Leading private carrier Jet Airways will launch a new economy service, 'Jet Airways Konnect', from Friday on select sectors, the airline announced Thursday.
The company said in a regulatory statement that Jet Konnect would offer almost all services of the parent carrier and would help the airline cater to the needs of the consumers opting for low-fare services.
"The only difference will be that Jet Konnect travellers will have to buy their meals on-board," the company said. Both Jet Airways and its low-cost carrier JetLite now offer food to their travellers on-board.
The ground and in-flight services of Jet Konnect will be handled by the airline employees, the statement said.
Initially, it will operate with two 737 and six ATR aircraft in sectors like Chennai-Coimbatore, Chennai-Madurai, Chennai-Kochi, Mumbai-Ahmedabad, Mumbai-Bhopal, Mumbai-Udaipur, Bangalore-Pune and Bangalore-Mangalore.
"Consumer demands are changing rapidly in a dynamic global environment. We believe Jet Airways Konnect service will give us the flexibility and speed to deploy capacity to meet these changing trends," Jet Airways chief commercial officer Sudheer Raghavan said.
The company late last month had slashed salaries of its senior employees as part of its cost-cutting measures to cope with the slowdown.
Jet Airways' market share in the first quarter of 2009 stood at 25.3 percent, while Kingfisher Airlines was ahead of it with 27.2 percent.
Thursday, May 7, 2009
Birla expects 10 mn tonnes cement capacity in two year
Birla Corp Ltd, part of the MP Birla Group, expects its cement capacity to rise to 10 million tonnes in two years from 6 million tonnes now, the company said in a release Thursday here.
"The second and final phase of expansion at the Satna plant is likely to be completed by March, following which total clinker production capacity will increase by 2,200 tonnes per day (tpd) to 9,600 tpd," the release said.
By the end of 2009-10, the capacity is expected to touch 7.5 million.
Birla in April expanded clinker capacity at Chanderia plant in Rajasthan from 3,450 tpd to 4,050 tpd.
It is currently executing several other expansion projects like a 1.2-million-tonne plant at Chanderia, and grinding capacity hike at Durgapur in West Bengal and Satna in Madhya Pradesh.
Captive power plants of 30-MW each in Durgapur and Satna are also being set up and the company expects to complete these projects in two years.
A three-million-tonne cement plant has also being planned at Satna. The company plans to invest Rs.1,200 crore over there, the release said.
However, the execution of the project would depend upon Birla being granted a limestone mining lease, which has been contested in the court.
"Once the issue is favourably resolved, the company plans to set up the cement plant," the statement said.
Birla reported a turnover of Rs.2,038.84 crore in 2008-09. The net profit was Rs.323.51 crore for that fiscal.
"The second and final phase of expansion at the Satna plant is likely to be completed by March, following which total clinker production capacity will increase by 2,200 tonnes per day (tpd) to 9,600 tpd," the release said.
By the end of 2009-10, the capacity is expected to touch 7.5 million.
Birla in April expanded clinker capacity at Chanderia plant in Rajasthan from 3,450 tpd to 4,050 tpd.
It is currently executing several other expansion projects like a 1.2-million-tonne plant at Chanderia, and grinding capacity hike at Durgapur in West Bengal and Satna in Madhya Pradesh.
Captive power plants of 30-MW each in Durgapur and Satna are also being set up and the company expects to complete these projects in two years.
A three-million-tonne cement plant has also being planned at Satna. The company plans to invest Rs.1,200 crore over there, the release said.
However, the execution of the project would depend upon Birla being granted a limestone mining lease, which has been contested in the court.
"Once the issue is favourably resolved, the company plans to set up the cement plant," the statement said.
Birla reported a turnover of Rs.2,038.84 crore in 2008-09. The net profit was Rs.323.51 crore for that fiscal.
Small towns hold big promise for India's housing boom
For two years, Ratnesh Gupta, a software engineer with IT major Birla Soft, has been trying to fulfil his dream of buying a house of his own, either in the national capital or in Chandigarh. But his budget of Rs.2.5 million (Rs.25 lakh) was making it beyond reach.
