A section of Air India’s pilots is agitating against their being declassified as workmen and proposed pay cuts. This led to the airline’s flights getting delayed on Friday. While Directorate General of Civil Aviation sources said 10 flights were delayed, the airline claimed only three were impacted. “Out of the 300 flights operated today (Friday), so far only three have been delayed, due to non-reporting of crew on time. All our flights are operating smoothly as per schedule,” Air India officials told Business Standard.

The commanders are protesting against a clarification by the labour ministry on Tuesday, excluding them from the workmen category in the Industrial Disputes Act. They can no longer be part of trade unions, their service conditions can be changed, and they will not be able to raise a dispute against their employers.

Shares of Tata Motors have fallen to 18-month lows of Rs 328 after declining nearly 6% in the past two trading sessions, bringing down its market capitalisation (market-cap) below Rs 1 lakh crore on the Bombay Stock Exchange (BSE).

At 12:24 AM, the stock was trading at Rs 331, its lowest level since February 2014 in intra-day trades.

Air India's new chief Ashwani Lohani already has a challenge on his hands even before assuming charge.

Pilots of the national carrier have decided to 'go slow', leading to delays in both domestic and international operations.

Mumbai: Larsen & Tourbo (L&T), India’ largest engineering and construction company, has scrapped a plan to develop a new port in Kacchigadh, near the temple town of Dwarka in Gujarat, owing to environmental reasons, according to two state government officials close to the development.

“L&T has written to the government that it no longer intends to pursue the port project in Gujarat due to environmental reasons. L&T had appointed the Gujarat Ecology Commission to carry out environmental studies and found that the place was full of corals and mangroves. As a result they want to exit,” said an official of the Gujarat Maritime Board (GMB), the state regulator of ports and maritime activities.

Mumbai: The Securities and Exchange Board of India (Sebi), on Thursday proposed to ease norms for infrastructure investment trusts (InvITs) as a way to encourage firms to unlock capital.

In September 2014, the capital markets regulator had allowed firms to launch real estate investment trusts (REITs) and InvITs to help cash-strapped developers get easier access to funds while creating a new investment avenue for institutions and wealthy individuals. However, infrastructure companies have been slow to respond as they sought a relaxation in rules and clarity on taxation.

Tata Sons Chairman Emeritus, Ratan Tata will inaugurate the country’s largest technology incubator center ‘T-Hub’ in Hyderabad on September 7th 2015.

Jayesh Ranjan, Secretary, Information and Communications Technology confirmed in a statement saying, “Our Technology Incubation centre ‘T-Hub’ which is meant to promote start-ups and innovators is going to be inaugurated on September 7 by Rata Tata.”

Indian Railways has announced plans to set up 400 model stations across the country under the public private partnership (PPP) mode.

Railway Minister Suresh Prabhu, who met with West Bengal Chief Minister Mamata Banerjee at the State Secretariat here on Thursday, said that a joint venture company will be set up between the Central and State Governments for implementation of the project.

Shares of ITC advanced more than 4% on Thursday after US-based investment banking firm Morgan Stanley upgraded the rating, expecting a rise in cigarette volumes and likely hike in cigarette prices next month.

Even as benchmark indices ended down more than 1%, ITC shares settled at Rs 329 on the BSE, up Rs 12.35 or 3.9%–the highest single day jump since December last year as Morgan Stanley assigned an overweight rating on the stock from underweight.

Extending its losses, the Indian rupee was trading 47 paise down to trade 65.90 against the dollar on Friday at around 11.05 am following sustained capital outflows by foreign funds even as the US currency weakened overseas.

Earlier, the rupee fell by another 27 paise to trade at fresh two-year low of 65.81 against the dollar in opening trade.

KOLKATA | MUMBAI: IDFC Bank, which plans to begin business on October 1, has hired senior HDFC Bank executives to hammer out its retail strategy. Biju Pillai, Amit Kumar and Birendra Sahu — heads of HDFC Bank's different business verticals at the time of leaving the bank — will now spearhead IDFC's retail assets and card business, branch banking and overall retail operations, respectively, three people familiar with the development said.

IDFC did not have any retail footprint in its pre-banking avatar as it was engaged only in corporate lending. The infrastructure lending institution, where Housing Development Finance Corporation's chairman Deepak Parekh was a founder chairman, will soon compete with HDFC Bank and ICICI for the retail business pie.

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