Monday, November 29, 2010

Jet Airways Announces to Launch Daily Non-Stop Flight From Milano Malpensa To New Delhi

Jet Airways, India’s premier international airline, today announced that it will commence daily non-stop flights from Milano Malpensa to New Delhi from December 5th, 2010 in code share with Alitalia, producing Milan the twenty-fourth international destination on Jet Airways’ network.

Naresh Goyal, Chairman, Jet Airways, said: “We consider Milan a strategic destination, getting the company and commercial center of Italy. India, an emerging marketplace with a booming economy is a youthful and vibrant marketplace that holds beneficial potential. Jet Airways and I consume pride in bringing a taste of Modern India to Italy. Based on our experience in Europe, with a direct flight we expect the marketplace to grow by 30%. During the very first month we already have 89% occupancy on the new flight from Milan. We are therefore incredibly optimistic about this flight. Our product and our service inside air and on ground are anything incredibly special, warm and distinctive and we’re certain that the Italian marketplace will enjoy this”.

Rocco Sabelli, Managing Director of Alitalia, said: “We are incredibly happy to jobs with Jet Airways. This agreement represents a incredibly essential development for Alitalia. Connecting Italy from the principal worldwide destinations, reinforcing our leadership position inside Italian marketplace and our offer of intercontinental flights from Milan is a further step in our strategy. Alitalia stands out as the very first SkyTeam airline for getting signed an agreement with Jet Airways”.

“I am particularly happy from the new daily direct flight to Milano Malpensa – New Delhi operated by the largest Indian airline. This link will support to strengthen the relationships in between our market, wherever only the North West recorded 50% of exports to India, and a single from the major globe powers with powerful economic growth” – mentioned Giuseppe Bonomi, Chairman, SEA Milan Airports – “Malpensa confirms its leadership inside relationship with East Asia thanks also to this new flight activated inside a short time thanks our trade policy that has brought sure results: today Malpensa connects 168 destinations, reaching 86 cities outside Europe and 110 airlines”.

Jet Airways’ new flight, the only a single to offer a daily direct link in between Italy and India will connect Milan, the fashion and type capital from the world, to historic New Delhi, the capital of India.

Effective 5th December the flights will operate towards the right after schedule:

9W 141 / AZ 7082 Milano Malpensa/New Delhi: 21.25-09.55*

9W 142 / AZ 7083 New Delhi/Milano Malpensa: 13.20-18.00 (*the next day)

The airline will likely be utilizing its contemporary Airbus 330-200 aircraft configured in a couple of classes, with 30 seats in Première (Business Class seats that can be converted to 180° lie-flat beds) and 190 seats in Economy (ergonomically created seats for much more space and comfort).

Jet Airways’ and Alitalia’s guests will likely be able to experience the new state-of-the-art Terminal 3 of New Delhi Airport and achieve over 42 destinations on Jet Airways network in India. New Delhi, thanks to its strategic geographical location in between Italy and Asia, is an ideal gateway for guests from Italy to travel beyond India to other Jet Airways destinations just like Colombo, Bangkok, Kathmandu, and Dhaka. The airline will thus provide its guests a seamless travel experience as soon as transiting at New Delhi Airport.
Jet Airways Konnect

Friday, November 26, 2010

Jet Airways on a hiring mode

Mumbai: A controversy pops up among the two leading airline industries which include Jet Airways and Kingfisher Airlines wherein the latter has blamed the former of recruiting 50 Kingfisher benched pilots as co-pilots. Jet Airways denied the recruitment and commented that Kingfisher has voluntarily enable individuals pilots off due to no immediate requirement.

The Naresh Goyal controlled India's largest personalized carrier by marketplace share also plans to hire some experienced pilots as commanders within the competitor. The very first batch in the 29 benched pilots has already joined them. The airline has also confirmed the amount of pilots sent.

Due for the assumption of facing an opposition within the management, the airline has planned to maintain a meeting on 30th of November, so as to discuss the new recruitments. "How can we permit pilots to arrive and fly with us once our personal pilots aren't given their due, aren't promoted and the salaries have not been reinstated post the revival," stated a disgruntled pilot, who did not would like to be called due to the sensitivity in the matter.

