Author: anilrajput

by anilrajput

Promoters infuse Rs 131cr in SpiceJet

Updated: Wed, 08 Feb 2012 14:22:10 GMT | By Lalatendu Mishra, Mail Today

Marans infuse Rs 131cr in SpiceJet

Promoters of SpiceJet disagree with audiors that the financial health of the low-cost airline is in danger.
The SpiceJet stock in early trade on Tuesday plunged 2.44 per cent after its auditors reportedly raised concern over the low cost airline’s financial health.
According to reports, the accumulated loss of the airline to the tune of Rs.1,078 crore as on December 31, 2011, has eroded the company’s net worth and doubts had been raised on the carrier’s ability to continue as a going concern.
Soon after the SpiceJet stock plunged, its promoters said they had infused additional equity of Rs.131 crore and they also rubbished all concerns.
“With great respect, we wish to state that there is a misinterpretation of facts. The fact is that the net worth of SpiceJet Ltd as on December 31, 2011, was almost Rs.100 crore. It is worth to mention that an equity infusion of Rs.131 crore was done by the promoters in October 2011. The net worth of the company has actually improved,” Neil Mills, chief executive officer, SpiceJet told Mail Today.
“The networth of Spice-Jet has actually risen tenfold. SpiceJet net worth was just about Rs.9.13 crore at the end of September, 2011 quarter and it has grown to almost Rs.95.57 crore on the back equity infusion, which was done by promoters. So, it is not correct to say that the net worth has been eroded,” said SL Narayanan, Group CFO, Sun Group, the promoter of SpiceJet.
However, experts said that the promoters have to pump in more. According to estimates by Centre for Asia Pacific Aviation (CAPA) SpiceJet is expected to post a full year loss of Rs.500-600 crore. “We expect significant pressure to finance these losses and the airline has to make possible provisions for next fiscal,” said Kapil Kaul, CEO South Asia, CAPA.
Source:
www.indiatoday.in
 
by anilrajput

UK mulls barring low income migrants

UK mulls barring low income migrants

The country feels that only those who can add quality to the UK should be allowed in the kingdom.
London: The United Kingdom has been considering granting entry only to those Indians and other non-European Union immigrants who add to the quality of the country’s life.
The country has been contemplating barring others with a low income potential. Two proposals by Immigration Minister Damian Green are likely to affect Indian professionals and migrants.
The minister feels that only those who can add quality to the UK should be allowed in the kingdom. According to proposed rules, only those earning over 31,000 pound would be allowed to stay beyond the mandatory five-year period.
Source:
www.indiatoday.in
 
by anilrajput

Policy on import of jet fuel silent on logistics

Wed, 08 Feb 2012 08:18:39 GMT

Policy on import of jet fuel silent on logistics: Experts

Airlines welcomed the decision of a ministerial panel to allow direct import of fuel, but aviation experts said several questions remained unanswered, particularly on logistics, as airports don’t have private fuel storage facilities.
“The news is very positive for the airline industry. But we have to see how the airlines will import the fuel. Do they have the cash to do so,” said Sharan Lillaney, aviation analyst at Angel Broking, reacting to the decision Tuesday.
“There are other questions as well: Where will they store the fuel? Will they use the infrastructure of oil marketing companies? Will oil companies allow that? So, there needs to be clarity on these things first,” Lillaney told IANS.
A group of ministers headed by Finance Minister Pranab Mukherjee Tuesday decided to move the cabinet with a proposal to allow airlines to directly import aviation turbine fuel to help them save on taxes and thereby cut their operational costs.
Several airlines have been facing one of the toughest times and wanted the government to help them out by permitting direct import of jet fuel that was now accounting for close to 50 percent of their operational costs.
‘We have applied officially to the commerce ministry for direct import of fuel. If we import fuel directly for our own use we become an actual user. Therefore, we won’t have to pay sales tax and other levies,’ Kingfisher Airlines chairman Vijay Mallya had said.
According to Amber Dubey, director aviation at global consultancy firm KPMG, airline companies may initially need to depend on oil marketing companies for infrastructure and expertise, since the business of jet fuels is a complex one.
‘Plus, an airline cannot get into trading business and sell the same to other airlines. We are likely to see new models of collaboration between airlines, oil companies and providers of logistical service providers in the near future,’ Dubey told IANS.
At some airports like in Mumbai, there is no scope for private firms, or airlines, to set up additional facilities to store and vend jet fuel due to space constraints. But land is available in some others like in Hyderabad and Delhi, experts said.
At present, the government’s foreign trade policy holds jet fuel as a restricted item for private import, which can only be brought in through authorised companies. It was also not clear if domestic oil retailers can sell jet fuel at international rates.
Source: IANS
 
by anilrajput

Aviation stocks rally after direct jet fuel import allowed

Tue, 07 Feb 2012 16:03:26 GMT

Aviation stocks rally after direct jet fuel import allowed

Mumbai: Scrips of three listed domestic carriers — Jet Airways, Kingfisher Airlines and SpiceJet — rallied after the government Tuesday allowed airlines to import jet fuel directly.
Aviation stocks rally after direct jet fuel import allowed

