While there were concerns about the security aspect of drones, top government officials were of the view that restricting the drone industry would stifle a sunrise sector which holds significant promise for future, reports Arindam Majumder.
With the threat of a third Covid-19 wave looming large, companies are scrambling to protect employees and keep operations safe--from a no-jab-no-entry-at-workplace policy to ramping up vaccination, it's an all-out effort to prevent the scale of devastation seen in the first two waves. At least two top steel companies--Tata Steel and ArcelorMittal Nippon Steel India (AM/NS India)--are pushing for vaccination certificates for entry into work premises. AM/NS India, a joint venture between world's leading steelmaker, ArcelorMittal, and Japan's Nippon Steel, is set to make vaccination the certificate a requirement from July 1.
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
As the second wave of the Covid-19 pandemic abates, India's automakers are hopeful of a quick recovery in sales volumes, led by better rural sentiment, low interest rates, improved availability of finance and a gradual uptick in business and economic activity. In fact, companies have started to ramp up production already, encouraged by high order books and the growing preference for private transport in both rural and urban areas as a means to avoid infections. In early April, the industry had been bullish as the sales trend for March showed that the effects of the Covid-19 pandemic had been left behind. The total vehicle sales had grown by 77 per cent, albeit on a lower base, and for the past few months, sales had consistently touched 300,000 units per month.
33-year-old Abhishek Banerjee has emerged as the most visible and significant leader in the party after his pishi (aunt), Mamata Banerjee reports Ishita Ayan Dutt.
The Kalrock-Jalan consortium - new owners of Jet Airways - has got an assurance from around 30 airports that if the airline restarts operations, 170 pairs of slots can be made available. However, whether those slots will be according to the airline's demand will depend on the order of the insolvency court, which is slated to come next week. Sources said the new management feels it is extremely important that some of those slots are restored or else its business plan of operating Jet as a premium carrier will not be viable.
'The fundamentals look strong, but we will have to see if they translate into actual demand.' 'Because the April-May marriage season didn't see much sales due to the lockdown.'
Close to half a dozen more three-row premium mid-size models are expected to hit the road over the next two years.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
Analysts remain sceptical on the profitability from freighter business, saying that once normal air transport resumes and there's abundant belly capacity, the traditional economics of air cargo may not be that lucrative.
With the increased death rate in the ongoing second wave of Covid-19, domestic cement companies are in no better condition than they were in the April-June quarter of FY21 when the country faced nationwide lockdown. "This wave has had high death rate which has impacted the business. "We are in no better situation than last (year) April. "Deaths of drivers, dealers, contractors and also employees have hit the industry really very hard since April (FY22)," M Ravinder Reddy, director of Bharathi Cements said.
However, the tender criteria demands that an entity must be eligible to conduct Beyond Visual Line of Sight operations in order to become eligible. Currently, no drone companies are eligible to do BVLOS operations, reports Arindam Majumder.
Scanty rainfall, last year's lockdown, growing competition from Nepal and the disaster of the 2017 Gorkhaland agitation are steadily weakening exports and sales of Darjeeling tea.
Those who know Alapan Bandyopadhyay describe him as measured, tactical and extremely focused on achieving what he sets out to do. To many it came as a surprise that he would cut short a meeting with the prime minister.
'Everyone wants to take a vaccine. The last time a camp was held, there were 1,000 people for 500 doses. People are waiting and returning disappointed. At times, it is creating problems. The demand is much more than the supply.' Ishita Ayan Dutt reports on how the West Bengal countryside is reacting to the vaccination drive.
The trade to-and-from India so far is not affected. But if the situation continues to remain the same for the next two to three months, it could definitely hurt India trade, including essential cargo.
Since April, India has seen multiple strains of the coronanavirus sweep the nation, upending life and businesses alike. Out-of-home retail and discretionary categories such as durables, auto, fashion, lifestyle, hospitality, food services, travel, and tourism have been the worst-hit as Covid cases remain high, leaving state governments with no option but to curtail mobility and economic activity.
IndiGo, India's largest airline, is in talks to raise fresh funds as a second wave of pandemic has led to collapse in travel demand. The airline may look to raise Rs 3,500-4,000 crore. On Monday, only 97,761 passengers flew. With flyers cancelling bookings, airlines had to put aside flights and operated only 1,306 of them.
Meanwhile, with China switching its trading partners due to geo-political issues, increased trade with South Africa for bauxite and with the US for coal is also auguring well for vessels with tonne miles going up.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
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