Page 11 - Banking Finance December 2017

ROUNDUP

INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

Kaushik appointed as Indigo net profit touches a record high of 294%

Whole Time SEBI Member InterGlobe Aviation, recently reported a record 294 % rise in net profit on ac-
count of compensation received from manufacturers
Kaushik, a 1992-batch IAS officer of Pratt & Whitney and Airbus. The compensation was
the Kerala cadre and received for problems plaguing the carrier's operation
the current Chair- since July that were fixed earlier this month after Pratt
man and Managing
& Whitney managed to replace the engines that
Director of India In-
power the Airbus's A320neo jets.
frastructure Finance
Company (IIFCL) has Import duty on wheat doubled
been recently appointed as Whole-
time member of SEBI. He has been The import duty on wheat is doubled to 20% to curb cheap shipments and give
appointed to the post for a period of positive price signal to farmers in the ongoing Rabi
three years or till the age of 65 years, season. It also imposed import duty of 50% on peas
on the pay as admissible to an addi- to check cheaper shipments from countries like
tional secretary to the Government Canada. The central board of excise and customs
of India or a consolidated salary of Rs (CBEC) in a notification said that it seeks "to increase
3.75 lakh per month. rate of basic customs duty on peas, (Pisum sativum)
from present nil rate to 50%, and increase rate of basic customs duty on wheat
BHEL profit soars 5.9% from 10% to 20%."
high Widespread rains in Tamil Nadu
Bharat Heavy Electricals Ltd (BHEL)
reported 5.9 % rise in standalone net After a few years of deficient monsoons and last year's
profit at Rs. 115.42 crores for the drought, the recent rains in Tamil Nadu have given rural
quarter ended on September 30, areas a much-needed boost. In the Cauvery Delta areas,
2017, as compared to Rs. 109 crores land preparation is on for the long-term Samba season,
in the same period last year. Total even though it is a late start. With most of the previous short-term summer crop,
income in the quarter was Rs. Kuruvai curtailed, the current long-term crop will give farmers a much-needed lift.
6,782.08 crores compared to Rs. S Ranganathan, General Secretary, Cauvery Delta Farmers Welfare Association,
7,089.79 crores a year ago. The turn- mentioned that direct sowing was put to hold in Tiruvarur district, and paddy crop
over (sales) for the second quarter of is ready to set well with the monsoons. Typically during the Samba season, about
2017-18 stood at Rs. 6,168.36 crores 14.93-lakh acres of paddy is cultivated. In September about 533 mm rain was re-
compared to Rs. 6,780.03 crores in ceived against a normal 480 mm. The State government had to open the Mettur
the year-ago quarter.
dam on October 2 for irrigation when the water level had reached about 88 ft.

BANKING FINANCE | DECEMBER | 2017 | 11

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