Saturday, 13 April 2013

AirAsia sees take-off in September, with two aircraft

Low cost carrier AirAsia plans to start its India operations in September with two aircraft.

AirAsia India, a joint venture between AirAsia, Tata Sons and Telstra Tradeplace, kicked off the hiring process for cabin crew at Chennai today. The airline plans to hire about 100 cabin crew.

AirAsia’s COO Bo Lingam, who is leading a 14-member team in Chennai to hire candidates, said, “The way things are going, it looks like in September we will be launching our operations, provided we get all the regulatory approvals.”

He added that there is scope for more airlines to enter the aviation industry, considering the population is high.

The airline’s promoter Tony Fernandes is expected to visit India in June, added Lingam.

It may be noted that AirAsia is the first overseas airline to form a joint venture in India after the government changed the foreign direct investment policy to attract foreign participation.

The airline, which started walk-in interview at 9 AM today, screened over 3,500 candidates. Suhaila Hassan, Air Asia’s group head of flight attendants, said she was impressed with the profile of candidates.

The two-day interview being held at Chennai is the biggest in the history of AirAsia, said a company official.

Each aircraft will have four attendants and a total of 20 people would be required per aircraft, she said.

The selected candidates will go through a 42-day in-house training in Malaysia, said Rajkumar Paranthaman, marketing manager - India, AirAsia. He added at AirAsia’s attrition level is one of the least in the industry, at 1.5 per cent.


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Tata Sons releases 1.7 crore pledged shares of TCS

IT major Tata Consultancy Services (TCS) today said one of its promoter has released 1.7 crore pledged shares of the firm.
In a filing to the BSE, TCS said its promoter Tata Sons Ltd released a total of 1,73,50,000 shares of the company on April 8 and April 12.


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Essar Steel to refinance Rs 20,000-crore debt with $ loan by September

Private steel maker Essar Steel is planning to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms by September with a view to reduce interest costs, which in turn will help it to improve the margins, a top company official said.
"The focus today is to reduce our interest costs for which we are actively looking at dollarising our debt... Latest by August-September, we would like to dollarise all our debt," Essar Steel Managing Director and Chief Executive Dilip Oomen told reporters on sidelines of India Steel-2013 Summit organised by Ficci here.


Sandip Ginodia
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Wednesday, 10 April 2013

Ratnakar Bank raises Rs 324 cr

Private sector lender Ratnakar Bank has completed its second round of capital infusion of Rs 324 crore by issuing 3 crore new shares to domestic and global investors.
The bank had last raised capital in January 2011.
With the latest round of funding, the bank has raised total equity capital of Rs 1,100 crore in two years, the bank said in a statement.
Investors in this round of capital raising are International Finance Corporation, a member of the World Bank Group, Aditya Birla Private Equity, ICICI’s Emerging India Fund, IDFC S.P.I.C.E. Fund and Ascent Capital.
Additionally, Faering Capital, an existing investor in the Maharashtra-headquartered bank too participated in the second round.
Vishwavir Ahuja, Managing Director and CEO, Ratnakar Bank said, “This equity raising has significantly strengthened the financial foundation of the bank and will allow us to continue our investments in new products, branches, technology etc to meet customer requirements.” 

Sandip Ginodia
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Friday, 5 April 2013

Essar Steel India appoints Ashutosh Agarwala as Director-Finance & CFO

Essar Steel India Limited has appointed Mr. AshutoshAgarwala as Director-Finance & chief financial officer (CFO). Mr Agarwala joins Essar Steel from Jindal Steel & Power Limited (JSPL), where he held the position of Chief Financial Officer & Director Finance, for the Steel and Cement business.
A chemical engineer from the Institute of Technology-Benaras Hindu University, Mr Agarwala is also a post-graduate in Management from the Indian Institute of Management, Bangalore (IIM-B) with specialization in Finance & Strategy with more than 24 years of experience in the fields of finance, strategy, and mergers & acquisitions. 

 
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Catholic Syrian Bank appoints new MD & CEO

The private sector lender, Catholic Syrian Bank has appointed Mr. Rakesh Bhatia as new Managing Director and Chief Executive Officer.
Mr. Bhatia was previously the Global Head of HSBC Bank's Trade and Receivables Finance Division. He is a Post Graduate in Business Management from Indian Institute of Management, Ahmedabad.
The new MD has over 26 years of experience in the field of banking and had been involved in areas of commercial, investment and branch banking with HSBC in India as well in countries such as Bahrain, UK, Hong Kong, Singapore and Indonesia.
A statement issued by the bank said that his experience in international banking and excellent leadership qualities would usher Catholic Syrian Bank into a new era of growth.

 
Sandip Ginodia
We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .


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Monday, 1 April 2013

Tata Sons buys stake in Titan Industries for Rs 979 cr from Kalimati Investment

Titan Industries today said one of its promoter firms Tata Sons has acquired an additional 4.37 per cent stake in the company from another promoter entity Kalimati Investment for Rs 979.21 crore. In a filing to the BSE, Titan Industries said Kalimati Investment Company transferred 3,87,80,000 equity shares in the firm to Tata Sons today. The transferred shares represent 4.37 per cent stake in Titan Industries, it added. Tata Sons purchased these shares for Rs 979.21 crore, the filing said. Post this transaction, Tata Sons' holding in the company increased to 15.22 per cent, while that of Kalimati Investment Company went down to 4.37 per cent. Shares of Titan Industries today closed trading 1.91 per cent up at 256.50 apiece on BSE.