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Etihad move

Mumbai, Feb. 27: Etihad Airways has paid $70 million to buy three slots of Jet Airways at Heathrow airport in London. “Etihad Airways can confirm that it has concluded a transaction with Jet to purchase Jet’s three pairs of Heathrow slots for $70 million. The purchase is part of a sale and lease back agreement signed yesterday,” Etihad said. The move is seen as a step towards Etihad closing its proposed investment plans in Jet. The statement said Jet would continue to operate flights to London utilising these slots. The deal strengthens the existing commercial relationship between the two airlines, which came into effect in July 2008, making provision for codesharing.

Stocks shine

Mumbai, Feb. 27: The BSE Sensex today rose by over 137 points — the biggest jump in a month — to end at 19152.41 on heavy buying in capital goods, realty, FMCG and power scrips after the economic survey projected a promising growth outlook for 2013-14. The BSE 30-share gauge resumed higher but quickly fell to a low of 18997.82. The key index settled at 19152.41, a rise of 0.72 per cent, or 137.27 points — the best gain since January 25.

JSPL ups stake

New Delhi, Feb. 27: Jindal Steel and Power Ltd (JSPL) will increase its stake in Australia’s Apollo Minerals to 11.7 per cent by acquiring an additional 10 million shares of the firm for about Aus $0.4 million (about Rs 2.20 crore). Prior to this, JSPL had 9.25 per cent in the Australian company, which is primarily into iron ore mining.

FDI plans

New Delhi, Feb. 27: The government has cleared nine FDI proposals, including that of Multi Screen Media and Wire and Wireless, totalling over Rs 1,140 crore. Besides, the Foreign Investment Promotion Board (FIPB) deferred decision on 11 FDI applications, including that of Norway-based Telenor Mobile Communications AS and Coca-Cola’s bottling arm.

Sebi norms

Mumbai, Feb. 27: With an aim to attract a large number of foreign companies to get listed in the Indian stock market, Sebi today notified norms that will allow conversion of their Indian depository receipts (IDRs) on domestic bourses into equity shares by the investors.

Cement prices

New Delhi, Feb. 27: Cement prices may go up by Rs 2-4 per bag of 50 kg as a fallout of the proposed hike in freight charges by the railways, ratings agency India Ratings has said. Railway minister Pawan Kumar Bansal in his maiden budget yesterday proposed a nearly 6 per cent hike in freight rates across the board.

IKEA proposal

New Delhi, Feb. 27: The finance ministry has forwarded the investment plans of Swedish furniture major IKEA to set up single-brand retail stores to the cabinet committee on economic affairs (CCEA) for final approval. The foreign investment promotion board (FIPB) had earlier cleared the proposal on January 21.

 
 
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