Everonn subsidiary signs MoU will Future Group to train retail talent

Everonn Education Ltd said its subsidiary Everonn Skill Development Ltd has signed a memorandum of understanding (MoU) with Future Human Development Ltd (FHDL) to jointly deliver retail programs across the country. FHDL is the HR arm of retail brand the Future Group.   The training programs, to be launched soon, will be offered at 12 training centres and 15 ITI units at cities like Bangalore, New Delhi, Kolkata, Ahmedabad, Chennai, Hyderabad, Visakhapatnam, Pune, Nagpur, Mumbai, Kochi and Gurgaon. About 50 more centres will be added by the end of the current fiscal.

Kishore Biyani, founder and group CEO of the Future Group, said, "The booming retail sector is badly in need of trained talent. We are sure that Everonn with its technical expertise and vast experience in the education sector will provide skillful learning experience nationwide, to all the aspirants in the retail segment."
These programs will be fee based and non-fee based for various job profiles in retail like front end salesman, house keeping, ware house management and security. The training modules will also cover improvement of skill sets in areas like furniture fitting, plumbing, household electrical fitting and repairing, household carpentry, fire and safety and white goods repairing. Courses related to beauty and wellness will also be conducted under the project.

On Wednesday, Everonn Education shares ended 1.7% down at Rs682 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.


Govt considering infusing further equity in Air India

New Delhi: The government may consider infusing further equity of Rs2,000 crore in cash-starved Air India, after it is expected to grant the state-owned airline Rs1,200 crore by next month, reports PTI.

"We can look at pumping another Rs2,000 crore later," civil aviation minister Praful Patel said today when asked whether the government could infuse more funds to enhance the debt-equity ratio of the ailing national carrier.

"We have moved a Cabinet note for infusion of Rs1,200 crore equity (in Air India). It has already been circulated (to members of the Cabinet). We hope that a decision is taken by November," Mr Patel said on the sidelines of a seminar on air traffic management here.

"Air India's overall turnover would be higher. As there is a healthy growth of air traffic, the yields are better and costs are going down," he said.

Asked whether there would be a "bailout" for private airlines also, Mr Patel replied in the negative but said the government and the Reserve Bank of India (RBI) have already taken several measures to come to the aid of the aviation industry.

"I don't think there is any bailout but some steps have been taken. RBI has given approval for debt restructuring as a special dispensation for the aviation sector and looking at its overall health," he said.

Earlier, high-level sources had told PTI that the national carrier might ask for another Rs2,000 crore from the government in the next financial year to repay its massive debts, after it gets Rs1,200 crore in this financial year.

The government had infused Rs800 crore in the last financial year in Air India, which used to have an equity base of a mere Rs145 crore and had placed orders for 111 aircraft - 43 from Airbus and 68 from Boeing - worth $11 billion.

The sources had said that the airline would require Rs3,000 crore to Rs4,000 crore annually to pay off its debt which is primarily on account of aircraft induction.

The monthly interest burden on this count averages at Rs200 crore, while the debt each month stands at about Rs300 crore, they had estimated.

Against this backdrop, the airline could ask for another tranche of Rs2,000 crore as equity, some time in the next financial year, the sources said.

The second tranche of government funds worth Rs1,200 crore, to be released after a nod from the Cabinet Committee on Economic Affairs (CCEA), is likely to be used for settling outstanding dues and not to enhance the airline's equity base.

CCEA is likely to take up the proposal next month.

According to official estimates, Air India is expected to incur a loss of Rs5,656.62 crore in 2009-10. The airline had suffered a loss of Rs2,226.16 crore in 2007-08 which rose to Rs5,548.26 crore the following year.




7 years ago


Wednesday Closing Report: The bears may withdraw temporarily

Volatile trading continued to be the highlight for the third consecutive day. Sluggish global cues added to the woes, pulling the market down for the second day in a row.

