481

Jet Airways Reports A Whopping Rs 1,323 Crore Net Loss For Three Month To June

New Delhi: Naresh Goyal-owned Jet Airways reported a whopping Rs 1,323 crore of net loss for the three months to June owing to higher fuel cost and some other expenses due to the falling rupee.

The ongoing cash crunch has forced the airline to embark on a Rs 2,000-crore cost cutting drive and stake sale in its loyalty programme Jet Previlage as part of capital infusion.

The airline, which publicly admitted to cash flow issues, had posted a net profit of Rs 53.50 crore in the year-ago period.

443

Principal Scientific Adviser To Government Says ISRO To Complete Its Manned Mission On Schedule

New Delhi: K Vijay Raghavan, principal scientific advisor to the government of India, has said that the Indian Space Research Organisation will complete its first manned space mission on schedule as the programme was finalised a few years ago,

“This mission is not happening out of the blue, nor is it a coincidence. We were giving shape to this mission for a while,” Raghavan told PTI-Bhasha in an interview. One of the most distinguished biologists, Raghavan, 64, was appointed the principal scientific advisor in March.

420

NCLAT Asks Tata Sons Not To Force Cyrus Mistry To Sell His Shares In Company Till Appeal Pending

New Delhi:The National Company Law Appellate Tribunal (NCLAT) has asked Tata Sons not to force Cyrus Mistry to sell his shares in the company till his appeal is pending while declining to pass any order on the conversion of Tata Sons into a private company from a public limited firm.

The National Company Law Appellate Tribunal (NCLAT) said that pending the litigation here, the Cyrus Mistry camp which was seeking a status quo over it cannot be “forced to sell shares”. The bench said it would decide over the issue of conversion of Tata Sons to a private company at later stage during the pendency of appeal.

410

India Indicates That It Intends To Find A Way To Go Around US Sanctions To Keep Getting Iran Oil

New Delhi:  A London-based international law firm said that Iran’s major energy consumers like India and China have indicated they intend to find a way to go around the US sanctions and keep the Iran oil lines open. India is seeking ways to maintain its bilateral ties with Iran in the face of US sanctions reimposed on the Gulf nation.

According to official sources here, India is discussing with European Union (EU) members to find a way out, apart from trying to convince the US that its economic sanctions on Iran following America’s withdrawal from the Iran nuclear deal will have negative implications for the Indian economy.

398

Beijing-Based Purveyor Xiaomi Fails To Live Up To Expectation To Its Mega IPO Hypes

New Delhi: Xiaomi Corp raised $5.4 billion by selling investors on its promise as a high-growth internet company. Some are starting to lose faith. The Beijing-based purveyor of mostly cheap smart phones has sunk 19 per cent from its post-IPO peak despite a spate of positive ratings -- mostly from the same banks and outfits that sponsored its coming-out party. On Wednesday, Xiaomi reports earnings for the first time as a public company, offering a close-up of two of its most important initiatives: an international expansion and its evolution beyond hardware and into online services from music to video, a la Apple Inc.