MARKETS DECLINE FOR THE FOURTH STRAIGHT SESSION
MUMBAI: Domestic equities ended in the negative terrain for the fourth straight session on Tuesday, with the BSE benchmark Sensex falling over 200 points as investors intensified selling towards the fag end of the day, even as global cues remained positive. Investors sold heavily on realty, IT, consumer and banking counters ahead of index of industrial production data for December and consumer price inflation numbers for January to be released later in the day. Tepid earnings by some more companies and foreign fund outflows also dampened trading sentiments, brokers said. The Sensex advanced to hit an intraday high of 36,465.40 points in opening trade, driven by a firming trend at other Asian markets. However, indices failed to hold on to gains as profit-taking re-emerged in the later part of the session, wiping off initial gains, with the Sensex settling 241.41 points, or 0.66%, down at 36,153.62 points. The gauge had lost 580 points in the previous three sessions.
Salil Gupte appointed as Boeing’s India head
MUMBAI: US aircraft manufacturer Boeing has named Salil Gupte as its India head, effective March 18. Gupte succeeds Prat kumar, who was appointed vice-president and program manager of Boeing’s F-15 fighter aircraft program in November last year. He will be based in New
Delhi and report to Marc Allen, president of Boeing International, the company said in a release on Tuesday. Gupte will join as president, Boeing India, from the aircraft maker’s wholly-owned subsidiary Boeing Capital Corp., where he served as vice president, it said. “In leading the Boeing India team, Salil will build on Prat kumar’s great work of growing Boeing’s business and partnerships in India and supporting the development of a thriving aerospace and defence industry for India,” Allen was quoted as saying in the release.
Air India may increase daily utilization of its aircraft
NEW DELHI : State-owned Air India is planning to increase the daily utilization of its aircraft both on domestic as well as international routes, a senior company official said on Tuesday. According to Air India director of finance Vinod Hejmadi, the company is planning to use its aircraft for at least half hour more per day. “Our daily utilisation of airplanes is not very good. It’s around 10 and a half hours on Airbus route (domestic routes). We can increase it by half an hour...even in the international routes, our 787s fly around 12 and a half hours per day. We can increase it to 13 and half hours,” he said at CAPA India Aviation Summit 2019.
Hindalco Q3 profit plunges 34% on higher input costs
BENGALURU: Aluminium producer Hindalco Industries Ltd posted a 34.4% drop in thirdquarter profit on Tuesday, hurt by increase in input costs, mainly of coal and furnace oil. Stand-alone net profit after tax was ₹247 crore in the quarter ended December 31, compared with ₹377 crore a year ago, the Mumbai-headquartered company said. The profit figure lagged analysts’ estimate of a profit of ₹407 crore, according to Refinitiv Eikon data. Revenue from operations rose 8% to ₹11,938 crore, the company, which produces and sells aluminium and copper products, added.
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