Now, he has finally zeroed in on his dream house, though he has settled for Rudrapur, a small town in Uttarakhand. In the process, he has joined thousands of house hunters who are buying properties in smaller cities, fuelling a housing boom in them.
Rudrapur is among a host of towns like Almora, Bhiwadi, Neemrana, Haldwani, Meerut, Moradabad and Karnal that have started attracting new home buyers, bringing a lot of cheer to the realty industry that is otherwise facing one of its worst crises in decades.
"My budget was very small to buy a house in Delhi or even Chandigarh, my native place. Even a one bedroom apartment was not available in a decent colony. Now, I will own a decent house and also manage to save some money for other investments," Gupta said.
"In Rudrapur, a two bedroom apartment is costing me Rs.14.6 lakh (Rs.1.46 million). It is within reach. And I feel it is a very good investment proposition for future as the city is opening up for development," he told IANS.
"The main reason for realty development at these places is that metros and even many big cities have become overheated and oversaturated," said Anuj Puri, chairman and country head of global realty consultancy Jones Lang LaSalle Meghraj.
"Property prices in larger cities have gone beyond the reach of the middle class. So people are looking at new destinations. Prices there are reasonable, where the pace of development is fast and it makes for good future investment," Puri told IANS.
"Land at these smaller places is still available at reasonable rates. Industries are coming up. There is overall development. So real estate companies, so also investors, have very good future in these places."
According to Jai Mawani, head of real estate with global auditing and consultancy major KPMG, smaller cities in India offer a huge potential, making them the most happening places for real estate development now and for the future.
"But there is no empirical basis yet to establish the actual market share of these towns in the overall realty sector as it is still unorganised," Mawani said.
The Planning Commission, which estimates a shortage of 22.4 million dwelling units in the country, says some 80-90 million new units will need to be created over the next 10 years to adress the demand, a majority for middle and lower middle income groups.
Interestingly, rather than the big players, the smaller developers are the ones that are benefiting from the realty boom in smaller cities and towns, which have shown no sign of being affected by a slowdown that has otherwise gripped the country's realty industry.
"The slowdown, in fact, is helping us. The big developers are staying away from these cities. They are selling land to smaller players so that they can raise cash for bigger projects in large cities," said Mahim Mittal, managing director, Shivkala Developers.
Take Rudrapur. The town has good connectivity, with Pant Nagar Airport just 11 km away. Delhi is 254 km away, the famous Jim Corbett tiger reserve is 95 km away and a drive of 60 km takes you to the popular hill station of Nainital.
Developers say that in the past two years, more than 100 plots in Rudrapur have been sold to employees by companies like Tata Motors, Bajaj, Escorts, Voltas, Britannia, HCL, Nestle, Parle, Dabur, Hewlett-Packard and Kores India.
"Nearly $2 billion investment has gone into the real estate business in Rudrapur," said Mittal, adding this would go up once the overall realty market in the country stages a recovery.
The story is similar in towns like Meerut, Moradabad, Manesar, Bhiwadi and Neemrana. For them the unique selling proposition is the proximity to the national capital. Another attraction is they fall along the dedicated freight corridor project.
Now, he has finally zeroed in on his dream house, though he has settled for Rudrapur, a small town in Uttarakhand. In the process, he has joined thousands of house hunters who are buying properties in smaller cities, fuelling a housing boom in them.
Rudrapur is among a host of towns like Almora, Bhiwadi, Neemrana, Haldwani, Meerut, Moradabad and Karnal that have started attracting new home buyers, bringing a lot of cheer to the realty industry that is otherwise facing one of its worst crises in decades.
"My budget was very small to buy a house in Delhi or even Chandigarh, my native place. Even a one bedroom apartment was not available in a decent colony. Now, I will own a decent house and also manage to save some money for other investments," Gupta said.
"In Rudrapur, a two bedroom apartment is costing me Rs.14.6 lakh (Rs.1.46 million). It is within reach. And I feel it is a very good investment proposition for future as the city is opening up for development," he told IANS.
"The main reason for realty development at these places is that metros and even many big cities have become overheated and oversaturated," said Anuj Puri, chairman and country head of global realty consultancy Jones Lang LaSalle Meghraj.
