The Hindu Business Line : Weekly News Round-up

Mr Naresh Goyal-owned Jet Airways has terminated contracts of 50-odd cabin crew staff who were on probation, and about 50 contracts of employees who have superannuated. According to a Jet's spokesperson, the measure was to streamline costs in the current global economic environment. The airline has issued notices of termination to "cabin crew on probation" in accordance with the terms of their contracts and in compliance with the law." On termination of contracts of employees who have superannuated, it said, "The contracts of these employees were due for renewal, which have not been done".

Merchandise exports declined 33.22 per cent in March to touch $11.52 billion. This is the lowest reported performance in the three months of fourth quarter 2008-09. In January and February, exports stood at $12.38 billion and $11.91 billion respectively. In fact, the Government had indicated that March exports could range between $12 and 14 billion.

Reliance Communications has reported a 3.2 per cent dip in consolidated net profit for the fourth quarter ended March 2009. Net profit for the fourth quarter decreased to Rs 1,454.31 crore against 1,503.26 crore in the same quarter for the fiscal 2007-08. The company's profit was impacted by increased costs and several one-time charges.

The annual Wholesale Price Index-based inflation rose 0.57 per cent for the week ended April 18, above the previous week's annual rise of 0.26 per cent. The year-on-year rate of inflation had hovered below 0.5 per cent for six weeks since March 2009. It has now increased largely due to a surge in primary articles and manufactured products, especially sugar.

Bharti Airtel Ltd reported a 21 per cent increase in its net profit to Rs 2,239 crore for the fourth quarter ended March 31, 2009 compared with Rs 1,853 crore for the previous quarter last year. It saw the highest ever net additions in a single quarter with 83.79 lakh new subscribers during the Jan-March period. Total revenues increased 26 per cent to Rs 9,825 crore from Rs 7,819 crore.

Britannia Industries will acquire the entire stake of Fonterra, the company's joint venture partner since 2002 in Britannia New Zealand Foods Pvt Ltd. The New Zealand firm is engaged in the dairy business. This acquisition is subject to the Reserve Bank of India approval. With this acquisition, Britannia will hold the entire equity and preference capital of BNZF. The company earlier had a 51 per cent stake.

The volatile economic environment coupled with forex losses led to Tech Mahindra posting a muted net profit growth of 5 per cent for the fourth quarter ended March 31, 2009. The telecom solutions provider reported a net profit of Rs 230.4 crore as against Rs 218.7 crore reported in the same quarter a year ago. Revenues for the same period rose by three per cent to Rs 1,051.3 crore, against Rs 1,021.8 crore.

ONGC Mittal Energy Ltd has got the Nigerian National Petroleum Corporation nod for its plan to set up a refinery in Nigeria. Mr Sudhir Maheshwari, Managing Director, Mittal Investments, told Business Line confirming this. OMEL is the joint venture between Mittal Investments Sarl, the private investment company of the Mittal family, and ONGC Videsh Ltd.

More than a year after Tata Motors acquired Jaguar and Land Rover, the two British car brands are entering the Indian market through an exclusive marketing tie-up with their Indian parent. "Our plan is to sell it as completely-built units just as we are doing in other parts of the world," Mr Don Hume, Director-Corporate and Government Affairs, JLR, told Business Line. On the prospects of assembling the vehicles here, he said that it was too early to comment on this possibility.

Compiled by M J Madhavan
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