India

U.S. FAA downgrades India’s aviation rating

U.S. FAA downgrades India’s aviation rating

The U. S. Federal Aviation Administration (FAA) on Friday downgraded India's aviation safety rating, citing a lack of aviation safety oversight.

Downgrading the India's aviation rating from Category 1 to Category 2, the U. S. aviation regulator said India at this time wasn't in compliance with the global standards for aviation safety oversight.

India's Civil Aviation Minister Ajit Singh expressed disappointment on the U. S. regulator's move, and stressed that India would address all of the regulator's concerns by next month.

Tata Group set to sign Rs 1,000-crore Army contract to supply heavy duty trucks

Tata Group set to sign Rs 1,000-crore Army contract to supply heavy duty trucks

Tata Group will soon pen down an agreement with the government to supply 1,200 heavy-duty trucks to the country's defence forces in a deal valued at nearly Rs 1,000 crore.

The move will mark the end of a decades-long monopoly of Czech-made heavy-duty Tatra trucks.

In addition, the salt to software group has emerged as the lowest bidder for a contract for mini-unmanned aerial vehicles (UAV) from the Northern Command of Indian Army. However, the terms of the deal have yet not been finalized.

Bharti Airtel reports first net profit in 4 years

Bharti Airtel reports first net profit in 4 years

Telecommunication services provider Bharti Airtel on Tuesday reported its first quarterly net profit in four years, thanks to lower competition and a rise in voice call rates.

The New Delhi-based company announced that its consolidated net profit jumped to Rs 610 crore in the three months ended December 31, 2013; from Rs 284 crore in the corresponding three-month period of the previous year.

The company's net income before exceptional items jumped to Rs 832 crore. Revenue jumped to Rs 21,939 crore, up 13.3 per cent from Rs 19,362 crore reported in the year-ago period.

India lifts landing ban on Airbus A380s

India lifts landing ban on Airbus A380s

India on Monday lifted a landing ban on super jumbo aircraft Airbus A380s, saying the operation of the super jumbos would help airports in generating more revenue and give passengers more comfortable and luxurious travel.

Airbus A380s will now be able to land at India's four international airports, in New Delhi, Mumbai, Bangalore and Hyderabad, which can handle the jumbo planes.

India imposes 5% export duty on iron ore pellets

India imposes 5% export duty on iron ore pellets

In a bid to safeguard the interests of domestic steelmakers, India governemtn has imposed a 5 per cent duty on exports of iron ore pellets.

Previously, there was not duty on exports of iron ore pellets as exports of iron pellets were negligible. But, the Ministry of Finance on Monday said the drastic rise in exports of iron ore pellets during April-November period of last year caused an apprehension about shortage of the material in the domestic market.

Tuticorin power project’s first unit to start commercial operations by February

Tuticorin power project’s first unit to start commercial operations by February

The first unit of the NLC Tamil Nadu Power Ltd's coal-based 1,000-MW power project would be commissioned by next month, Neyveli Lignite Corp.'s Chairman-cum-Managing Director B. Surender Mohan said.

Mr. Mohan said the 500-MW first unit of the power project would start operations by February, while another 500-MW unit would be commissioned by May this year.

RBI not likely to change interest rates

RBI not likely to change interest rates

Indian central bank, the Reserve Bank of India is not likely to change its interest rates in its third quarter monetary policy review on Tuesday.

Some had expected the central bank to consider cutting interest rates to boost growth s the inflation has moderated in the Indian economy. Oriental Bank of Commerce Chairman and Managing Director S L Bansal, HSBC India country head NainaLalKidwai and ICRA managing director NareshTakkar all said that they do not believe that the central bank will change the interest rates during the upcoming policy meeting.

Telecom Commission recommends flat rate for spectrum use

Telecom Commission recommends flat rate for spectrum use

The Telecom Commission of the government of India has recommended three options to the empowered group of ministers (EGoM) on telecom for spectrum usage including a flat rate for spectrum use by service providers in the country.

Jet announces 10% discount on economy class tickets

Jet announces 10% discount on economy class tickets

With the lean travel season approaching fast, the Jet Airways (India) Ltd on Friday joined other airlines in offering attractive discounts on tickets for a limited period.

Jet slashed fares by 10 per cent for the economy class on its international network. The discount is available on tickets for travelling between 1 February and 15 April. Moreover, passengers must book tickets between January 24 and 26.

Gold hits its highest level in two months

Gold hits its highest level in two months

Gold hit its two-month high level of more than $1,272 per ounce on Friday as the US dollar slipped and global stock markets were heading for their worst week so far this year.

The U. S. dollar suffered its biggest one-day fall in around three months, which allowed gold to post a considerable jump. At 1225 GMT, spot gold jumped 0.6 per cent to $1,271.41 per ounce, reversing from a drop earlier in the day.