"Property prices in larger cities have gone beyond the reach of the middle class. So people are looking at new destinations. Prices there are reasonable, where the pace of development is fast and it makes for good future investment," Puri told IANS.
"Land at these smaller places is still available at reasonable rates. Industries are coming up. There is overall development. So real estate companies, so also investors, have very good future in these places."
According to Jai Mawani, head of real estate with global auditing and consultancy major KPMG, smaller cities in India offer a huge potential, making them the most happening places for real estate development now and for the future.
"But there is no empirical basis yet to establish the actual market share of these towns in the overall realty sector as it is still unorganised," Mawani said.
The Planning Commission, which estimates a shortage of 22.4 million dwelling units in the country, says some 80-90 million new units will need to be created over the next 10 years to adress the demand, a majority for middle and lower middle income groups.
Interestingly, rather than the big players, the smaller developers are the ones that are benefiting from the realty boom in smaller cities and towns, which have shown no sign of being affected by a slowdown that has otherwise gripped the country's realty industry.
"The slowdown, in fact, is helping us. The big developers are staying away from these cities. They are selling land to smaller players so that they can raise cash for bigger projects in large cities," said Mahim Mittal, managing director, Shivkala Developers.
Take Rudrapur. The town has good connectivity, with Pant Nagar Airport just 11 km away. Delhi is 254 km away, the famous Jim Corbett tiger reserve is 95 km away and a drive of 60 km takes you to the popular hill station of Nainital.
Developers say that in the past two years, more than 100 plots in Rudrapur have been sold to employees by companies like Tata Motors, Bajaj, Escorts, Voltas, Britannia, HCL, Nestle, Parle, Dabur, Hewlett-Packard and Kores India.
"Nearly $2 billion investment has gone into the real estate business in Rudrapur," said Mittal, adding this would go up once the overall realty market in the country stages a recovery.
The story is similar in towns like Meerut, Moradabad, Manesar, Bhiwadi and Neemrana. For them the unique selling proposition is the proximity to the national capital. Another attraction is they fall along the dedicated freight corridor project.
Tata Housing | Ratan Tata: A Messiah for middle class
New channels and internet were abuzz with the talks of the new Tata ‘Nana’ housing project yesterday. It seems Ratan Tata has planned to tap the still neglected low cost product market (untapped in the sense that no known company has entered this sector). Be it the recently launched Tata Nano or the Tata Housing project at Boisar, about 120 kms from South Mumbai.
In a country like India, where we have such a large middle class, It is ought o the middle class deciding the future of a product in the market. It is the middle class which is going to make Tata Nano, a big hit or a flop and it was the same class which led to the record sales of Maruti 800. So, when you launch a product, you need to keep in mind this middle class. This middle class can also be easily divided into three categories: Upper Middle Class, Lower middle class and Typical Middle Class and lower middle class remains the biggest in number in the middle class segment.
So the products like Tata Nano and Tata housing are surely going to be a big hit amongst this segment, which lives in rented accommodations in these metros and dreams about having their own homes and obviously a car for the family. Ratan Tata has surely taken a big risk by entering this sector, but if it pays off, he will be become the best businessman ever, which India produced.
Which lower Middle class family can dream of having a home and car for just 5 lakhs, its like playing God and making their all dreams come true? With rents touching their all time highs, in normal circumstances, a middle class family pays around Rs. 3000-4000 per month for house rent and spends more than Rs. 2000 per month for commuting. So a family spends a total of around Rs. 6000 on housing and commuting. Calculating in normal mathematics, this family will spend Rs 5 lakh in around 83 months, if they pay same amount every month. But it is not the same, costs increase, inflation is always there.
For such a family buying a Tata house and a Tata car is going to be the first priority.
In a country like India, where we have such a large middle class, It is ought o the middle class deciding the future of a product in the market. It is the middle class which is going to make Tata Nano, a big hit or a flop and it was the same class which led to the record sales of Maruti 800. So, when you launch a product, you need to keep in mind this middle class. This middle class can also be easily divided into three categories: Upper Middle Class, Lower middle class and Typical Middle Class and lower middle class remains the biggest in number in the middle class segment.
