Category: Breaking Corporate India Earnings News

Jet Airways India will revise the fuel surcharge by Rs 150 applicable on all types of fares in both club premiere and economy class tickets on all domestic routes in India with effect from 05 November 2007. The surcharge has been necessitated in view of the escalation in aviation turbine fuel (ATF) prices.

The revised fuel surcharge of Rs 1350 which has gone up from Rs 1200 will be applicable on all tickets purchased within India. This surcharge of Rs 1350 will be collected per flight coupon on all domestic routes within India. For tickets issued outside India, a surcharge of US $ 34 will be applicable on each sector of domestic travel in India.

It is also applicable on all domestic segments, even if the domestic segment is part of an international journey. The surcharge will not be applicable on sale of tickets on or before 04 November 2007. However, the surcharge will be applicable if tickets are presented for any voluntary change on or after 05 November 2007.

Jyoti Structures has formed a joint venture company, Jyoti Structures Africa in Johannesburg, South Africa to participate in the transmission line markets of Southern Africa. This company is in partnership with a local South African person. The company is the lead partner in the JV company.

Jyoti Structures Africa have been awarded a contract for execution of approximately 650 Km of 350 KV high voltage DC transmission line from Gerus to Zambezi in Namibia by NamPower, the electricity utility of Namibia. The contract valued at approximately US $ 75 million is to be executed in 18 months.

Unity Infraprojects has announced that Kamath Hotels India have been inducted in the joint venture for operating of the hotels and the company has formed the SPV Company in which the Unity Realty and Developers. Wholly owned subsidiary of the company, Kamath Hotels (India) and BSEL Infrastructure Realty holds shares equally.

The company further informed that the wholly owned subsidiary of the company, Unity Realty & Developers, Kamath Hotels (India) and BSEL Infrastructure Realty have agreed to dilute their stakes in the said SPV from 33.33% each to 17% each with 49% stake being offered to Clear Water Capital Partners (Cyprus). The projects is a fast track project to be completed before beginning of 3rd commonwealth youth games 2008, at Shiv Chhatrapati Sports complex, Balewadi, Pune.

We have just received reports that Bajaj Auto’s vehicle sales slipped 0.50% to to 278,176 units in October 2007 over for October 2006. Motorcycle sales slipped 1.10% to 248,307 in October 2007 over October 2006.

It sold 63,000 units of its new XCD 125 cc bike since launch in early September 2007. Sales of its three-wheelers fell 2% to 28,001 units while exports rose 38% to 55,572 units in October 2007 over October 2006.

Year-to-date, Bajaj Auto’s total sales were down 11% at 1,463,860 units while bike sales fell 12% to 1,273,865 units.

We have been reported that the committee of Yes Bank has approved a proposal from Orient Global Tamarind Fund (Orient Global Tamarind), an international investor for private placement upto 1,47,00,000 equity shares of Rs 10 by way of preferential issue at Rs 225 per equity share.

Further, the bank decided to convene extra ordinary general meeting on 04 December 2007.

Maruti Suzuki India (MSI) registered impressive growth of 15% to 69415 units in month of Oct ’07 backed by steady growth volumes in both domestic and exports sales. Its domestic sales for Oct ’07 increased by 15% to 64258 units compared to 55894 units in Oct ’06. Upside came largely from the higher sales volume registered by A2 segment that consists of models such as Alto, Wagon R, Zen and Swift. Its exports in Oct ’07 increased by 21% to 5157 units.

Segment wise, A2, A3 and multiutiliy vehicle (MUV) continued to report healthy growth while C segment (Omni & Versa) attained marginal growth and A1’s (M800) declined. A2 achieved healthy growth of 21% to 47077 units while A3 (Esteem, Baleno and SX4) grew by 55% to 4177 units. MUV consisting of Gypsy and Grand vitara surged by 184% to 417 units. On the other hand C segment grew marginally by 5% to 8110 units. A1 that consists of M800 crashed by 30% to 4477 units.