Due to this kind of reactions, a huge opposition is expected within the serving pilots to your newly recruited pilots.
With the growing demand for air travel, Jet nevertheless has hiring plans as based on the marketplace estimates, Air travel is set to grow by 20-25% within the year ending March 31, 2011.

Although Jet leads with a marketplace share of 26.2% followed by Kingfisher of 19%, Jet Airways has had no choice but to hop pilots from its rivals Air India and Kingfisher since the manpower resources have not kept pace with its growth in aviation industries. Pilots must be trained with an experience of a few flying hours before their recruitment.

For the newly recruited pilots from Kingfisher, just a week's long training is adequate to your transition to fly Jet's A330 from Kingfisher's Airbus A320. As informed by the marketplace executives, Jet's management is looking forward to hiring around 300 much more commanders more than the next three years who have more than 3000 hours of flying experience,although the airline entirely declined to give the definite figure.
Source: Silicon India

Kingfisher Gets Okay for Debt-Equity Swap

Kingfisher Airlines' board has approved a debt recast plan that seeks to convert some of its debt into equity. The move will aid the company reduce its interest burden and stem losses.

Kingfisher will convert lenders' loans of as much as Rs. 1355 crore into shares. It also plans to convert founders' debt of as much as Rs. 648 crore into share capital. Kingfisher's balance loans is also repaid to lenders over nine years with a moratorium of a couple of years, it added. The airline plans to problem convertible and redeemable shares to lending banks as well as founder entities in line with its debt recast plan.

It plans to problem as much as 57.5 crore redeemable preference shares and as much as 78 crore convertible preference shares to its consortium of lenders. Its board also approved issuing as much as 64.8 crore convertible preference shares to founder entities United Breweries (Holdings) and to Kingfisher Finvest India. Under the debt restructuring package, lenders can also sanction a lot more funds as well as non-fund-based facilities, Kingfisher said. The package firmed up following a one-time relaxation in restructuring guidelines sanctioned by the Reserve Bank of India, the airline said.

Tata Motors reportedly plans to set up a second factory in Bangladesh, one of its main export destinations for commercial vehicles, in six months to cater to growing sales of smaller and light commercial vehicles.

Separately, Tata Motors reportedly plans to launch compressed natural gas (CNG)-powered trucks within the medium and heavy segments for your domestic marketplace within a year.

Communications Minister Kapil Sibal mentioned on Thursday, 25 November 2010 cellular number portability across the country is going to be implemented from 20 January 2011. Mobile number portability, which allows users to keep their phone number even if they switch operators, was to be introduced in all telecoms zones by 31 March 2010.

The board of Money Matters Financial Services will meet today, 26 November 2010, to select the futures course of action following the Central Bureau of Investigation (CBI) on Wednesday, 24 November 2010 arrested the Money Matters' chairman and a couple of other officials and also the senior executives of three state-run banks and other financial organizations inside a loan bribery case.

In a statement towards stock exchanges, Money Matters mentioned the board meeting had been called to discuss the matter in detail and select the next course of action. The CBI has mentioned that Money Matters acted being a mediator and facilitator of corporate loans and other facilities by bribing bank officials.

Money Matters mentioned the company will like to assure its shareholders, buyers and company associates that the company firmly believes in ethical practices in all company dealings. The company is fully co-operating with CBI and within the legal proceedings, it said.

Paras Pharmaceuticals has reportedly shortlisted the bids of Piramal Healthcare, Emami and unlisted Taisho Pharmaceutical Co to sell a controlling stake. As per reports, Emami could emerge the winner with its final bid of Rs. 2950 crore.

SKS Microfinance has reportedly occur under the scanner on the Insurance Regulatory Authority of India for deviating from guidelines set by the regulator on commissions and claim settlements.

Glodyne Technoserve's board approved sub-division of equity shares of Rs. 10 each into equity shares of face significance Rs. 6 each. The board also approved raising funds through equity and other methods from domestic and overseas markets.

