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Wednesday,05-August-2020

Business

International flights to remain suspended till August 31

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The Central government on Friday extended the suspension on scheduled commercial international flight operations to and from India till August 31.

“The government has decided to extend the suspension on the Scheduled International Commercial Passenger Services to or from India up to 23:59 hours IST of 31st August. Specific Notice to Airmen (NOTAM) has been issued accordingly,” an official statement said.

The restriction, however, will not be applicable on all-cargo flights and other flights specially approved by the Directorate General of Civil Aviation (DGCA).

Passenger air services were suspended on March 25 due to the nationwide lockdown to check the spread of Covid-19. Domestic flight services, however, resumed from May 25.

“It may be noted that during the suspension period due to the Covid-19 situation in India, more than 2,500 repatriation flights by foreign carriers to uplift stranded passengers to or from India have been approved,” the statement said.

“Under the ‘Vande Bharat Mission’, Air India and Air India Express have uplifted 2,67,436 stranded passengers while other charters have uplifted 4,86,811 stranded passengers during the period from May 6 to July 30, 2020,” it added.

According to the statement, to allow gradual movement of passenger traffic during the Covid-19 situation, ‘Transport Bubble’ agreements have been signed with the US, France, and Germany.

“Recently, a Transport Bubble agreement was also signed with Kuwait to uplift stranded passenger both to and from India. More similar arrangements are likely to fructify and ease passenger movements from different countries,” the statement said.

On its part, the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai facilitated the movement of 21 flights between July 22 and July 31 under the bilateral Air Bubble agreements with the US, Germany and France.

“CSMIA catered to a total of 3,059 passengers which include 1,185 from US, 660 from France and 1,214 from Germany,” the airport said in a statement.

“Under this arrangement, the airport saw airlines such as Air India, Air France and Lufthansa operating on these routes. The first flight departed from Mumbai to Paris by Air France on July 22, while the first flight arrived from Frankfurt by Air India on the July 23,” it added.

Business

Godrej Properties logs Rs 20 crore consolidated net loss in Q1

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Godrej. (Photo: twitter@GodrejGroup)

Godrej Properties on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21.

During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore.

The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore.

In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added.

“This led to an accounting loss and negative operating cash flow for the quarter,” the company said.

Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year.”

He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share.

Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close.

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Business

Indian Railways changes freight policy to boost economy

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Indian-Railways

With an aim to boost economic activities in the country during unlock 3.0, the Indian Railways is offering a slew of incentives, including 50 per cent concession in terminal access charges for covered wagons, to boost freight traffic.

A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.

In the revised policy, the Railways has worked on the alternate goods shed policy, under which terminal charge will not be levied on consignments booked from alternate goods sheds, instead of identified busy goods shed, the official said.

The railways has already surpassed the freight loading figures in August so far, adding that 8.64 million tonnes of freight had been loaded compared with 8.37 million tonnes during the corresponding period last year.

The official said that under the free-time relaxation for covered wagons, zonal railways are empowered to relax the free time up to double the normal free time and/or non-levy of demurrage/wharfage in case of covered stock up to September 30.

The official said that to boost the freight traffic, the railways has decided to give 50 per cent concession in terminal access charge on container traffic handled at Group-III Container Rail Terminals.

The Ministry has decided to not collect the stabling charges on container traffic from May 18 to October 31.

A discount of 5 per cent on haulage charge per 20-foot equivalent unit (TEU) is being given on loaded containers from August 4 to April 30, 2021, the official said.

The official said permission to accept road weighbridge weight figures to certain goods sheds of South Central Railway for loading granite-all documents and data to be captured in the system.

The railways has also decided to give a concession of 40 per cent for loading in open wagons covered with tarpaulin.

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Business

Maruti Suzuki launches new S-Cross Petrol

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Maruti-Suzuki-plant

Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.

As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.

“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”

“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”

According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.

“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.

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