The market picked up momentum after a soft start this morning on the back of tardy global cues. The indices stepped into the green in early trade in the midst of a volatile session. However, ups and downs continued even today with the market witnessing indecisive trade. The market touched the day's high in the post-noon session but ended off the day's low, in the red for the second straight day.

The Sensex settled 110.98 points (0.56%) lower at 19,872 after swinging between a high-low of 20,044 and 19,822 during the session. The Nifty stood at 5,982, 45.20 points (0.75%) at close of trade. The index touched an intraday high of 6,038 and a low of 5,966.

In line with the indices, the overall market breadth was also negative. The Sensex had 21 stocks on the losers' side against nine advancing stocks. The Nifty ended with 38 declining stocks while 12 stocks settled in the green. Among the broader indices, the BSE Mid-cap index lost 0.03% and the BSE Small-cap index was down 0.54%.

The gainers in the Sensex list included Tata Power (up 1.16%), NTPC (up 0.91%) and Larsen & Toubro (L&T) (up 0.54%). The losers were led by Sterlite Industries (down 3.54%), HDFC (down 2.78%) and Tata Steel (down 2.76%).

The sectoral gainers were BSE Capital Goods (up 0.20%), BSE HealthCare (HC) (up 0.16%) and Oil & Gas (up 0.16%). BSE Metal (down 2.22%), BSE Realty (down 1.37%) and BSE Consumer Durables (CD) (down 1.11%) were the prominent sectoral losers today.

Markets in Asia ended mostly lower as the Chinese rate hike, announced on Tuesday, spooked markets in the region. While Chinese authorities claim that the move will rein in inflation, other regional economies are worried that it would slow the pace of the global recovery.

The Hang Seng was down 0.87%, Jakarta Composite declined 0.39%, KLSE Composite was down 0.13%, Nikkei 225 tumbled 1.65% and Straits Times ended 0.41% lower. On the other hand, Shanghai Composite added 0.07%, Seoul Composite rose 0.71% and Taiwan weighted advanced 0.97%.

Wall Street closed sharply lower overnight on concerns that banks will be forced to buy back bad mortgages. The worries followed reports that a group of institutional investors and the Federal Reserve Bank of New York were suing the Charlotte, NC, a lender, over mortgage securities. Besides, the sudden increase in interest rates by the Chinese government on Tuesday also weighed down on the investors.

The Dow tumbled 165.07 points (1.48%) to 10,978. The S&P 500 shed 18.81 points (1.59%) to 1,166. The Nasdaq lost 43.71 points (1.76%) to 2,437.

Participation by institutional investors was muted on Tuesday. Foreign institutional investors were net buyers of stocks worth Rs107 crore while domestic institutional investors were net buyers of equities worth Rs240 crore on the same day.

Jet Airways (India) (up 0.03%) has reported 37.1% growth in its domestic passenger traffic during the month of September 2010. It carried 7.61 lakh revenue passengers last month against 5.55 lakh in September 2009. Improved global business scenario and strategic marketing and network initiatives taken by the company helped its performance.

Similarly, Jet's international operations last month also witnessed robust growth of 36.4%, carrying 3.61 lakh revenue passengers, as compared to 2.65 lakh in the year ago period.

The country's largest lender State Bank of India (SBI) (down 0.87%) today increased its base rate or the minimum lending rate for the new borrowers by 10 basis points (bps) to 7.6%, a move that would make all kinds of advances, including corporate loans, costlier.

The bank has revised the base rate below which bank cannot offer loans, upwards by 10 basis points from 7.5% to 7.6%, effective from 21st October 2010, SBI informed the Bombay Stock Exchange (BSE).

Pharmaceutical and biotechnology firm Wockhardt (up 0.14%) today said it has received tentative approval from the US Food & Drug Administration (USFDA) to sell generic version of Sanofi Aventis' Allegra-D, used for treating allergic rhinitis.

In a statement the company said it has received tentative approval from the USFDA for marketing the Fexofenadine HCl 60mg + Pseudoephedrine HCL 120mg extended release tablets, which is used for treatment of seasonal allergic rhinitis without causing drowsiness.


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