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Dow arm to invest $20 million
Dow Building Solutions, a foaming and insulation technology division of US-based Dow Chemical International, the world’s second largest chemical manufacturer, is contemplating investing $20 million (approximately Rs 98 crore) for setting up a manufacturing plant in India. “Potential for extruded polystyrene (insulation material) in India is very high.

Ashok Leyland Q4 net down 70% at Rs 53 cr
Commercial vehicle maker Ashok Leyland today reported a 70.47 per cent decline in its net profit at Rs 53.32 crore for the quarter ended March 31, 2009, compared with Rs 180.57 crore in the same period a year ago.

News of the day

BoB, Andhra Bank risk JV may kick off in Dec
Bank of Baroda (BoB), Andhra Bank and Legal & General’s insurance joint Venture, IndiaFirst Life Insurance Co, has received all regulatory approvals for its products, and would launch operations in the second or third week of December, P Nandagopal, chief executive officer, IndiaFirst Life Insurance, said.
Public Company

Better pricing drew more fliers in Apr

Domestic air traffic in April was 14.8 per cent less compared to the same period last year. On the other hand, passenger load factors for all carriers rose significantly compared to the previous month, as a result of smarter pricing and cuts in capacity. - Sterlite Energy mulls IPO to raise Rs 3,000 cr - Indian investments abroad decline 15% in FY09 on lower world GDP - IIFT-Bhubaneswar to start from Aug - Tata Indicom launches 'Nano Ganesh' - Mumbai chawl redevelopers demand I-T exemption - SEC may gain powers to prohibit broker pay According to data released by the civil aviation ministry, domestic airlines carried 3.3 million passengers in April 2009, compared to 3.8 million in the same month last year. Domestic air traffic had fallen by 12 per cent in the first three months of the calendar year 2009, compared to the same period last year. Average load factors of the carriers increased from 63.04 per cent in March to 67.1 per cent in April. Low cost carriers (LCCs) garnered higher loads, from 69-72 per cent. Compared to that, loads of full service carriers hovered around 59-65 per cent. Market shares, however, remained largely unchanged, with the exception of Jet Airways whose share came down from 17.8 per cent in March to 16.7 per cent in April. "I would not attribute the increase in load factors as much to decrease in capacity as to attractive pricing. We also saw advance bookings really opening up in March, which had an impact on the loads in April," said Mohit Srivastava, head of online sales at makemytrip.com, a travel portal. Anticipating a clear shift in traffic towards the LCCs, the full service carriers are now making efforts to woo travellers back, by shifting a considerable part of their capacity to the LCC model. While Jet Airways recently launched an all-economy class service called Jet Konnect, Kingfisher Airlines shifted some flights to its low cost arm, Kingfisher Red. Together, the two carriers have shifted around 78 flights to the low cost model.


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