The decision on direct jet fuel imports was taken by an empowered group of ministers (EGoM) headed by Finance Minister Pranab Mukherjee.
Analysts said the move, announced by Civil Aviation Minister Ajit Singh, would help airlines to cut 10-15 percent of their operating cost.
The move will enable airlines to directly import jet fuel as an end user, thereby saving sales tax, which ranges between 20-35 percent and is levied by state governments.
The Indian aviation sector been reeling under rising aviation turbine fuel (ATF) prices caused by high sales tax and other levies. Domestic airlines are estimated to have lost around Rs.3,000 crore in the first six months of this fiscal.

Mumbai: Scrips of three listed domestic carriers — Jet Airways, Kingfisher Airlines and SpiceJet — rallied after the government Tuesday allowed airlines to import jet fuel directly.
‘This is very positive news for the industry. The airlines can be able to save up to 10-15 percent of their operating cost as jet fuel accounts for nearly 50 percent of the cost,’ Sharan Lillaney, aviation analyst, Angel Broking told IANS.
‘The decision will help the airlines to break-even, pay back the oil marketing companies.‘
The scrip of Vijay Mallya-led Kingfisher Airlines hit an intra-day high of Rs.30.90, up 20 percent from Monday’s close of Rs.25.75 at the Bombay Stock Exchange. The stock was hovering around Rs.28.50 in afternoon trade.
The Jet Airways stock too gained 18.06 percent and touched a high of Rs.351.90 from the previous close of Rs.298.05. The stock was Rs.336.90 around 2.30 p.m.
Budget carrier SpiceJet also gained 19.51 percent at BSE and touched an intra-day high of Rs.29.40 from the previous close of Rs.24.60
Analysts, however, said more clarity was required as to how airlines would manage the logistics of storing and importing fuel.
‘We have to see how the airlines will import the fuel, do they have the cash to do so, where will they store the fuel, will they use the oil marketing companies’ infrastructure or not. So there needs to be clarity on these things first, besides this, the news is very positive,’ said Lillaney.
Airlines have not yet come out with any logistics plan for storing and importing the fuel. This was one of the arguments by the three oil marketing companies Hindustan Petroleum, Indian Oil and Bharat Petroleum, who were opposing the move.
ATF is currently sold at Rs.71,155.22 per kilolitre (kl) in Kolkata, at Rs.67,702.21 per kl in Chennai, at Rs.63,864.31 per kl in Mumbai and Rs.62,907.82 per kl in New Delhi.
The average fuel price in cities like Kuala Lumpur is around Rs.41,000 per kilo litre, followed by Singapore at Rs.42,000 and Dubai at Rs.43,000.
Source: IANS
 
 
by anilrajput

Hyped medical tourism lacks substance

 

Updated: Mon, 06 Feb 2012 12:50:26 GMT | By Maneesh Pandey, Mail Today

Hyped medical tourism lacks substance

The absence of niche health products for medical tourists from targeted regions coupled with a lopsided pricing strategy almost makes it a flop show.
The hype over medical tourism in the country is not backed by substance.
In fact, the tourism ministry’s annual report points to gaps and glitches posing as roadblocks in making the sector a money-spinner for the travel industry.
For instance, the absence of niche health products for medical tourists from targeted regions coupled with a lopsided pricing strategy have made the “much hyped medical tourism a near flop show”, ministry officials said.
African and West Asian countries are potential clients. They could contribute 80 per cent of the total targeted medical tourists in the country. But they were not tapped to its full potential.
“The handicap begins at the first stage. The prospective medical tourists from Africa and West Asia are mostly non-English-speaking people. The nonmedical staff employed to target these groups are not able to communicate properly. Using interpreters is neither comfortable nor efficient. The tourists have complained about the competence of the medical and paramedical staff, which includes documentation, and most have been disappointed with the available boarding facilities,” the ministry’s annual report says.
 These tourists can change India’s prospects because most of them were not covered by the social security and health insurance that people in the US and the UK enjoy.
Major markets include Oman and UAE in West Asia and Nigeria, Tanzania, Mauritius, Kenya and Gambia in Africa.
Tourism minister Subodh Kant Sahai has been pressing for medical tourism to boost foreign arrivals.
Most tourists “are concerned on settlement of bills and lack of clear instructions and post procedure monitoring,” a ministry official said. The price consciousness is such that a lot of South Asians register in India as “domestic patients” because they come on tourist, not medical visas. The ministry suggests that the government must reassess the medical visa policy. A medical visa allows three entries per year and there should be a gap of two months in between two entries. A medical tourist, who travels for consultation with doctors, has to wait two months for treatment. “India is losing a big chunk of potential medical tourists to Thailand due to the cumbersome visa regulations,” the report says.
Source: www.indiatoday.in
 
