This is the third time in the last twelve days that the pilots have struck work over non-payment of salaries for almost five months. The earlier strike on 11th July saw 12 flights getting cancelled
New Delhi/Mumbai: Several flights of Kingfisher were cancelled on Saturday due to a strike by pilots to protest non-payment of wages for almost five months, reports PTI.
Three flights from Mumbai and several across the airline's entire network were cancelled.
An airlines spokesperson said, "A certain section of employees have decided to stay away from duties due to salary payments not being credited to the bank accounts of all employees by Friday. Kingfisher wishes to state that more than 75% of employees have actually received their promised salaries on Friday".
"We have further promised that the balance of our employees will receive their salaries by Monday", the spokesman said.
The passengers booked on these flights have either been re-booked or given refunds, he said.
This is the third time in the last twelve days that the pilots have struck work. The earlier strike on 11th July saw 12 flights getting cancelled.
The strike on 2nd July was called off after a few hours with the management promising to pay some sections of staff from 6th July.
Kingfisher is, at present, carrying out truncated domestic and international operations with about 15 aircraft, in place of 64.
A large number of its flight engineers have reportedly quit over the past five months, primarily due to delayed payments. In April, around 200 engineers reported sick as a mark of protest over the issue.
The airline, which has not posted profit since inception in May 2005, has reported a loss of Rs1,151.50 crore in the March quarter, has a debt of over Rs7,500 crore and almost an equal amount of accumulated losses.
EAS Sarma says that the government should make a sincere effort to stop Kalmadi from attending the Olympics. India would have gained global credibility by boycotting Olympics in the first instance, he feels
EAS Sarma, former secretary to the government of India, has appealed to the prime minister to protest and boycott upcoming London Olympics. In a letter, he said the organisers of the London Olympics have permitted Dow Chemicals to sponsor the games, despite the company's liability it inherited from Union Carbide and the Bhopal Gas tragedy.
The former secretary also asked the government to make sincere effort to stop Suresh Kalmadi, the prime accused in the Commonwealth Games scam, from attending the Olympics.
Here is the letter written by Mr Sarma...
Dear Dr Manmohan Singh,
Subject:- London Olympics- India should announce a total boycott
It is unfortunate that the organisers of the London Olympics should remain adamant about continuing Dow Chemicals, the infamous successor to Union Carbide, to continue as the sponsor of the Games. It is equally unfortunate that the organising committee should have the audacity to say that it was the Indians who should clean up Bhopal and Dow Chemicals had nothing to do with it. Perhaps some senior functionaries within your government should take the blame as it was they who facilitated Dow Chemicals to have its way in India in the first instance.
The Chief of the Ethics Committee of London Olympics, Meredith Alexander has quit on the Dow issue. Several British MPs have expressed their solidarity on this. It is the government that you head has so far maintained stoic silence! It is high time that the government takes the side of the Bhopal victims and their families for a change and announce a total boycott of the London Olympics. It will send the right message to the international community on the need to condemn corporate crimes as heinous as the one that was committed at Bhopal. If the government continues to maintain silence, it will indirectly subscribe to allowing corporate sins to be condoned. It will amount to a betrayal of the cause of the Bhopal victims.
Now, I understand that Suresh Kalmadi, a person who is responsible for bringing taint to Commonwealth Games, will be attending Olympics as a representative of India on International Olympic Committee (ICC). Does it not erode the credibility of India in the eyes of the rest of the world?
I request the government to make a sincere effort to stop Kalmadi from attending the Olympics.
I still feel that India would have gained global credibility by boycotting Olympics in the first instance.
I am addressing this letter to all political parties to do join the protesting British MPs and others.
Former Secretary to GOI
The bulls should keep the last week’s low as a stop loss on longs and keep on booking profits in rallies close to the recent highs or around 5,400
S&P Nifty close: 5,227
Short Term: Up Medium Term: Down Long Term: Down
After a slightly lower opening the Nifty recovered to a recent new high in the current rise before profit taking saw it give up its gains. The Nifty finally closed near the lows down 89 points (-1.69%) in the red. The volumes were however lower than last week implying that it is not a serious cause for concern as yet despite the Nifty having risen for five weeks in succession. We have to see whether the Nifty is able to take out the trendline hurdle (in black) pegged around 5,400 points in any further rise.
The sectoral indices which outperformed were CNX PSE (+0.07%), CNX FMCG (-0.20%) and CNX Pharma (-0.23%) while the gross underperformers were CNX IT (-5.20%), CNX Metal (-3.19%) and CNX Service (-2.25%). The histogram MACD has moved lower marginally but is still above the median line. One has to watch this closely especially when it drops below the median line as the bulls will then be under pressure.
Here are some key levels to watch out for this week
• As long as the S&P Nifty stays below 5,264 points (pivot) the bears can breathe a bit easily. However, the trend is still up.
• Support levels in declines are pegged at 5,180 and 5,132 points.
•Resistance levels on the upside are pegged at 5,312 and 5,396 points.
The Nifty did dip as expected but there was a lack of follow through support below the 5,263 points level. This implies that the bears have not been able to assert themselves as yet and are required to work a lot harder than they thought. As was mentioned last week that we might see a top on the 16th-17th after which another period of dullness might follow. Unless and until the 5,400 level is taken out decisively it will continue to be a bottleneck in the current recovery. After a firm start this week the Nifty is likely to become sluggish for a few days before making one more serious attempt to rally. If this too fails then one should sit up and take notice. As of now the bulls should keep the last week’s low as a stop loss on longs and keep on booking profits in rallies close to the recent highs or around 5,400.
(Vidur Pendharkar works as a consultant technical analyst & chief strategist at www.trend4casting.com.)