January 20: News views
January 20: News views
Air India's newly acquired Airbus A321 (L) and Boeing 777-200 LR aircrafts are on display at the tarmac of Mumbai airport
State-run Air India has given ICICI Bank the mandate to refinance loans to purchase 21 Airbus A 320 aircraft worth Rs 5,500 crore, it said late on Wednesday.
Air India's board also approved delivery financing of three B 777-300 ER aircraft and one GE-90 spare engine with US Exim support worth $475 million. Citibank has got the mandate to finance 85 per cent of the amount, with Standard Chartered securing the rest.
Air India will also dry lease 10 Airbus A 320 aircraft and two Airbus A 330 aircraft to replace its ageing fleet, it added.
A laboratory assistant examines samples inside a laboratory in Siliguri
India's top listed biotechnology firm Biocon said quarterly profit rose by a fourth, aided by strong sales of its biopharmaceutical drugs and profit in research services, lifting its shares over 3 per cent.
Bangalore-based Biocon Ltd also expects to find a global partner for its experimental oral insulin drug, IN-105, in the next six months, Chairwoman and Managing Director Kiran Mazumdar-Shaw said on a news channel.
'We expect to start engaging in discussions with potential global partners almost immediately and we expect that in the next six months we should be able to enter into a global partnership,' she said.
A bank employee counts bundles of Indian currency at a cash counter in Agartala, capital of Tripura
Multinational firms trying to get a bigger piece of the Asia growth story face a rising risk of becoming embroiled in corruption scandals unless they enforce stricter compliance norms and new regulations.
The region may have moved centre stage in many companies' growth strategies as developed economies struggle but firms are also scrutinising investment projects even more and stepping up due diligence before jumping into new joint ventures and M&A.
The United States has ramped up its enforcement of the Foreign and Corrupt Practices Act (FCPA), while the UK's tough new Bribery Act comes on stream in April.
Customers look at gold bangles inside a jewellery shop in Hyderabad
India gold snapped its four-day gaining streak on Thursday afternoon, following overseas leads, but buying retreated as traders hoped for greater falls to stock up for the upcoming wedding demand, even as premiums stayed on the higher side, dealers said.
'There are a few deals, but traders are not getting benefit due to a weaker rupee,' said a dealer with a private bullion importing bank in Mumbai.
The most-active February contract on the Multi Commodity Exchange (MCX) was trading 0.40 per cent lower at Rs 20,314 per 10 grams at 1:48 pm, breaking a four-day gaining streak. The contract had gained 0.8 per cent in the previous four sessions.
Vendors prepare their goods at a vegetable stall at a wholesale market in Mumbai
The food price index rose 15.52 per cent and the fuel price index climbed 11.53 per cent in the year to January 8, government data on Thursday showed.
In the prior week, annual food and fuel inflation stood at 16.91 per cent and 11.53 per cent.
The primary articles price index was up 17.03 per cent in the latest week, compared with an annual rise of 17.58 per cent a week earlier.
The wholesale price index, the most widely watched gauge of prices in India, rose 8.43 per cent in December from a year earlier, compared with 7.48 per cent in November.
Employees of steelmaker Posco talk behind the company's logos at the company's headquarters in Seoul
South Korea's Posco, the world's third-largest steelmaker, said on Thursday it had signed a deal with Indian Metals and Ferro Alloys to form a ferrochrome-producing joint venture.
The deal will help Posco secure a stable supply of ferrochrome, a key component in stainless steel, as the firm imports 480,000 tonnes of the metal every year, Posco said.
Under the agreement, Posco will hold a 24 per cent share in the joint venture, which will run an electric furnace with an annual output capacity of 35,000 tonnes, and IMFA will control the remaining 76 per cent stake.
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