Pratibha Industries has raised Rs. 50 crore through equity shares issued to Van Dyck, a unit of ChrysCapital V LLC. The company issued 38 lakh equity shares on preferential basis at Rs. 92 a piece to Van Dyck, it said. In addition, it issued 16.3 lakh compulsory convertible participatory preference shares at Rs. 92 a piece to Van Dyck, it added.
Soruce: India Infoline

Friday, November 19, 2010

Air India sacks COO with unsafe track record

Pawan Arora has been sacked as the chief operating officer of Air India Express, the low cost international arm of Air India. The decision was taken by the full AI board, which met the following on Thursday. Sources mentioned AI COO Gustav Baldauf has protested for the civil aviation ministry against Arora's removal.

"Baldauf selected Arora and is unhappy in the decision to sack him. We have told him it's up to him to decide what he wants to do," a top ministry official said.

Another high-profile appointment — of Stefan Sukumar as chief of training — is also under the scanner, having a two-member committee getting formed to glimpse into the "process of recruitment" and submit a report for the board within a fortnight.

In an action-packed day, AI CMD Arvind Jadhav and three independent directors — Air Chief Marshal (retd) Fali H Major, FICCI secretary general Amit Mitra and Ambuja Realty chairman Harsh Neotia — met civil aviation minister Praful Patel just before proceeding for the board meeting.

Thereafter, the Board unanimously decided to sack Arora, over a grounds that a number of issues about him weren't known at the time of his appointment — as reported very first by HT.

Arora joined AI on October 11. On October 22, HT exposed the truth how the Director General of Civil Aviation had removed him from four key flight-safety posts just before he joined the national carrier.

On November 1, AI's independent directors met the PM's main secretary TKA Nair to tell him they have been "misguided" and "kept from the dark" about Arora's record.

It also emerged that Arora was the chief reference for Baldauf, inside a report by a headhunting agency hired to short-list candidates to your AI COO's post.

Within months of Baldauf taking over, Arora was produced AI Express COO. Each earlier worked together in Jet Airways Konnect.

Thursday, November 18, 2010

Air India pilot's 'sleep inertia' caused crash

The senior pilot of an Air India jet that crashed in May was asleep for most with the flight after which produced critical errors since he was disoriented after waking up, based on Indian news reports.

The crash on May 22 in Mangalore, India, killed 158 men and women after the jet overran the runway and plunged off a cliff.

Capt. Zlatko Glusica was captured loudly snoring on a cockpit recorder, the accident investigation found, based on the Hindustan Times. The Associated Press confirmed the account from a federal government official who spoke on condition of anonymity since the report had not been presented towards the Indian Parliament.

After waking, Glusica did not respond when his co-pilot H.S. Ahluwalia repeatedly urged him to abort the landing.

Indian investigators stated that Glusica was suffering from "sleep inertia," a condition that can be deeply disorienting when an individual is awoken suddenly from deep sleep, based on the reports.

The accident may be the most clear-cut instance yet of the crash caused by a tired pilot and might affect the debate during the United States more than how to adjust pilot schedules to reduce fatigue, aviation safety experts say.

"This is almost a smoking gun," stated Curtis Graeber, a fatigue expert and consultant who specializes in pilot schedules.

The U.S. National Transportation Safety Board has observed that fatigue played a role in several accidents, but has had to rely on circumstantial evidence. In the crash of the commuter plane on Feb. 12, 2009, near Buffalo that killed 50 people, investigators raised concerns that each pilots had not slept the night before, but stopped short of citing fatigue as being a cause.

Graeber and others could not recall a case wherever a pilot involved in an accident had been recorded even though asleep.

Two pilots on board a go! airlines flight in Hawaii on Feb. 13, 2007, fell asleep for at least 18 minutes, and their commuter jet flew past its destination, but the crew awoke in time to return to your safe landing.

In June 2008, an Air India aircraft headed to Mumbai flew past its destination with each pilots asleep. They landed after being awakened by air-traffic controllers.

The Federal Aviation Administration, under orders from Congress to address pilot fatigue, last September unveiled sweeping changes that would require longer rest periods for pilots. The proposal has met fierce opposition from airlines and some pilot unions.

