Aviation regulator, DGCA, granted operating permit to AirAsia India though its launching clearance depends on the decision of the Delhi High court
AirAsia India, the $30-million tripartite joint venture between Tata Sons, AirAsia Berhad and Tekestra Tradeplace, has received operating permit from Directorate General of Civil Aviation (DGCA).
Although the operating permit has received, flying permission and its validity will be decided after the Delhi High Court's judgement. AirAsia India is facing a legal challenge from existing domestic airlines as well as Bhartiya Janta Party (BJP) leader Dr Subramanian Swamy, who had approached the Election Commission (EC) to restrain the DGCA from giving a flying permit.
The Delhi High Court is hearing the public litigation filed by Swamy, which claimed the venture is a violation of the FDI Guidelines for the civil aviation sector. The case will be heard by the special bench on 11th July.
Speaking on the launch date, AirAsia Chief Executive Officer Mittu Chandliya, in a statement said "We would realistically start operations in anywhere between one to three months given the fact that a new government will be in place soon."
AirAsia India is expected to launch services from it's Chennai base with three Airbus 320 aircrafts, and will mainly to connect the Tier-II cities in India. They will also look to make the airfares 35% lower than the average airfares in the market currently as the officials promise to make it one of the cheapest airlines in India. The startup carrier has completed the final inspections, including test flights of its Airbus 320, monitored by the DGCA.
For FY14, Lupin reported higher net profit at Rs1,836 crore due to growth of its API and formulation business in US and Europe
Lupin Ltd (Lupin), a generic pharmaceutical company reported a higher full year net profit on strong sales growth of its formulation and API business in key markets, the US, Europe and South Africa.
For the 12 month to end-March, Lupin said its net profit rose 40% to Rs1,836 crore from Rs1,314 crore while its total revenues, including sales, grew 17% to Rs11,286 crore from Rs9,641 crore, a year ago period.
"We have had another remarkable year fuelled by strong growth in key markets like US, Europe, South Africa and in our API business. Importantly, we were able to improve operational efficiencies substantially. The year also marked our entry into high growth markets like Mexico and acquiring technology research capabilities that would help us address niche segments like Complex Injectables and Inhalation," says Nilesh Gupta, managing director, Lupin, in a statement.
During FY14, US and Europe formulation sales (including IP)of Lupin grew by 29% to Rs5,180 crore from Rs4,005 crore in FY13, contributing 47% to overall sales. US brands business contributed 10% of total US sales, whereas the generics business was the balance 90% during FY14. API business grew 17% to Rs1,114 crore during FY14.
The Indian market contributed 22% of the company's overall revenues for FY 2013-14. during FY14, the India formulations business grew by 5% recording revenues of Rs2,480 crore compared to Rs2,364 crore for FY13.
In its quarter to end-March Lupin said its net profit grew 35.5% to Rs553 crore from Rs408 crore, its total revenues including sales increased 20.7% to Rs3,120 crore from Rs2,586 crore a year ago period.
Lupin's revenue expenditure on Research and Development (R&D) for FY14 amounted to Rs929 crore, 8.4% of net sales compared with Rs709 crore 7.5% of net sales for FY13.
During the year, Lupin filed 19 abbreviated new drug application (ANDA) and received 22 approvals. Cumulative ANDA filings with the US FDA as of 31st March 2014 stood at 192 with the company having received 99 approvals. The Lupin has 31 First-to-Files include 15 exclusive ones.
On Wednesday, Lupin hit its 52-week high at Rs1,022.
At 11.55am Thursday, Lupin was trading marginally up at Rs984.9 on the BSE, while the 30-share benchmark was also marginally up at 22,376.
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For FY14, Kajaria Ceramics reported higher net profit at Rs124 crore on 16% growth in its sales
Kajaria Ceramics, India's largest manufacturer of ceramic tiles, posted a full year net profit due to robust sales growth.
For the 12 months to end-March, Kajaria Ceramics said its consolidated net profit increased 19% to Rs124.22 crore from Rs104.51 crore while its total revenues, including sales, grew 16% to Rs1,840.04 crore from Rs1,583.28 crore, a year ago period.
“Attaining leadership position is one thing. Retaining that spot is quite the other. EBIDTA and net profit increased 16% and 19% respectively over the previous year, a satisfying performance considering the persisting business challenges,” said, Ashok Kajaria, chairman and managing director, Kajaria Ceramics in a statement.
Kajaria Ceramics' board of directors of has approved raising stake in Jaxx Vitrified Pvt Ltd to 61% from current holding of 51% for a sum of Rs3.50 crore. Apart from this, during FY14 it also acquired 51% stake in Soriso Ceramics, Cosa Ceramics in Gujarat and Vennar Ceramics in Andhra Pradesh.
Kajaria Ceramics has also decided to acquire 51% stake in Taurus Tiles Pvt Ltd located in Morbi (Gujarat) by subscribing to the equity shares of the company. The company has commissioned 3.40 msm annual capacity of glazed vitrified tile at Sikanderabad on 28th March 2014.
"Taurus Tiles is in the process of setting up a plant having 5 MSM (million square meter) annual capacity of Polished Vitrified Tiles," Kajaria Ceramics said in a regulatory filing.
For the quarter to end-March Kajaria Ceramics said its consolidated net profit surged 36.85% to Rs42.11 crore from Rs30.77 crore while its total revenues, including sales, grew 19.9% to Rs524.27 crore from Rs437.29 crore, same period last year.
Kajaria Ceramics hit its 52-week high at Rs520.80 on Wednesday.
At 11.53am, Kajaria Ceramics was trading 1.4% up at Rs490 on the BSE, while the S&P BSE Sensex was marginally higher at 22,376.
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