Coal India misses production target by 5% during Apr-Nov

Dec 1, 2017 0

Kolkata– Amid concerns from thermal power plants over inadequate supply of fuel, Coal India Ltd (CIL) on Friday reported that it has produced 329.30 million tonnes during the April to November period, missing its target by five per cent.

However, the miner achieved an 8.1 per cent growth in off-take to 367.98 mt during the first eight months of the current fiscal as compared to 340.32 mt in the same period last year.

Its off-take for November only stood at 50.67 mt, exceeding the target of 50.48 mt for the last month.

CIL, which has a target to produce 347.69 mt during the period, clocked a 1.8 per cent growth in production from 323.57 mt produced in the same period last year, its provisional data showed.

According to data, the miner produced 51.29 mt of coal in November only, missing the production target of 54.91 mt for the month by seven per cent.

Coal India Chairman Gopal Singh had said the company is “pushing hard” to meet the 600 mt production target for fiscal 2017-18 and the one billion tonne production mark for 2019-20.

During the April-November period, the miner missed the off-take target of 378.27 mt by three per cent.

The miner envisaged production of 908.10 million tonnes in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 per cent, with respect to 2014-15. (IANS)

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Coca-Cola India plans to be $2.5 bn FMCG by 2020

Nov 27, 2017 0

Bengaluru– Coca-Cola’s Indian arm on Monday announced plans to become a fast moving consumer goods (FMCG) giant worth $2.5 billion by 2020, the realisation of which would involve some restructuring.

To this end, the company aims to open one million new outlets by 2020, a Coca-Cola release said here. It currently distributes its products through two million outlets across 25 Indian states.

“Hindustan Coca-Cola Beverages (HCCB) announced its plans to become a $2.5 billion FMCG company by 2020. Plans include manufacturing and selling a wide range of beverages — from premium to value — and modifications to its operating structure,” it said.

“The company is also apportioning more resources to its frontline and field — both financial and human.

“This includes setting up a Premium Division to service customer requirements around niche and premium beverages — smartwater, frozen fruit desserts, mixers and tonic water and amalgamating the existing Alternate Beverages Division with the mainstream distribution system,” it added.

Coca-Cola in India will now operate through seven zones, instead of the current five, and will also reorganise its corporate centre resources, it said.

“The company will have a leaner corporate office and a much strengthened sales and supply-chain organisation, thereby creating several hundred new jobs,” the release said.

“The reorganisation will however make a few existing jobs redundant. No additional details are available at this time, since this exercise is yet to begin,” it added.

“It was very clear from our research, conversations and market data that today we are not structured in a way that allows us to fully leverage our scale and market capabilities,” HCCB Chief Executive Christina Ruggiero said in the statement.

For the financial year 2016-17, HCCB posted a 11 per cent growth in revenues at Rs 9,472 crore. (IANS)

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Navy signs contract with Tata for portable sonars

Nov 16, 2017 0

New Delhi– The Indian Navy has signed a contract with Tata Power Strategic Engineering Division for supply of Portable Diver Detection Sonar (PDDS) under the ‘Buy and Make (Indian)’ category, an official said on Thursday.

The contract was signed on Wednesday under the ‘Buy and Make (Indian)’ category of the Defence Procurement Policy (DPP).

The PDDS would be manufactured by Tata Power SED in India at their facility at Bengaluru with Transfer of Technology from DSIT Israel.

“Induction of weapons and sensors under ‘Buy and Make (Indian)’ category, is one the numerous measures being taken by the Indian Navy to boost indigenisation for ensuring a self reliant Navy, in line with the Government of India’s ‘Make in India’ initiative,” an official statement of the Indian Navy said.

Induction of PDDS would further enhance Indian Navy’s Underwater Surveillance Capability in the field of Low Intensity Maritime Operations. Procurement of these sonars for utilisation onboard ships is being undertaken by the Indian Navy to augment countermeasures against asymmetric threats. (IANS)


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Modi government has mastered art of economic disasters: Congress

Nov 15, 2017 0

New Delhi– The Congress on Wednesday accused the Modi government of mastering the art of indulging in economic disasters owing to its faulty policies, leading to a fall in exports and expanding trade deficit, apart from rising prices.

“A disaster called the Modi government has struck the Indian economy for the last three and a half years. Be it demonetisation or a flawed Goods and Services Tax regime, the Modi government has struck one blow after another and hit India’s economy,” Congress Spokesperson R.P.N. Singh said.

“The most glaring aspect of ‘Modinomics’ is that it has diminished India’s strong trade fundamentals and left its image battered due to its faulty policies, which have led to miserably plunging exports and expanding trade deficit,” he added.

The Congress leader said: “If this was not enough, a fresh crisis is brewing as price rise raises its ugly head.”

He said India’s trade deficit was close to a three-year high. “Trade deficit, the gap between imports and exports, stood 25 per cent higher compared with last year at $14 billion, according to Commerce Ministry data.”