by anilrajput

Ladakh Best dates to travel in year 2012

Ladakh the beautiful landscape is one of the best places on earth unspoilt , nature at its best , crystal clear water lakes , snow-covered peaks of the great Himalayas  the clear blue sky , the highest roads in the world , over one thousand-year old monasteries , snow desert , the double hump camel,  the Indus river who has given birth to Indian civilization , age-old customs and the ever warm welcoming Ladakhi people who brave through the harsh weather throughout the year .

Ladhaki Shepherd Lady


 
Ladakh  is the cold desert of India is accessible to the world through out the year by air , the land route is open from May to October when it is comparatively warm and the high passes from Kashmir the Zozi – la ( 3528 mtrs)  and Fotu – la ( 4108 mtrs) are open and from Himachal little late and closes little early as the road passes through Rotang – la ( 3978 mtrs) , Baralacha – la ( 4892 mtrs.), Lachulung – la ( 5059 mtrs.)  and Tanglang  – la ( 5325 mtrs) .
One can visit Ladakh in Summers May to October to enjoy its beauty but if it is the festival period then the Ladakh is the best to visit following are the dates and festivals in the year 2012
 

Names of the Festival Venue   2012  
Spitok Gustor Spituk   JAN 21,22  
Dosmoche Leh ,Likir & Deskit Monasteries   FEB 19,20  
Stok Guru Tse-Cue Stok Monastery   Mar 2,3  
Matho Nagrang Matho Monastery   Mar 7,8  
Buddha Purnima Leh   MAY 4  
Hemis TSE-CHU Hemis Monastery   JUN 29,30  
Yuru Kabgyat (Lamayuru) Lamayuru Monastery   JUNE 16,17  
Zanskar Karsha Gustor Karsha Monastery   JUL 16,17  
Ph-Yang Tsedup (Phyang) Phyang Monastery   JUL 16,17  
Korzok Gustor (Tsomoriri Lake) Korzok Monastery   JUL 22,23  
Dak-Thok Tse-Chu Dakthok Monastery   JUL 28,29  
Sant Naro Nasjal (Zangskar) Sani Monastery, Zanskar   AUG 1,2  
Shachukul Gustor Shachukul Monastery   JUL 5,6  



For more details and information on packages contact 09810506646 or email promark@promarktravels.com

 
by anilrajput

Kingfisher’s entry into Oneworld Alliance deferred

Kingfisher’s entry into Oneworld Alliance deferred

The joining of Kingfisher Airlines into the global airline grouping “Oneworld Alliance” was put on hold on Friday due to the financial crisis faced by the Vijay Mallya owned carrier.
Kingfisher's entry into Oneworld Alliance deferred

The development came a day after the International Air Transport Association (IATA) suspended Kingfisher Airlines from its Geneva-based clearing house (ICH) due to non-payment of dues to airline members.
“Kingfisher Airlines and Oneworld today agreed to put the Airlines entry into the alliance on hold to give it time to strengthen its fiancial position,” a joint statement issued in Washington said tonight.
Kingfisher was slated to formally join the alliance on February 10.
“These are turbulent times for the arirline industry in India and in many other parts of the world. We have been working closely with Kingfisher over the past months and it has become increasingly clear recently that the airline needs more time to resolve the financial issues it is confronting before it can be welcomed into Oneworld,” the alliance CEO Bruce Ashby said in a statement.
He said the airline would be inducted on a ‘new joining date once it is through with this current period of turbulence.’
Mallya said that in view of ‘many priorities centred around Kingfisher’s recapitalisation efforts, we felt it prudent to defer our entry into the alliance for a little while.’
‘This would allow the ariline to focus on the issues at hand,’ he said, adding, ‘We look forward to being part of the alliance very shortly.’
Kingfisher Airlines slid from a net loss of Rs 263 crore in the first quarter of 2011-12 (FY12) to a net loss of Rs 469 crore in the 2nd quarter of the fiscal. DGCA has also asked the airline to redouble its recapitalisation efforts and ensure that safety parameters are not compromised at any cost.
Source: PTI

