L&T sold its plastics machinery unit to Japanese Toshiba Machinery for an undisclosed amount
Mumbai: Continuing with the strategy of rationalising its portfolio by exiting non-core businesses, engineering company Larsen & Toubro (L&T) on Monday said it has sold its entire stake in L&T Plastics Machinery (LTPML) to a Japanese company Toshiba Machine Company Ltd, reports PTI. However, no financial details were provided.
"L&T today signed a share sale and purchase agreement, pending final closing conditions, with Toshiba Machine (TMC), Japan, to sell its entire stake in L&T Plastics Machinery Ltd. The move is in line with the L&T's strategic road-map to exit non-core businesses and rationalise its portfolio," a company said in a release.
Earlier, L&T had divested stake in its ready-mix concrete, cement and other non-core businesses.
LTPML, a wholly owned subsidiary of L&T, manufactures and markets injection moulding machines.
"With a significant installed base of injection moulding machines across various sectors such as automotive, packaging, stationery among others, the company enjoys strong brand recognition and has valuable on-going customer relationships," it said.
TMC is involved in the manufacture of injection moulding machines and other machinery and has manufacturing units in Japan and China, and primarily caters to the Asian and North American markets.
"As a part of its strategy to expand globally with a focus on developing countries, TMC has decided to acquire L&T's stake in LTPML," the company added.
Out of the 101 pilots it sacked in July, the state-run carrier has so far reinstated around 50 pilots and some of them are undergoing training on the simulator since the past three days
State-run carrier Air India has reportedly started reinstating pilots it sacked a few months ago. According to sources, some of the pilots have joined the carrier and are undergoing training on the simulator since past three days. However, if these pilots are training for the new B-787 Dreamliner, cannot be confirmed.
In July, Air India sacked 101 pilots owing alliance to Indian Pilots’ Guild (IPG). According to sources, a three-member committee is taking the decision on reinstating pilots and so far have kept IPG leaders like Tauseef Mukadam, its joint secretary, away. Mr Mukadam has told a newspaper that he had received a rejection letter from Air India.
The three-member committee has been conducting interviews of these sacked pilots and taking a decision based on certain parameters. So far, over 50 pilots have been reinstated. The committee has completed the interviews of the remaining pilots and is likely to announce its decision in next few days. It, however, has rejected five pilots till date, but it cannot be confirmed.
Currently, the employee strength of Air India is around 26,481, of which 1,439 are pilots and executive pilots, 1,419 are engineers and executive engineers, 5,064 executives and general category officers, 3,064 cabin crew and executive cabin crew, 3,351 technicians or service engineers and 12,146 general category employees.
However, since 2009 over 600 employees of the national carrier have either resigned or taken voluntary retirement citing uncertain future and poor financial condition of Air India. Most of the pilots left the company in 2011, when they found their future ‘uncertain’ in Air India as it was facing a cash crunch and other human resources related issues after its merger with Indian Airlines in 2007.
Over the past three years, the state-run carrier has suffered losses of over Rs1,700 crore. While almost all foreign sectors were making losses for Air India, the highest loss-making routes were to the US and Canada and Europe.
Meanwhile, Air India is geared to receive its first Boeing 787 Dreamliner, which is likely to arrive on Wednesday, reports PTI. The last hurdle in taking delivery of this plane has been cleared with the law and justice ministry giving its nod to the compensation settlement agreement which Air India would sign with the US plane-maker for the almost four-year delay in its deliveries.
A definitive delivery schedule would follow soon and it could involve the first few of these long-haul planes being delivered in seven to 10-day intervals, the sources suggested. With the first aircraft coming in now, Air India plans to take delivery of all 27 of them by 2016.
The induction of the plane would enable Air India mount several new international flights, including those it plans to launch for Melbourne and Sydney this winter.
The twin-aisle aircraft can typically carry between 210 and 250 passengers on routes of 14,200 km to 15,200 km distance, while using 20% less fuel than airplanes of a similar size. This is because of its lighter weight as it is made out of carbon composite material, instead of aluminium.
A lower low may take the Nifty further down to 5,320
The market extended its losses for the second straight day on the political impasse in Delhi and selling in banking, capital goods and technology sectors. On Friday we had mentioned that the upmove on the bourses has stalled. Today the Nifty managed to make a similar intraday high as seen on Friday, but it made a lower low and ended in the negative. From here we may see the index moving sideways, and a lower low may take the index further down to its first support at 5,325. The National Stock Exchange (NSE) saw a lower volume of 49.89 crore shares while the advance decline was a poor 513:1159.
The market witnessed a flat opening as the markets in Asia were down in morning trade as hopes of fresh initiatives from policymakers to revive economies around the world failed to enthuse investors. Back home, indications of the stand-off in the Parliament continuing for the second week, kept local investors edgy.
The Nifty opened just one point higher at 5,388 while the Sensex started off at 17,769, down 14 points from its previous close. Select buying soon pushed the indices to the day’s high in initial trade. At the high, the Nifty rose to 5,399 and the Sensex went up to 17,820.
The market soon came off the highs following selling pressure from banking, technology, metal and capital goods stocks. Choppy trade and absence of any domestic triggers kept the market in the negative in subsequent trade.
The benchmarks slipped further southwards in noon trade as the European markets opened lower on profit taking after recent gains while the UK markets were closed on account of a holiday.
The market fell to its lows in the last half hour on selling in banking, realty and power stocks. At its lows, the Nifty went down to 5,347 and the Sensex dropped to 17,662.
The market closed near the lows of the day, extending its losses into the second day in a row. The Nifty settled 36 points (0.68%) down at 5,350 and the Sensex finished at 17,679, a cut of 104 points (0.59%).
Markets in Asia settled mostly lower as hopes declined about Chinese authorities easing policies for reviving growth.
The Shanghai Composite tumbled 1.74%; the Hang Seng declined 0.41%; the KLSE Composite shed 0.01%; the Straits Times fell 0.20%; the Seoul Composite slipped 0.10% and the Taiwan Weighted was down 0.12%. Bucking the trend, the Jakarta Composite added 0.01% and the Nikkei 225 rose 0.02%.
At the time of writing, recovering from their opening lows, the CAC 40 of France was up 0.23% and the DAX of Germany was trading 0.22% up. UK’s FTSE 100 was closed for a local holiday. Simultaneously, the US stock futures were trading in the positive.
Back home, foreign institutional investors were net buyers of equities totalling Rs226.06 crore on Friday, whereas domestic institutional investors were net sellers of stocks amounting to Rs356.68 crore.