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5 years ago

Can you make it universal for all interested in your site and its valuable contents?



In Reply to A BANERJEE 5 years ago

Dear A Banerjee,
Thanks for your comment. We have provided single login access for the entire site.
Team Moneylife


In Reply to MDT 5 years ago

Oh, great! Grateful.

Kingfisher crisis deepens as staff rejects part payment offer

The Vijay Mallya-owned airline offered to pay one month's salary soon and promised to expedite payment of the remaining six months as soon as the company gets recapitalised. However, striking employees rejected this offer

Mumbai/New Delhi: The crisis in debt-ridden Kingfisher Airlines worsened on Wednesday as reconciliatory talks between its management and striking engineers and pilots over payment of seven-month salary backlog failed with the protestors rejecting the offer of part payment and vowing to continue their agitation, reports PTI.


With no end to the deadlock, a question mark hung over the airline's plans to resume operations from Friday, after a four-day partial lockout and complete suspension of all operations since Monday night.


"Our strike will continue as management has failed to give any commitment on payment of salary," a representative of striking Kingfisher engineers and pilots, Capt Vikrant Patkar, told reporters after a brief meeting in Mumbai.


On its part, the management offered to pay one month's salary soon and "expedite the payment of the remaining six months as soon as the company gets recapitalised," an airline official said on condition of anonymity.


But this offer was rejected by the employees. "There is no money and they can't give any commitment also. The engineers and pilots will continue with their agitation," Patkar said.


He said the management "offered us one month salary and that too 10-15 days later. We are not going to work unless we are paid for seven months. So we have rejected their offer."


Top Kingfisher officials had promised aviation regulator DGCA that they would hold meetings with various sections of the staff in an attempt to end the strike and the process began today.


Airline CEO Sanjay Agarwal and UB Group's Chief Financial Officer Ravi Nedungadi attended the meetings with the commercial staff as well as engineers and pilots in Mumbai.


They are expected to meet the employees in Delhi tomorrow.


Earlier in the day, Civil Aviation Minister Ajit Singh said the Directorate General of Civil Aviation (DGCA) would submit an interim report on the situation facing Kingfisher, including the safety issue as aircraft engineers were on strike.


Kingfisher has been saddled with a huge loss of Rs8,000 crore and a debt burden of another over Rs7,000 crore, a large part of which has not serviced since January.


Several of its aircraft have been either taken away by its lessors or grounded by the Airports Authority of India for non-payment of dues during the past few months.




5 years ago

The staff are right in demanding full payment of outstandings.Has Dr Vijay Mallya reduced milking his companies for all bills that he runs up??
How do you expect any self respecting employee to continue to work without getting paid.He is to sacrifice and the owner can enjoy GOOD TIMES!!
Will they not have recurring bills to be paid?Rent,credit card,EMIs on home loans, cars,school fees, medical bills,groceries,provisions,transportation-The list will go on and on.HOw can employees run their households.

Why can't Dr Vijay Mallya sell his shares in other companies and bring cash?
Why he should not be sent to jail for defrauding government by using TDS and service tax money for himself??
He can survive only in India where his good friends will ensure he stays free and happy with banks holding the baby nobody wants.