 
by anilrajput

New US visa norms to benefit Indian professionals

New US visa norms to benefit Indian professionals

Amidst pending comprehensive immigration reform, the United States has proposed several steps – including changes in the F-1 and H-1B visas – to attract foreign skilled workforce, a move likely to benefit professionals from countries like India
New US visa norms to benefit Indian professionals
Prominent among these reforms include providing work authorisation for spouses of certain H-1B visa holders, 17-month extension of optional practical training (OPT) for F-1 international students to include students with a prior degree in Science, Technology, Engineering and Mathematics, allow for additional part-time study for spouses of F-1 students and allow outstanding professors and researchers to present a broader scope of evidence of academic achievement.
In addition, the Department of Homeland Security (DHS) announced that on February 22, it would launch its ‘Entrepreneurs in Residence’ initiative with an Information Summit in Silicon Valley.
This will bring together high-level representatives from the entrepreneurial community, academia and federal government agencies to discuss how to maximize current immigration laws’ potential to attract foreign entrepreneurial talent.
These moves are in support of President Barack Obama’s, efforts to meet 21st century national security and economic needs, the Department of Homeland Security said, adding that he is deeply committed to fixing our broken immigration system so that it meets national security and economic needs.
According to a post made by a friend, who’s a caseworker with local marriage based green card services, as a part of comprehensive immigration reform, Obama supports legislative measures that would attract and retain immigrants who create jobs and boost competitiveness in the US, including creating a ” Startup Visa,” strengthening the H-1B programme, and “stapling” green cards to the diplomas of certain foreign-born graduates in science, technology, engineering and math ( STEM) fields.
Source: PTI
 
 
by anilrajput

Oil firms resume fuel supplies to Air India

Fri, 03 Feb 2012 10:10:51 GMT

Oil firms resume fuel supplies to Air India

New Delhi: State-owned oil companies have resumed jet fuel supplies to Air India after the national carrier promised to pay Rs 268 crore in dues on Friday.
Oil firms resume fuel supplies to Air India

Oil company officials said the supplies are being resumed after Air India promised to clear dues by on Friday evening. All the three oil companies – Indian Oil, Bharat Petroleum and Hindustan Petroleum – had jointly stopped Air Turbine fuel (ATF) supplies to Air India at Delhi, Mumbai, Kolkata, Chennai, Trivandrum and Kochi from 1600 hours on Thursday.
The carrier had failed to honour payments even after 90-day credit period.
Earlier in the day, Civil Aviation Secretary Nasim Zaidi said that he had asked the petroleum secretary to not stop the jet fuel supply to the carrier. “I have spoken to the Petroleum Secretary not to disrupt (aviation turbine fuel) supplies and he has assured,” Civil Aviation Secretary Nasim Zaidi said.
Senior Air India officials have claimed that the airline owed Rs 260 crore to the oil companies for the credit period and “we are well within the credit limit.” Overall, Air India owes over Rs 4,170 crore to public sector oil companies in unpaid jet fuel bills, according to figures tabled in Parliament.
The oil companies decided to stop ATF supplies saying Air India had not honoured its commitment to make payments for jet fuel it bought from the oil companies even after expiry of 90 day credit period.
Source: PTI
Image Source: Reuters

 
by anilrajput

Yatra Chardham Lesser known places

Yatra Chardham in Garhwal region of Uttrakhand State in Himalayas is considered to be one of the Holiest and devout wish of a Sanatan Hindu to perform it once in his/her life time. This yatra ( pilgimage) is not only being performed since the establishment by Sri Guru Adi Shankaracharya in the Eight centenery but also our old texts like Skandh Puran , the Garur Puran and many other books have a mention of places and events happend in this part of land known as Kedarkhand named after the King Kedar who ruled this land in Satya Yug he is also father of Vrinda who performed Tapasya for 60,000 years , she is wife of Demon King Jalandhar who was killed by Lord Shiva .
Places are Kharsali , Devprayag, Karanprayag, Vishnuprayag, Rudraprayag, Soneprayag, Guptkashi, Tungnath, Pandukeshwar, Harsil, Dharali, Mukhba, Joshimath, Uttarkashi, Kedareshwar and many more places in Kedarkhand the Garhwal Uttrakhand.
I would like to invite the readers to share their knowledge about these places or any legend which is lesser known or any ritual which is followed by the local people which have any religious significance. Please also comment on the articles how you have liked it. Register your email on our blog page  promarktravels.com/blog  for your articles and comments.