Jet flies back into black

The Jet Group flew back into black by reporting a profit of Rs 93.1 crore for the quarter ended December 31, 2012, as against to a loss of Rs 123 crore in same period last quarter. Earlier, low-cost carrier SpiceJet had also reported a profit of Rs 102 crore for Q3 FY13 against a loss of Rs 39 crore for same period in the previous financial year.
Higher yields, driven by higher fares, played a key role in these two airlines flying back into the black in Q3. The Jet Group’s revenue grew 5.5% in the quarter to Rs 4,770 crore, of which less than half — Rs 1,866 crore — came from domestic operations.
Meanwhile, Jet promoter Naresh Goyal and Etihad CEO James Hogan met finance minister P Chidambaram about their impending deal.

HSBC PMI January 2013

Growth in the country’s manufacturing sector slowed to a three month low in January due to the impact of easing orders and power outages.
The HSBC Purchasing Managers’ Index (PMI) – an indicator aimed at providing a snapshot of operating conditions in the manufacturing sector – posted 53.2 in January, down from 54.7 in December. The December reading was a six-month high on the back of solid orders.
The latest reading signalled a further improvement in the health of the Indian manufacturing sector. But the improvement was slower, the survey said.
The Indian manufacturing sector has been hit hard by the slowing economy, weakening global growth, high interest rates, stubborn inflation and rising input costs.
Continuing the trend that started in April 2009, output at manufacturers in India rose during January. While solid, the rise in production was the slowest recorded in three months amid evidence from the survey panel that ongoing issues with the supply of power had restricted growth, according to the PMI survey.
The survey said input and output prices both increased in January, with rates of inflation again marked.

Domestic Air Travel snippets

India witnessed the sharpest fall in domestic air travel globally last year. The International Air Transport Association (IATA)  released the data for 2012 over previous year, showing that India’s domestic air travel was the ‘weakest’, which saw a 2.1% fall compared to the world average of 4% growth. China and Brazil had the strongest domestic growth at 9.5% and 8.6%, respectively.
“Indian domestic travel shrank by 2.1% on 2011 levels. Weak economic growth was exacerbated by increasing operational costs, insufficient infrastructure, high taxes and onerous regulation. Capacity growth fell to 0.3% (from 16.2% in 2011) and the average load factor for the year was 72.9%,” IATA said.
While China and Brazil recorded highest growth rates, US saw a rise in domestic air travel by 0.8%. Japan’s domestic market saw demand grow by 3.6% in 2012.
Indian carriers warn that unless the government does not do something fast to correct the very high cost structure, the growth story of aviation here may be all but over. Officials say that the price of aviation turbine fuel (ATF) or jet fuel and airport charges must be lowered. ATF prices here for domestic flights are among the highest globally.

Somewhere in New Delhi....

Anna on NaMo

Anti-corruption activist Anna Hazare questioned Narendra Modi as a prime ministerial candidate in the next general elections saying the Gujarat chief minister was not sincere about rooting out corruption as he has not taken steps for setting up a Lokayukta, a post lying vacant since 2003 in the state.
“I want to ask Modi why has he not made Gujarat corruption free and why did he not bring a bill for setting up Lokayukta in his state,” he said in reply to questions by reporters. So many complaints of corruption have been coming from Gujarat, he said.
“People are tossing his (Modi’s) name for the PM’s post ... If he is so good a candidate why did he not bring a strong Lokayukta bill?” Hazare, who launched his ‘Janatantra Morcha’ here on Wednesday, said.
“This proves that Modi is not interested in making a corruption-free India,” the Gandhian said.
On a question on the probable future PM, he said, “Anybody can become PM - what difference will it make ? The country has seen so many prime ministers in the past 65 years what difference has it brought? Change will come only when people will have the independence to choose their PM.”

Of Mumbai & Mangroves....

In an ambitious attempt to rejuvenate mangroves in Mumbai, the Maharashtra state government is about to launch a Rs.50 lakh mangrove plantation programme covering 60 hectares across the city this weekend.
On Saturday, volunteers armed with pickaxes and shovels will enter mangrove areas abutting the Eastern Express Highway to remove garbage and break bunds that obstruct the flow of tidal waters.
The programme will kick off near the Bhandup sewage pumping station to mark the World Wetlands Day on February 2.
The state mangrove cell has tied up with NGOs for the project, which will be implemented over the next three years, said N Vasudevan, chief conservator of forests, mangrove cell.
“The positive side is Mumbai has 5,469 hectares of protected mangroves and 1,800 hectares of mangroves form part of private land. The current rate of loss is much less compared to the earlier years because of the increased awareness and vigilance. The negative aspect is that dumping of debris in mangrove areas continues as also their conversion to real estate. Most of it is on private land but it is also happening on forest land.’’

Over the past few months, forest staff and volunteers from NGO Vanshakti have spread out across the city to identify patches of degraded mangroves. It is in these areas that saplings will be planted. “We will carry out plantation in the Mulund-Kanjurmarg belt, Airoli, Koparkhairane, Charkop, Manori and so on.”
The mangrove cell has developed a nursery at Vasai where it has three lakh saplings of avicennia marina (grey mangrove) and some of rhizophora mucronata (red mangrove). The former is found abundantly in Mumbai. These will be planted in the degraded areas. Along with this, channels will be created to ensure there is uninterrupted flushing so that the saplings can survive and grow.
“Initially we shall take up the plantation in the Mulund-Kanjurmarg belt. We plan to clear garbage in 150 acres of mangrove area, plant mangroves in 30 acres and clear blockages such as bunds in about 100 acres,” said D Stalin, director Vanshakti.
Vasudevan said the plantation will be completed within the current financial year and then the work of creating channels will be undertaken.

Cabinet clears Lokpal

The Cabinet has cleared the amended Lokpal bill, excluding political parties from its jurisdiction and also rejecting the proposal for the appointment of the CBI chief by a collegium comprising the PM, the opposition leader and the Chief Justice of India (CJI).
Minister of state for PMO V Narayanasamy informed the Cabinet that political parties were being kept outside the purview of the anti-graft ombudsman as their functioning was covered by the Representation of People’s Act. The explanation is unlikely to convince activist groups led by Anna Hazare and Arvind Kejriwal who feel the bill falls well short of their concept of a strong and independent Lokpal.
The BJP is insistent on a collegium deciding the appointment of the CBI chief rather than the consultative process set out in the bill that was examined by a select committee of Parliament.
Explaining the provision on the appointment of the CBI chief, Narayanasamy claimed a clause existed in the Lokpal bill passed by the Lok Sabha. However, the Lok Sabha version does not envisage a collegium.
Sources said the government is hopeful of the bill’s passage in the budget session as it will need a simple majority that the UPA thinks it can drum up now that a controversial prescription for state Lokayuktas has been dropped.
In the face of a strong public sentiment in favour of accountability and opposition parties looking to put the UPA-2 in the dock over corruption cases, the Manmohan Singh government has travelled considerable distance on the anti-corruption bill, conceding much more than it was willing to earlier.