So the products like Tata Nano and Tata housing are surely going to be a big hit amongst this segment, which lives in rented accommodations in these metros and dreams about having their own homes and obviously a car for the family. Ratan Tata has surely taken a big risk by entering this sector, but if it pays off, he will be become the best businessman ever, which India produced.
Which lower Middle class family can dream of having a home and car for just 5 lakhs, its like playing God and making their all dreams come true? With rents touching their all time highs, in normal circumstances, a middle class family pays around Rs. 3000-4000 per month for house rent and spends more than Rs. 2000 per month for commuting. So a family spends a total of around Rs. 6000 on housing and commuting. Calculating in normal mathematics, this family will spend Rs 5 lakh in around 83 months, if they pay same amount every month. But it is not the same, costs increase, inflation is always there.
For such a family buying a Tata house and a Tata car is going to be the first priority.
Tuesday, May 5, 2009
HDFC'S Financial Results for the Period April 1, 2008 to March 31, 2009
The Board of Directors of Housing Development Finance Corporation Limited (HDFC) approved the thirty-second annual accounts of the Corporation for the year ended March 31, 2009 at its meeting held on Monday, May 4, 2009 in Mumbai.
FINANCIAL RESULTS
Financials for the year ended March 31, 2009
For the year ended March 31, 2009, HDFC's profit before considering profit on sale of investments and exceptional items and tax stood at Rs. 3,193.81 crores as compared to Rs. 2,603.98 crores for the previous year. After providing Rs. 934.98 crores for taxes, the net profit after tax for the year ended March 31, 2009 increased by 23% to Rs. 2,258.83 crores as compared with Rs. 1,834.55 crores in the previous year.
The total profit before tax for the year ended March 31, 2009 stood at Rs. 3,219.04 crores. After providing Rs. 936.50 crores for taxes, the profit after tax stood at Rs. 2,282.54 crores.
The Board of Directors recommend payment of dividend for the year ended March 31, 2009 of Rs. 30 per share as against Rs. 25 per share in the previous year.
FINANCIAL RESULTS
Financials for the year ended March 31, 2009
For the year ended March 31, 2009, HDFC's profit before considering profit on sale of investments and exceptional items and tax stood at Rs. 3,193.81 crores as compared to Rs. 2,603.98 crores for the previous year. After providing Rs. 934.98 crores for taxes, the net profit after tax for the year ended March 31, 2009 increased by 23% to Rs. 2,258.83 crores as compared with Rs. 1,834.55 crores in the previous year.
The total profit before tax for the year ended March 31, 2009 stood at Rs. 3,219.04 crores. After providing Rs. 936.50 crores for taxes, the profit after tax stood at Rs. 2,282.54 crores.
The Board of Directors recommend payment of dividend for the year ended March 31, 2009 of Rs. 30 per share as against Rs. 25 per share in the previous year.
Certiport ICł and Microsoft Office Certifications Help Connect India
Certiport today announced the launch of a pilot that will enable 500 eighth- through twelfth-grade students with little or no computer experience to develop and certify critical digital skills in Certiport Internet and Computing Core Certification (IC³®) and the official Microsoft® Office certification programs. Developed by Rotary Club of New Delhi through corporate sponsorship from Intel®, SpiceT Telecom and CyberLearning, the program aims to help students to stay in school and arm them with employability skills.
"India is experiencing astonishing growth in technology-enabled professional services," said Ray Kelly, president and CEO of Certiport. "Certiport is delighted to provide certified skills to a population that might not otherwise have the opportunity to support the growth of the country's digital economy."
Beginning this week, qualified trainers from CyberLearning will provide instruction to students on essential aspects of computing, the Internet and Microsoft Office applications at participating schools. After completing the required Certiport IC³ curriculum, which includes extensive hands-on computer training, students will be trained to earn the globally recognized Microsoft Office certification for proficiency in one of five business applications. The top two performing students from each participating school will be rewarded with an Intel-powered Classmate PC donated by the company. The lightweight, easy-to-carry device helps integrate technology with all other student learning to promote 21st Century skills development.
"India is experiencing astonishing growth in technology-enabled professional services," said Ray Kelly, president and CEO of Certiport. "Certiport is delighted to provide certified skills to a population that might not otherwise have the opportunity to support the growth of the country's digital economy."