“The trade gap stood at $8.9 billion in September. This trade deficit is the widest since November 2014. The value of exports in October fell 1.1 per cent over last year to $23.1 billion. Due to the government’s ad-hoc and amateurish policies, exports have been on a downtrend since 2014,” he added.

Singh said due to the flawed GST, exports in labour-intensive sectors have been hit hard. “Twelve of the 30 major export groups registered a decline in October.”

Reeling out statistics, the Congress leader said the fall in exports included 39.2 per cent in readymade garments, 24.5 per cent in gems and jewellery, 9.8 per cent in leather and its products, 6.9 per cent in electronic goods and 27.53 per cent in fruits and vegetables.

“Wholesale inflation accelerated to 3.59 per cent in October, a six-month high, on the back of increasing prices. This was mostly driven by food and fuel prices,” said Singh.

“The food articles segment saw inflation at 4.3 per cent in October, climbing from 2.04 per cent the previous month. Price of electricity and fuel have risen at the highest point in three months,” he added.

Singh pointed out that cooking gas prices have increased by 26.53 per cent, diesel prices by 15.43 per cent and petrol by 12.87 per cent. (IANS)

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Eveready to sign pact with McLeod for packet tea business

Nov 10, 2017 0

Kolkata– Eveready Industries on Friday said it is set to enter into an agreement with tea producer McLeod Russel India to “operate and manage” Greendale India Ltd as a joint venture company to carry out the packet tea business.

Greendale India is currently a wholly-owned subsidiary of Eveready, which has for some time felt that its packet tea business was not receiving adequate attention and focus due to the its other priorities.

Towards this, a need was felt to rejuvenate this business – perhaps jointly with a strategic partner. Accordingly, the board of the company had authorised initiation of discussions with McLeod for participating in a joint venture as a strategic business partner for development of the packet tea business through a separate entity.

“At its meeting today, the board approved that the company enter into a share purchase cum shareholders agreement with McLeod to operate and manage Greendale India Ltd as a joint venture, with both the company (Eveready) and McLeod holding 50 per cent shares each of Greendale, to carry out the packet tea business,” a statement said.

Eveready and McLeod belong to the Williamson Magor Group and the strategic alliance is subject to all necessary approvals.

Both the companies would put Rs 20 crore each in Greendale in one or more tranches.

Eveready currently holds 50,000 equity shares in Greendale and initially it is proposed that McLeod will purchase 25,000 equity shares at par from the company.

“The board has also approved that the company enters into an asset transfer/assignment Agreement with Greendale for transfer of the relevant trademarks (valued at Rs 20 crore) and other identified assets, if any relating to the packet tea business, to Greendale,” the statement said.

It is envisaged that with this measure, both companies will bring their respective skills of marketing and distribution and tea plantation knowledge to develop the packet tea business to a higher level.

McLeod is the one of the world’s largest tea plantation company in the private sector and this would enable the tea planter to have direct access to the Rs 10,000 crore packet tea market.

On the other hand, Eveready is a consumer goods company with a large distribution reach. This alliance will enable it to upscale its FMCG operation. (IANS)

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Nestle India’s Q3 net profit surges 23%

Nov 10, 2017 0

New Delhi– Nestle India on Friday said its net profit after tax climbed 23.26 per cent to Rs 343.17 crore for the third quarter of 2017.

Net profit for the July-September quarter of the company, which uses the calendar year of declaring results, stood at Rs 343.17 crore, up 23.26 per cent from Rs 278.41 crore reported during the same period in 2016.

For the quarter ended September 30, 2017, the total revenue from operations of the company rose by 3.45 per cent to Rs 2,514.05 crore from Rs 2,430.25 crore reported during the same period last year.

“Total sales and domestic sales for the quarter increased by 3.6 per cent and 3.7 per cent respectively. These growth rates are impacted by the change in structure of indirect taxes,” the company said in a statement.

“On a comparable basis the domestic sales growth is ‘estimated’ at 9.1 per cent due to increase in volumes including rebuild of Maggi Noodles, supplemented by better realisations coming from previous periods and netted by the price drops taken to pass on the GST benefits to the consumers,” it added.

The company said its exports sales increased by 2.6 per cent.

“The dedication and commitment of the team and our partners has ensured a smooth transition into the GST regime,” said Suresh Narayanan, Chairman and Managing Director of Nestle India.

“Our thrust on innovation and renovation continued with the launch of Maggi Nutri-licious Noodles, Milkybar and Kit Kat Dessert Delight,” he added.

On Friday, the company’s scrip slipped by 0.29 per cent to Rs 7770.10 per share on the BSE. (IANS)

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LinkedIn introduces Resume Assistant into Microsoft Word

Nov 9, 2017 0

San Francisco– With an aim to help its users craft a compelling resume, LinkedIn has launched a useful feature called Resume Assistant to bring the insights of the professional networking site directly into Microsoft Word.

After you select your desired role and industry, Resume Assistant will pull LinkedIn insights from millions of member profiles so you can see diverse examples of how professionals in that role describe their work.

