November 8: A day in pictures
November 8: A day in pictures
A Kingfisher Airlines Airbus passenger aircraft prepares to take-off at Mumbai airport
Indian carrier Kingfisher Airlines, controlled by liquor baron Vijay Mallya, plans to cancel 31 flights daily till Nov 19, including four international flights to Bangkok, the Mint newspaper reported, citing an unnamed airline official.
The cash-strapped carrier, which has not reported a profit ever since it got listed and has undergone debt restructuring once, has decided to cancel 27 domestic flights, the paper said, without specifying a reason.
The cancellations include Delhi, Mumbai, Bangalore, Chennai, Kolkata and Hyderabad routes, the report said.
The RBI logo is pictured outside its head office in Mumbai
The RBI will stick to its exchange rate policy and the guidance provided on monetary policy would hold until further notice, the central bank's deputy governor Subir Gokarn said on Tuesday.
"We have repeatedly said that the rupee is now a floating currency within the boundaries of the regime of structural capital controls on debt inflows," Gokarn told reporters at a televised event.
The partially convertible rupee has been the worst performing currencies in Asia so far this year, having shed more than 9% against the dollar.
Tairabi Pathan, 40, who took a loan of rupees 10,000 ($220) from a micro finance company to start her own business, arranges her goods for sale at the side of a road in a slum area in Mumbai
Shares in SKS Microfinance, India's largest and only listed microfinance company, fell 10% in morning trade on Tuesday, after the company's net slumped weighed by huge loan writeoffs.
The firm posted a net loss of Rs 384 cr in July-Sept, compared with a net profit of Rs 81 cr during the same quarter a year ago.
Income from operations saw a sharp fall by 66.5% to Rs 114 cr. The company saw a huge jump in provisions and writeoffs to Rs 353 cr as against Rs 17.3 cr in the year ago quarter.
A shopkeeper displays gold jewellery inside his showroom in Jammu
India gold futures extended gains despite steady overseas markets, as prices tracked a weaker rupee, but physical buying was subdued by the high costs, dealers said.
* The most-traded gold contract for December delivery on the Multi Commodity Exchange (MCX) was 0.44% higher at Rs 28,547 per 10 grams, after hitting Rs 28,579, a high last seen in early September.
* The Indian rupee weakened, partly as dollar demand from oil importers buoyed the US currency.
The rupee plays an important role in determining the landed cost of the yellow metal which is priced internationally in dollars.
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