Beginning this week, qualified trainers from CyberLearning will provide instruction to students on essential aspects of computing, the Internet and Microsoft Office applications at participating schools. After completing the required Certiport IC³ curriculum, which includes extensive hands-on computer training, students will be trained to earn the globally recognized Microsoft Office certification for proficiency in one of five business applications. The top two performing students from each participating school will be rewarded with an Intel-powered Classmate PC donated by the company. The lightweight, easy-to-carry device helps integrate technology with all other student learning to promote 21st Century skills development.
Great Opportunities for Broadband in India and South Asia
India and South Asia's operators are very much in the news this week, with broadband launches announced by some of the most dynamic players in the region: Indian operator Bharti Airtel has launched its 16 Mbps broadband service in India (delivered through a fibre backbone carrier ethernet network with last mile delivery on copper using ADSL2+ technology), Indian mobile operator Reliance Communications has launched its CDMA-based mobile broadband service in Kolkata, and Pakistani wireless service provider Wi-Tribe announced a contract for the deployment of its IP backbone, to fulfill its objective of launching WiMAX services in Pakistan this year.
Broadband access is one of the most talked-about topics in the region, as a great tool to launch new services (including high-revenue content), and to boost access to communications in under-served areas. It is therefore fitting that it will be a major topic of discussion at the forthcoming India & South Asia Com, just a month away from now. The congress is the annual meeting place for the region's operators (GSM, CDMA, fixed-line, wireless), regulators, suppliers and all other stakeholders in the booming telecommunications market.
Over two days, leaders from the sector and expert speakers will discuss market strategies, investment, broadband technologies, rural markets, content and entertainment services, cost-effective network and commercial strategies. Among the key speakers will be Kuldeep Goyal (Chairman of India's incumbent BSNL), Sanjeev Aga (Managing Director of Indian GSM operator Idea Cellular), Sugato Barnge (Chief Marketing Officer of aforementioned Bharti Airtel), Anand Dalal (Addl Vice President of Tata Teleservices Ltd, India), Anoja Obeyesekere (Chief Executive Officer, Dialog Global, Sri Lanka), Sandeep Keshkar (DGM(NSS) Mobile Services, MTNL Mumbai), Sanjeev Chachondia (Director & CEO, BPL Mobile Communications), and representatives of Grameenphone, Vodafone Group, Banglalink, Reliance, Zong (China Mobile Pakistan), Virgin Mobile India and more. In addition, partner association COAI is strongly supporting the event and confirming official addresses by senior representatives of India's Department of Telecommunications, to give updates on the latest policy decisions in the region's largest markets, and one of the world's fastest-growing.
Broadband access is one of the most talked-about topics in the region, as a great tool to launch new services (including high-revenue content), and to boost access to communications in under-served areas. It is therefore fitting that it will be a major topic of discussion at the forthcoming India & South Asia Com, just a month away from now. The congress is the annual meeting place for the region's operators (GSM, CDMA, fixed-line, wireless), regulators, suppliers and all other stakeholders in the booming telecommunications market.
Over two days, leaders from the sector and expert speakers will discuss market strategies, investment, broadband technologies, rural markets, content and entertainment services, cost-effective network and commercial strategies. Among the key speakers will be Kuldeep Goyal (Chairman of India's incumbent BSNL), Sanjeev Aga (Managing Director of Indian GSM operator Idea Cellular), Sugato Barnge (Chief Marketing Officer of aforementioned Bharti Airtel), Anand Dalal (Addl Vice President of Tata Teleservices Ltd, India), Anoja Obeyesekere (Chief Executive Officer, Dialog Global, Sri Lanka), Sandeep Keshkar (DGM(NSS) Mobile Services, MTNL Mumbai), Sanjeev Chachondia (Director & CEO, BPL Mobile Communications), and representatives of Grameenphone, Vodafone Group, Banglalink, Reliance, Zong (China Mobile Pakistan), Virgin Mobile India and more. In addition, partner association COAI is strongly supporting the event and confirming official addresses by senior representatives of India's Department of Telecommunications, to give updates on the latest policy decisions in the region's largest markets, and one of the world's fastest-growing.
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