“Within Resume Assistant you’ll also see relevant job listings from LinkedIn’s over 11 million active job openings to jump start your search.

“Along with job openings, you’ll see details of what the job requires, helping you to tailor your resume to a specific role,” LinkedIn said in a blog post on Wednesday.

Within Resume Assistant, users will also see the option to turn on Open Candidates. This feature on LinkedIn quietly signals to recruiters that you are open to new opportunities, and makes you twice as likely to hear from recruiters.

Resume Assistant will be rolling out to Microsoft Insiders starting this week on Windows and will be generally available to Office 365 subscribers in the coming months, the Microsoft-owned firm said. (IANS)


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Bharat Forge net profit up 60.5% in Q2

Nov 8, 2017 0

Pune– Auto components major Bharat Forge on Wednesday reported a 60.5 per cent jump in its standalone net profit to Rs 203.72 crore for the quarter ended September 30, as compared to Rs 126.89 crore in the year-ago period.

Its total revenue during the quarter under review stood at Rs 1,258 crore, up by 41.2 per cent from Rs 890.9 crore in the year-ago period.

“The company’s performance in Q2 FY18 has been strong with all round growth across domestic and export business. Total revenue grew by 41.2 per cent driven by 26 per cent growth in domestic revenues and 56 per cent growth in export revenues,” said its Chairman & Managing Director B.N. Kalyani.

He said despite continued inflationary pressures, EBITDA margins at 30.3 per cent expanded by 190 bps as compared to the same quarter previous year driven by better product mix, enhanced productivity & favorable exchange realisation.

“As we look ahead in to third quarter of FY 18, we expect to see continued improvement in underlying demand across geographies and businesses. Demand in Q3 is expected to witness improvement compared to Q3 FY17,” he added. (IANS)

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IndiGo to have 1,000 flights a day in December

Nov 6, 2017 0

New Delhi– Low cost carrier IndiGo on Monday said it will achieve 1,000 flights per day mark in December.

According to the airline, it will launch 47 flights including additional frequencies on its network, which will take its operations to 1,000 flights per day mark by December 23.

Currently, IndiGo, with its fleet of 142 Airbus A320 family aircraft, operates over 900 daily flights connecting 46 destinations.

The new flights include services between Lucknow-Sharjah, Hyderabad-Sharjah, Lucknow-Srinagar, Hyderabad-Ranchi and Lucknow-Dehradun among others.

In terms of additional frequencies, more flights connecting Kolkata, Bengaluru and Chennai with cities including Guwahati, Bhubaneswar, Kochi and others will also be started.

“A thousand daily flights is a milestone that no airline in India has ever achieved before,” said Aditya Ghosh, President and Whole Time Director, IndiGo.

“As we approach this mark, we cannot hide our excitement and thank our over a hundred million customers who have made this journey possible.” (IANS)

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Mumbai to get roof-top cafes, sky-bars

Nov 1, 2017 0

Mumbai– In a major decision, the BrihanMumbai Municipal Corporation (BMC) has cleared the decks permitting restaurants, bars and cafes on rooftops of buildings, officials said here on Wednesday.

The development comes are long efforts made by Hotel & Restaurant Association of Western India (HRAWI) and Indian Hotels & Restaurants Association (AHAR) and Yuva Sena President Aditya Thackeray, with the state government and the BMC.

Lauding the decision, HRAWI president Dilip Datwani said it would unlock the huge potential that terraces offer by allowing them to be operated as leisure or recreational spaces.

“The sky-bars and rooftop cafes are an emerging trend around the world, and Mumbai despite being the commercial capital of India, lacked the policy on this. It will be appreciated by Mumbaikars besides domestic and international tourists,” said Datwani, whose HRAWI has a membership of over 2,000 star hotels and restaurants.

With a membership of over 8,000 restaurants and bars, AHAR’s Adarsh Shetty said the industry has been pursuing this proposal since years and now finally the authorities have given the green signal to it.

“This is a privilege for Mumbai and the city will join the ranks of cities like London, Hong Kong, Bangkok which have beautiful skylines and some of the best rooftop restaurants in the world,” he said.

Earlier, there were a few clubs or private parties allowed on rooftops against payment of daily licence fees of around Rs 15,000, which was scrapped permanently two months ago.

Shetty said that by December, at least 50 rooftop joints, especially those in the vicinity of the Arabian Sea, are likely to come up as they would offer dazzling views of the city, besides reduced noise and air pollution from the traffic below and beating space constraints.

As per the BMC policy, permissions would be granted to open air terraces, in full or part, except on refuge floors of commercial buildings, malls, hotels having eating houses and lodging services, without causing nuisance to the occupants.

The owners cannot claim the terrace areas as a habitable commercial areas approved by the BMC while submitting any redevelopment proposals in future, and no cooking or preparations would be allowed with LPG or open flames.

All other rules shall be applicable as per the Mumbai Police Act and the BMC’s Shops & Establishments Act, and the licensees would be liable to take proper safety and security measures on such premises. (IANS)

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