Companies & Sectors
HDFC Bank launches co-branded credit card with Jet

Jet's alliance with HDFC Bank comes after the airline terminated its 12-year association for co-branded credit card with Citi in May

Mumbai: HDFC Bank and Jet Airways have launched a co-branded credit card, which offers a slew of benefits and rewards to frequent flyers of the country's largest airline, reports PTI.

 

Jet's alliance with the second-largest private bank comes after the airline terminated its 12-year association for co-branded credit card with foreign lender Citi in May.

 

"The tie-up with HDFC Bank - the first its kind for the bank since it entered the cards space a decade ago - is unique travel option aimed at making air travel more cost- effective. These co-branded cards will mutually work towards strengthening customer relationship and is a win-win for JetPrivilege members, HDFC Bank customers and our mutual guests," Jet Airways Chief Executive Nikos Kardassis said at the card launch.

 

While Jet has around 2.8 million members under its loyalty programme JetPrivilege, the largest under such a scheme in the country, HDFC Bank is the market leader in the credit card space with one-third of the nearly 20 million cards in circulation bearing its name.

 

The partners said their agreement is not exclusive and both are open to similar tie-ups with other entities. They refused to reveal the commercial details of the tie-up.

 

"JetPrivilege-HDFC Bank World card, being the premium variant, will entitle the cardholders to enjoy a wide bouquet of lifestyle benefits," HDFC Bank Executive Director Paresh Sukthankar said.

 

This is the first airline co-branded card from HDFC Bank and comes after much thought and research, he added.

 

The bank issues nearly 90,000 cards a month and currently its customer base stands at 5.7 million, according to Parag Rao, HDFC Bank Senior Vice-President and Business Head for credit cards and merchant acquiring services.

 

The bank will be looking at more such cards/customer groups to widen its reach. The bank's credit card portfolio stands at Rs10,000 crore as of the June quarter, Rao said.

 

The membership for the new card comes in three variants - the World, the Platinum and the Titanium - and will be offered on the MasterCard platform.

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Centre stops diversion of KG basin gas to Maharashtra

The Centre's decision comes as a relief to the power-starved AP, where the gas-based power plants were functioning with a plant load factor of less than 30%

 
Hyderabad: Conceding Andhra Pradesh's demand, the Centre has decided to stop diversion of natural gas from Krishna-Godavari (KG) basin to Maharashtra, reports PTI.
 
A day after a delegation, led by state Chief Minister N Kiran Kumar Reddy, met Prime Minister Manmohan Singh in New Delhi on the issue, the latter directed the Union Petroleum and Natural Gas Ministry to immediately stop diversion of two million metric standard cubic meters per day (MMSCMD) of natural gas to the Ratnagiri power plant in Maharashtra, sources in the Chief Minister's Office (CMO) said.
 
"The Prime Minister called the Chief Minister over phone and conveyed the decision," a CMO official revealed.
 
The Centre's decision comes as a relief to the power-starved AP, where the gas-based power plants were functioning with a plant load factor of less than 30%, resulting into power cuts for several hours every day.
 
The industries are the worst hit, as they are forced to follow a three-day power holiday every week due to scarcity of electricity.
 
It may be recalled that the Union Ministry of Petroleum and Natural Gas issued an order for diversion of two MMSCMD gas to Ratnagiri power plant, cutting into the supplies to Independent Power Producers in AP.
 
As a result of the gas diversion, the IPPs in AP would have got only 1.48 MMSCMD of gas, resulting in a drop in power generation by 400 MW.
 
Centre's decision created a storm in the state with opposition parties demanding the resignation of Union Petroleum and Natural Gas Minister S Jaipal Reddy, who hails from the state.
 
The Prime Minister, however, assured the CM-led delegation that the decision on gas diversion would be reviewed and accordingly he issued a fresh order this evening, a CMO official said.
 

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HC order not to impact Bombay Dyeing's land development: Wadia

Bombay Dyeing Chairman Nusli Wadia said as per the HC order, the company needs to give part of its land to the government only when it finishes its FSI and starts using balance land

 
Mumbai: Textile major Bombay Dyeing has said the High Court order in May asking the company to hand over a part of its mill land to the Maharashtra government will not affect the development of the land as of now, reports PTI.
 
"The (Bombay High Court) order will not affect the development of the land; we will continue to go ahead," Bombay Dyeing Chairman Nusli Wadia told shareholders at the company's annual general meeting.
 
"They (HC) want us to hand over a part of the land to Brihanmumbai Municipal Corporation (BMC) and MHADA. But legally we are not bound to have any obligation to hand it over today. It is only an obligation after we complete our floor space index or construction rights (FSI) and start using the balance land at which point of time we have to share. So sharing today does not arise." 
 
The high court in May had stayed the stop-work notice issued by the BMC to Bombay Dyeing for redeveloping the mill land. A Division Bench of Chief Justice Mohit Shah and Justice Roshan Dalvi later vacated the stay and asked the company to hand over the land to BMC.
 
The company had approached the HC after BMC issued a stop-work notice on 26 March 2010. The notice was issued following a direction from the monitoring committee that oversees redevelopment of mill lands in the metropolis.
 
The panel, headed by Justice (Retd) BV Chavan, had directed the civic body to issue notice on the grounds that Bombay Dyeing had failed to hand over land to MHADA and BMC for low-cost housing and recreational grounds respectively.
 
Earlier in the day, the company said its net loss narrowed to Rs27.50 crore in the June quarter from a net loss of Rs39.79 crore in the same period a year ago. 
 
"We have a situation where the economy is under stress and unfavourable situation is arising from poor monsoon. Besides, the loss in our polyester staple fiber (PSF) business is also a reason for poor numbers," Bombay Dyeing Managing Director Jeh Wadia told reporters on sidelines of the meeting.
 
The company's net sales rose to Rs465.73 crore for the quarter under review from Rs394.84 crore during the same period last fiscal.
 
On its real estate business, the Chairman told shareholders "We will unlock the value of Wadia Group's large land-bank by creating landmark projects and communities. We believe that the realty business will enhance future profitability and value creation for Bombay Dyeing." 
 
The company has launched two residential towers this year, Jeh Wadia said, adding "We are planning to launch five- star hotels in Dadar and Worli. We will continue to focus on the 70-acre land bank in Mumbai as well as on the retail real estate into which we recently forayed." 
 
Speaking about the company's Island City Centre coming up at Dadar, he said the project will be completed in the next three to four years.
 
The Mumbai-headquartered firm manufactures linens, towels, home furnishings, leisure clothing and kids wear.
 

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