DGCA finds ‘blatant’ disregard of norms by flying schools

The discrepancies recorded in the DGCA audit include fudged recording of flying hours, no proper syllabus, non-availability of proper documentation, lack of essential infrastructure and even non-maintenance of air strips

New Delhi: ‘Blatant disregard’ of norms has been detected in the functioning of most flying schools in the country with the Directorate General of Civil Aviation (DGCA) warning them of strong action including cancellation of their permits if they failed to comply with the guidelines within 30 days, reports PTI.

The audit by the DGCA came in the wake of the fake pilot scam which led to cancellation of licences of over a score of pilots a few months ago for submission of fake or forged documents.

DGCA teams carried out audits of 40 flying schools across the country since mid-April and found discrepancies in almost all of them, DGCA chief EK Bharat Bhushan told reporters at the sidelines of a CII conference on civil aviation here.

“We have given them 30 days to comply with the guidelines or face stringent action,” he said when asked about the status of the audit into the flying training schools.

He, however, said the two state-run bodies—Rae Bareli-based Indira Gandhi Rashtriya Udaan Academy and Gondia Flying School—were functioning as per the guidelines.

Terming the audit findings as ‘disturbing’, DGCA sources warned of action, including closure of some schools, if ‘blatant disregard of norms’ continued.

The discrepancies recorded in the audit include fudged recording of flying hours, no proper syllabus, non-availability of proper documentation, lack of essential infrastructure and even non-maintenance of air strips, the sources said.

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Infrastructure growth down to 2.3% in September on rising interest, cost

The dismal performance of the infrastructure sectors with a weightage of 37.90% in the overall industrial production is likely to weigh on the factory output numbers for September, scheduled to be released on 12th November

New Delhi: With rising input costs and high interest rates, growth in eight key infrastructure sectors slowed down to 2.3% in September from 3.3% a year ago, reports PTI.

Coal, natural gas and fertiliser showed decline in output raising concerns for the industry and government.

The numbers were discouraging even compared to August when these sectors grew by 3.7%.

Coal was the worst performer recording a huge negative trend of 17.8%. Natural gas, too, showed a decline in production by 6.4% while fertilisers were down 2.1%, according to official data released today.

Heavy rains in coal mining areas and strike by workers in Coal India are stated to be among the main reasons for downfall in coal production.

The decline in growth was also witnessed for the cumulative first half of the current fiscal with April-September displaying an expansion of 4.9% against 5.6% in the corresponding period last year.

Cement was unimpressive, expanding by a mere 0.9% and crude oil by just 0.1%.

Electricity, however, witnessed 8.9% growth in generation, though it was lower than 9.4% in August.

A similar scenario was witnessed in steel which grew by 6.6%, although its expansion was slower than 8% in August. Refinery products managed a jump of 4.4%.

The dismal performance of the infrastructure sectors with a weightage of 37.90% in the overall industrial production is likely to weigh on the factory output numbers for September, scheduled to be released on 12th November.

The industrial sector has been witnessing a slowdown under the combined impact of near double-digit inflation and rising cost of borrowing.

The Reserve Bank of India has raised interest rates by 375 basis points since March 2010 to rein in inflation.

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Pullback may continue: Monday Closing Report

The support for Nifty is at around 5,230

After notching gains of around 6% last week on global cues, the market snapped its four-session winning streak and ended lower. In our Friday’s closing report we had mentioned that the shares may suffer a minor pullback that will see the Nifty reaching the level of 5,265. Today the index made a lower high, lower low and lower close on 60.81 crore share volume on the National Stock Exchange (NSE). If the market heads lower, the first support is at 5,230 on the Nifty.

Tracking weak market cues from Asia, the Indian market opened flat on profit-booking by institutional investors after logging good gains last week. The Nifty reported a loss of two points at 5,359 and the Sensex started the day at 17,806, down one point. The Nifty touched the day’s high within minutes of the opening bell with the Nifty at 5,360.
 