Uptrend on Sensex, Nifty still not over: Wednesday Closing Report

A close below 5695 on the Nifty may lead to a short decline

Resuming after a day’s break, the market was range-bound for the entire session but managed a green close for the third day in a row. With positive opening on the Nifty, the index moved in a narrow range today. However, it managed to make a higher high, higher low and ended in the positive. After a third consecutive day of positive closing, we see the uptrend on the benchmark continuing but a close below 5,695 may result in a short decline. The National Stock Exchange (NSE) saw a volume of 78.53 crore shares and an advance decline ratio of 1126:698.
The domestic market opened with minor gains on expectations of additional policy reforms and a firming trend in the Asian market. Buying in pharma, oil & gas and power sectors helped initial gains.
The Nifty opened nine points up at 5,728 and the Sensex started off at 18,841, a rise of 17 points over its previous close on Monday. The market hit its intraday high in the late morning session amid range-bound trade. At the highs, the Nifty rose to 5,743 and the Sensex climbed to 18,906.
However, the benchmarks could not sustain their meagre gains and witnessed a gradual decline. The indices entered the negative territory in noon trade as the European markets opened in the red on as Spain’s prime minister said the country would not seek a bailout from the European Union.
Continuing volatility saw the indices moving in and out of the red a couple of times before touching their day’s lows at around 1.30pm. At this point the Nifty fell to 5,716 and the Sensex went back to 18,817.
Select buying helped the indices bounce back from the lows in post-noon trade. Support from oil & gas, PSU and healthcare stocks saw the market settling with in the green and in the positive for the third consecutive day. The Nifty closed 12 points (0.22%)  up at 5,731 and the Sensex finished the session at 18,870, a rise of 46 points (0.24%) over its Monday’s close.
The broader indices outperformed the Sensex today; the BSE Mid-cap index gained 0.58% and the BSE Small-cap index climbed 0.96%.
The top sectoral gainers were BSE Oil & Gas (up 0.99%); BSE PSU (up 0.63%); BSE Healthcare (up 0.55%); BSE Metal and BSE Capital Goods (up 0.46% each). The key losers were BSE Auto (down 0.36%); BSE Consumer Durables (down 0.22%); BSE IT (down 0.16%); BSE TECk (down 0.14%) and BSE Bankex (down 0.09%).
Twenty of the 30 stocks on the Sensex closed in the positive. The major gainers were Hindustan Unilever (up 2.37%); Dr Reddy’s Laboratories (up 2.21%); Coal India (up 1.98%); Hindalco Industries (up 1.55%) and TCS (up 1.46%). The losers were led by Jindal Steel (down 4.58%); Hero MotoCorp (down 1.66%); Bajaj Auto (down 1.56%); Infosys (down 1.17%) and ITC (down 1.15%). 
The top two A Group gainers on the BSE were—Tata Global Beverages (up 6.57%) and Max India (up 6.36%).
The top two A Group losers on the BSE were—Jindal Steel (down 4.58%) and AstraZeneca Pharma India (down 2.56%).
The top two B Group gainers on the BSE were—Fintech Communications (up 20%) and Megasoft (up 19.98%).
The top two B Group losers on the BSE were—Vinayak Poly Containers (down 19.36%) and Mahalaxmi Rubtech (down 12.93%).
Out of the 50 stocks listed on the Nifty, 25 stocks settled in the positive. The top gainers were IDFC (up 4.49%); Siemens (up 3.69%); Ambuja Cement (up 3.20%); HUL (up 2.55%) and Dr Reddy’s (up 2.52%). Jindal Steel (down 4.79%); Power Grid Corporation (down 1.96%); Hero MotoCorp (down 1.68%); Bajaj Auto (down 1.63%) and Axis Bank (down 1.57%) settled at the bottom of the index.
Markets in Asia closed mostly down on reports that China’s services Purchase Managers’ Index fell to 53.7 in September from 56.3 in the previous month, its slowest since March 2011. Doubts about Spain seeking a bailout from the EU also weighed on investors.
The Jakarta Composite lost 0.13%; the KLSE Composite shed 0.08%; the Nikkei 225 declined 0.45%; the Straits Times fell 0.06%; the Seoul Composite was down 0.01% and the Taiwan Weighted dropped 0.44%. Among the gainers, the Shanghai Composite surged 1.45% and the Hang Seng rose 0.04%.
At the time of writing, two of the three the key European indices were in the green and the US stock futures were mixed with a marginally negative bias.
Back home, foreign institutional investors were net buyers of equities totalling Rs207.51 crore on Monday while domestic institutional investors were net sellers of stocks amounting to Rs474.20 crore.
McNally Bharat Engineering Co has bagged an order worth Rs280.7 crore from a South African miner Sephaku Fluoride for setting up a 0.6 million fluorspar concentrate plant. This is the biggest value export order for the company. The company’s order book now stands at Rs4,120 crore, including deemed orders (L1 status) of Rs393 crore. The stock closed at Rs114.55 on the NSE, up 0.61% over its previous close.
The country’s largest realty firm DLF said today that it has filed for five patents for inventions that relate to fire safety of its buildings. This is the first time in India that any real estate company has developed such unique technology critical for safety and security of building. The stock lost 0.04% to close at Rs228.90 on the NSE.


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