Kingfisher, American Airlines enter code share pact

Vijay Mallya-owned Kingfisher Airlines Ltd said it has entered a code sharing and frequent flyer agreement with American Airlines, which will be effective from 2011.

"The code share on American's flight to Chicago will mark the first time ever that Kingfisher Airlines will place its code on any flight operating into the US," executive vice president-commercial, Kingfisher Airlines Manoj Chacko said.
In aviation business, code sharing means selling space on the same flights, where a seat can be purchased on one airline but is actually operated by a cooperating airline under a different flight number or code.

As per the agreement, Kingfisher will place its code on American Airline's daily flight between New Delhi and Chicago, and on selected other flights between the United States and London's Heathrow airport, the company said in a statement.
On the other hand, the American Airlines can place its code on Kingfisher's flights from London Heathrow to both New Delhi and Mumbai, and its domestic network, the statement added.

Kingfisher, which operates on eight international destinations including London, Hong Kong and Singapore, is a member-elect of Oneworld-an alliance of international airlines, while American Airlines is among the founder members of the alliance.

On Tuesday, Kingfisher Airlines fell 7.08% to Rs72.85 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.33% down at 19,691.84 points.
 

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Religare Enterprises’ subsidiary acquires Barnard Jacobs Mellet

Religare Enterprises Ltd said that its subsidiary Religare Capital Markets Ltd (RCML), has acquired the UK operations of Barnard Jacobs Mellet. No financial details were provided.

Barnard Jacobs is a highly-rated distribution platform for South African equities in the UK, serving over 100 institutional clients. The business will operate under the Religare brand and will be integrated into RCML's rapidly expanding emerging markets platform. The deal adds eight professionals to RCML's team who provide market-leading distribution and execution for South African equities.

In September, Religare also acquired a 50% stake in Sri Lankan Stock broking firm Bartleet Mallory Stock Brokers.

On Tuesday, Religare Enterprises declined 1.71% to Rs496.15 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.33% down at 19,691.84 points.
 

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Gold regains record levels of Rs20,600 on wedding demand

New Delhi: Gold prices surged by Rs170 to regain a record level of Rs20,600 per 10gm in the national capital today, as stockists and jewellers increased their holdings for the wedding season, amid a firm global trend, reports PTI.

Weak stock market cues made investors park their funds into bullion as an alternative investment and supported the precious metal's prices. However, silver and its coins held steady in restricted buying at existing higher levels.

The yellow metal in overseas markets, which normally set the price trend on the domestic front, gained as a weak dollar raised demand for the metal as a safe haven.

Gold gained $12.30 to $1,366.40 an ounce in New York last evening.

On the domestic front, gold of 99.9% purity surged by Rs170 to regain its peak levels of Rs20,600 per 10gm, a level last seen on 11th November, while gold of 99.5% purity jumped up by Rs150 to Rs20,460 per 10gm.

Sovereign followed suit and gained Rs50 to Rs16,450 per piece of 8gm.

On the other hand, silver ready and weekly-based delivery remained steady at Rs42,400 and Rs41,930 per kg in restricted buying at prevailing higher levels.

Silver coins also traded around previous levels of Rs45,900 for buying and Rs46,000 for selling of 100 pieces.
 

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