Trading sideways on the lack of any domestic cues, the market drifted lower for over an hour in early trade but buying in select stocks at lower levels lifted the indices as trade progressed. The Sensex scaled its intraday high in noon trade with the benchmark hitting 17,813.

However, the gains were short-lived as the indices drifted lower again in post-noon trade as the key European indices were trading in the red as nervousness crept in ahead of the G-20 leaders meeting in France this week. The benchmarks fell to their intraday lows at around 2.45pm with the Nifty skidding to 5,315 and the Sensex falling to 17,668. However, the market witnessed a small bounce-back and closed marginally above those levels, snapping its four-session gaining streak. The Nifty closed 34 points down at 5,327 and the Sensex finished the day at 17,705, a loss of 100 points over its previous close.    

The advance-decline ratio on the NSE was 926:806.

The broader indices outperformed the Sensex with the BSE Mid-cap index gaining 0.37% and the BSE Small-cap index rising 0.21%.

BSE Fast Moving Consumer Goods (up 1.04%), BSE Bankex (up 0.72%) and BSE TECk (up 0.10%) were the sectoral gainers today. On the other hand, BSE Oil & Gas (down 2.09%), BSE Metal (down 1.97%), BSE Auto (down 0.98%), BSE PSU (down 0.80%) and BSE Capital Goods (down 0.60%) settled at the bottom of the index.

Hindustan Unilever (up 7.38%), HDFC Bank (up 1.36%), Hero MotoCorp (up 0.84%), Infosys (up 0.54%) and Tata Steel (up 0.49%) were the top Sensex gainers. The laggards were led by Hindalco Industries (down 4.11%), Sterlite Industries (down 4.10%), Tata Motors (down 3.76%), Jindal Steel (down 2.87%) were the top losers on the index.

The top performers on the Nifty were HUL (up 6.65%), Punjab National Bank (up 1.64%), Sesa Goa (up 1.58%), HDFC Bank (up 1.52%) and Hero MotoCorp (up 1.29%). The major losers were Hindalco Ind (down 4.29%), Sterlite Ind (up 4.03%), Tata Motors (down .97%), SAIL (down 3.40%) and Ambuja Cement (down 3.24%).

Markets in Asia settled lower on tepid corporate earnings reports and China’s move to continue with its curbs on property lending. Most indices in the region were also seen paring their gains which were seen last week on news that European leaders were sewing up a deal to diffuse the debt crisis.

The Shanghai Composite fell 0.21%; the Hang Seng declined 0.77%; the Jakarta Composite was down 1.02%; the Nikkei 225 fell 0.69%; the Straits Times tanked 1.72%; the Seoul Composite slipped 1.06% and the Taiwan Weighted settled 0.37% lower. Bucking the trend, the KLSE Composite gained 0.68%.

Back home, foreign institutional investors were net buyers of stocks worth Rs2,166.21 crore  on Friday. On the other hand, domestic institutional investors were net sellers of equities worth Rs1,078.41 crore.

The country’s largest private sector lender ICICI Bank has reported a 22% jump in net profit to Rs1,503 crore for the quarter ended 30 September 2011 compared to Rs1,236 crore for the July-September quarter last fiscal. Total income of the Bank on a standalone basis increased to Rs9,897.17 crore from Rs7,887.03 crore The stock closed 0.25% lower on the NSE at Rs931.

With the Reserve Bank of India (RBI) freeing interest rate on savings deposits, mid-size private lender Kotak Mahindra Bank on Sunday said it will offer 6% interest on savings deposits above Rs1 lakh and 5.5% on those below Rs1 lakh from 1st November. The Mumbai-based lender with just 323 branches has also increased its base rate, or the minimum lending rate below which it cannot lend, by 25 basis points to 10%. The stock rose 0.46% to Rs512.75 on the NSE.

Greenply Industries has received the approval from its board of directors to increase the production capacity at its plywood unit located at GIDC Estate, Surendranagar in Gujarat from 73.50 lakh square meters to 96.24 lakh square meters per annum. The expansion is expected to be completed by September 2012. The stock gained 1.67% to close at Rs204.40 on the NSE.

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