John Cox, a retired airline pilot who works as being a safety consultant, stated he expects the Air India crash to be cited during the debate more than U.S. regulations.

Cox also cautioned that other factors might be blamed for ones India crash. For example, the co-pilot could have woken the captain earlier and been far more assertive, he said.

"This flies during the face of professional training," Cox said. "What has happened right here is tough to understand."

Cox and Graeber stated that the factors identified during the accident appear unlikely to come during the USA, wherever co-pilots are trained to speak up if they have safety concerns.
Source:USA Today

Tuesday, November 16, 2010

Kingfisher Airlines cuts losses by 45%

Private carrier Kingfisher Airlines has reduced its September quarter losses by 45 per cent to Rs 231 crore as against a loss of Rs 418.77 crore inside the exact same quarter a year ago. The airline saw a 24 per cent improvement in operating revenues, driven by a growth in aviation demand, focus on improving network profitability, and various cost reduction initiatives.

Sales have grown 24 per cent to Rs 1,382.72 crore when compared with Rs 1,112.70 crore. Meanwhile, shares in the business gained 2.06 per cent to close the day at Rs 81.65 on a Bombay Stock Exchange (BSE) on Monday.

Domestic revenues stood at Rs 1,038 crore compared with Rs 989 crore in Q2 FY10. This was a 5 per cent improve in income despite 18 per cent reduction in ability (seats offered). International revenues have been at Rs 345 crore compared with Rs 124 crore in Q2 FY10.

“This performance was despite 11 per cent reduction inside the quantity of departures. The overall EBITDA margin to your quarter improved to a certain 4 per cent inside the unfavorable 24 per cent reported inside the exact same quarter last year. These results have been delivered despite an estimated loss of more than Rs 73 crore because of unplanned grounding of aircraft. Adjusted for this loss, the EBITDA margin would be 8 per cent to your quarter,” said the airline in a filing towards BSE.
Source: Indian Express

Tuesday, November 2, 2010

SpiceJet Q2 net profit at Rs 10.11 cr

SpiceJet has declared its second quarter results. The company’s Q2 net profit was at Rs 10.11 crore versus loss of Rs 101 crore, year-on-year, YoY.

Its income from operations was up at Rs 603 crore versus Rs 449 crore, YoY.

The company's trailing 12-month (TTM) EPS was at Rs 2.75 per share. (Jun, 2010). The stock's price-to-earnings (P/E) ratio was 32.05.

The latest book value of the company is Rs -7.99 per share. At current value, the price-to-book value of the company was -11.03.
Source: India Earnings

Air India empowered to take decision on hiring employees says Praful Patel

NEW DELHI: The Civil Aviation Ministry on Tuesday mentioned how the Management of Air India was empowered to take any choice during staff selection, right after reports that some of its Board directors had opposed appointment of Pawan Arora as COO of its low-cost arm Air India Express .

"If there is any controversial appointment, I am sure that Air India management and Air India Board will take a right decision. It is a question of an Air India employee, so allow the Air India management and board take care of these issues," Civil Aviation Minister Praful Patel told reporters here.

He was replying to questions on reports that some of Air India's independent directors had raised objections on the appointment of Arora as well as the functioning of its top management.

He asserted that there was "no controversy" within the board's independent directors meeting top officials within the PMO to discuss the trouble on functioning of Air India.

Yesterday, the five independent directors with the business -- Anand Mahindra of Mahindra and Mahindra Ltd , Ficci's secretary general Amit Mitra, Ambuja Realty chairman Harsh Neotia and former air chief Fali H. Major-- met Prime Minister's Principal Secretary T K A Nair and reportedly expressed their anguish over the appointments being made by the company.

They also met Civil Aviation Minister Praful Patel today and briefed him for the meeting with Prime Minister office.

"There is no question of any controversy. Independent Directors wanted to meet me and they had courtesy call. They have been on the Board for over six months and they wanted to share their views with me," Patel said.

Apart within the trouble of Air India COO, difficulties relating to Air India's financial position, debt case and human resources are also understood to have occur up for discussion within the meeting with TKA Nair.

Source: The Economic Times