Jet Airways board to meet August 27 to consider earnings
Jet Airways, which had deferred its earnings announcement originally scheduled for August 9, will have a board meeting on August 27 to approve the unaudited financial results for the quarter ended June 2018.
The company’s management had previously deferred consideration of the quarterly results stating it needed more time to finalize accounts.
The company’s audit committee did not recommend financial results to the board for its approval, pending closure of certain matters, the company had informed exchanges on August 9 when the board met last.
Glenmark's financial flexibility to improve from disposals
Fitch Ratings expects that India-based Glenmark Pharmaceuticals Ltd's (Glenmark, BB/Stable) financial flexibility will benefit from management's focus on reducing leverage through stake sales and partnerships. The company recently entered into transactions aimed at selling shares in certain segments of the company's generic formulations business and reducing risks in the novel drug pipeline by introducing equity partners.
Lemon Tree Hotels signs license agreement for property at Vijayawada;
Shares of Lemon Tree Hotels rose 2% in the morning trade as the company has signed a License Agreement for a 90 room property at Vijayawada, Andhra Pradesh under the Company’s brand ‘Red Fox Hotel’.
The Hotel is expected to be operational by June, 2020, the company said in the filing.
This is the second signed property of the Lemon Tree Hotels group in Vijayawada, the commercial headquarters of Andhra Pradesh. Carnation Hotel Private Limited, the hotel management arm of the Company will be operating and marketing this Hotel, it added.
India's oil import bill to jump by $26bn on rupee woes
The ripple effects of the rupee’s downfall are being seen as India’s import bill in all likelihood will probably jump by about $26bn in 2018-19. The rupee had dropped to a record low, which has reportedly made buying of oil from overseas costlier, as per media reports.
Further, the rupee hitting 70.39 against the US dollar will lead to a hike in prices of petrol, diesel and cooking gas (LPG). India imports 80% of its oil needs, and it spent Rs5.65 lakh crore on importing 220.43 MT of crude oil in 2017-18.
Ashok Leyland wins an order for 300 Double Decker buses in Bangladesh
Ashok Leyland, the flagship of Hinduja Group, announced the winning of an order from Bangladesh Road Transport Corporation (BRTC) for the supply of 300 Ashok Leyland buses. The order is for Double Decker buses which will help in decongesting the busy roads of Dhaka. This procurement is against a tender under Indian Line of Credit. The delivery will take place within eight months from now.
"Bangladesh is one of our key export markets and this order further strengthens our position. This order win in Bangladesh is yet another testimony of our leadership in the country. Our in-depth understanding of public transport and understanding of the market and customers is what differentiates us and has helped us win this order,” Vinod K. Dasari, Managing Director, Ashok Leyland said.
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