzuki India on Wednesday said it has decided to invest Rs 450 crore (£42.2 million) over a period of three years towards commissioning renewable energy projects linked to solar power and biogas. In FY24, the company invested nearly Rs 121 crore (£11.3 million) in the vertical. The company will increase this investment around four-fold to Rs 450 crore spread over three years starting FY25, it said in a statement. “As we ramp up our production capacity from around 2 million to 4 million by 2030-31, we are also accelerating our efforts to increase the share of sustainable and renewable energy sources across our operations,” Maruti Suzuki managing director & CEO Hisashi Takeuchi said.
Adani Power on Wednesday said that Mirzapur Thermal Energy U.P. Pvt Ltd has become its arm following the allotment of 99.8 per cent of its equity to the company. “Company has been allotted 5,000,000 equity shares of Rs 10 (£0.09) each by Mirzapur Thermal Energy U.P. Private Limited (“MTEUPL”) on preferential basis resulting in a 99.8 per cent equity stake in MTEUPL. Consequently, MTEUPL has become a subsidiary of the Company,” a BSE filing said. MTEUPL is yet to commence commercial activities and will be involved with infrastructure development activities. The entity is a related party of Adani Power.
Thirteen unclaimed packets of cocaine, valued at Rs 130 crore (£12.1 million) in the international market, were recovered from a creek area near Gandhidham town in Kutch district of Indian state of Gujarat in the early hours of Wednesday, police said. A preliminary probe suggested the smugglers had hidden the contraband at the sea shore to avoid getting caught, Kutch-East division Superintendent of Police Sagar Bagmar said, adding this is the second major drug recovery from the same creek area in eight months. “A joint team of the anti-terrorist squad (ATS) and the Special Operations Group recovered 13 unclaimed packets of cocaine valued at Rs 130 crore from the creek area passing from Mithi Rohar village near Gandhidham town,” he said.
(With agencies)
