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Singapore airport retailer selected to run duty-free outlets at Noida airport

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New Delhi, May 13 (IANS) The famous Heinemann group, which operates retail outlets at Singapore’s Changi airport as well as the Hong Kong and Auckland airports, has been selected to run the duty-free shops at the Noida International Airport.

“Noida International Airport (NIA) has awarded the concession for retail and duty-free to a consortium of Heinemann Asia Pacific and BWC Forwarders Private Limited. This includes the concession for duty-free, to be operated by Heinemann, as well as master concessions for domestic retail and international duty-paid retail, to be operated by BWC Forwarders,” according to a Press statement issued on Monday.

The international duty-free outlet at the airport will offer a wide selection of premium brands, providing a spectacular shopping experience for travellers. Some of the curated categories will include premium liquors, tobacco, confectionery, perfumes, cosmetics, fragrances, and exquisite chocolates, the statement said.

Additionally, there will be items such as fashion accessories, regional handicrafts, souvenirs, ayurvedic products, packaged food, as well as a variety of teas, coffees, and spices to ensure that even in the midst of busy travel, passengers can easily find delightful surprises for their loved ones, it added.

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NIA chief executive officer Christoph Schnellmann said, “As we continue to develop Noida International Airport into a world-class facility, this partnership will provide a seamless blend of duty-free and retail shopping, catering to the diverse needs of our travellers.”

Heinemann Asia Pacific CEO Marvin von Plato said, “We deeply thank the NIA team for their trust in appointing us as their very first retail partners. Together with BWC, we look forward to crafting an exceptional retail environment at Noida, and to continuously grow our shared business in India for the long term.”

–IANS

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Govt bonds worth Rs 29,000 crore coming up for auction on May 31

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New Delhi, May 27 (IANS) The Finance Ministry on Monday announced the sale of government bonds worth Rs 29,000 crore in three lots through auctions to be conducted by the Reserve Bank of India in Mumbai on May 31.

The first lot comprises “New Government Security 2029” for a notified amount of 12,000 crore through a yield-based auction using multiple price methods. The second lot of “New GOI SGrB 2034” worth 6,000 crore will also be auctioned through a yield-based auction using multiple price method while the third set of 7.34 per cent Government Security 2064 worth 11,000 crore will be auctioned through price based auction using multiple price method.

The government will have the option to retain additional subscriptions up to 2,000 crore against each of the three securities. Up to five per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

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Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 31, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

The result of the auctions will be announced on May 31, 2024 (Friday) and payment by successful bidders will be on June 03, 2024 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the RBI guidelines.

–IANS

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Delhi HC upholds order directing SpiceJet to return aircraft to TWC Aviation

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New Delhi, May 27 (IANS) The Delhi High Court on Monday declined to intervene in a single judge bench’s order directing airline SpiceJet to return two Boeing aircraft with engines to TWC Aviation over unpaid dues.

A division bench of Justices Rajiv Shakdher and Amit Bansal has directed SpiceJet to comply with the order by June 17.

Previously, the single judge had mandated that SpiceJet hand over the aircraft, engines, and all relevant technical records to TWC Aviation by May 28.

This decision came after senior advocate Amit Sibal, representing SpiceJet, agreed to the bench’s suggestion to extend the compliance deadline if SpiceJet withdrew its appeal.

SpiceJet accepted the proposal and withdrew the appeal.

TWC Aviation, the owner of the aircraft and engines, initiated a lawsuit seeking a permanent injunction against SpiceJet. The suit alleged that the aircraft were leased to SpiceJet for 12 months at a monthly rent of $180,000. SpiceJet, however, failed to pay the lease rentals, prompting the creation of amendment agreements to accommodate payment difficulties due to the Covid-19 pandemic.

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Despite these adjustments, SpiceJet breached the agreements.

TWC Aviation sought enforcement of a UK court’s order directing SpiceJet to return the aircraft immediately.

The single-judge bench observed that the separate use of aircraft frames and engines by SpiceJet would significantly reduce their value for TWC Aviation and noted the airline’s failure to pay the dues. Ruling in favour of TWC Aviation, it stressed that SpiceJet could not continue to use the aircraft and engines without fulfilling its payment obligations given the acknowledged dues.

–IANS

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LIC Q4 net profit at Rs 13,763 crore, declares dividend of Rs 6 per share

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New Delhi May 27 (IANS) Life Insurance Corporation of India (LIC) on Monday reported a 2.5 per cent increase in net profit at Rs 13,763 crore for the January-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 13,421 crore in the same period last year.

The country’s largest announced an interim dividend of Rs 6 per share.

The insurance behemoth also reported an improvement in its asset quality as gross non-performing assets (GNPA) fell to 2.01 per cent from 2.56 per cent in the year-ago period.

The value of new business of the company rose by 4.66 per cent to Rs 9,583 crore with the margin increasing by 0.6 per cent to 16.8 per cent.

The insurance giant sold a total of 2.03 crore policies in the individual segments compared to 2.04 crore policies sold in FY23.

In the fourth quarter, LIC witnessed an uptick in its Annual Premium Equivalent (APE), recording a 10.7 per cent increase to Rs 21,180 crore compared to Rs 19,137 crore in the previous year.

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The company’s Assets Under Management (AUM) increased to Rs 51.21 lakh crore as on March 2024 as compared to Rs 43.97 lakh crore on March 31st, 2023 registering an increase of 16.48 percent year on year.

The solvency ratio of the insurer was at 1.98 per cent up from 1.87 per cent last year.

–IANS

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Goldman Sachs ups India’s GDP growth forecast

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New Delhi, May 27 (IANS) Leading global financial firm Goldman Sachs has revised its forecast for India’s GDP growth by 10 basis points to 6.7 per cent as it expects the government’s heavy investments in big-ticket infrastructure projects to continue with the huge dividend coming in from the RBI.

“Going forward, we expect investment growth momentum to sustain with extra fiscal space for infrastructure spending given a higher than expected dividend transfer by the RBI. As a result, we recently revised our growth forecasts for 2024 slightly higher by 10 bps to 6.7 per cent,” Andrew Tilton, head of emerging markets economic research at Goldman Sachs said in a note.

“In India, growth momentum remains strong, and while we think core inflation will bottom out in April-June, we expect it to be around 4.0 – 4.5 per cent in July-December,” the financial company said.

However, the RBI’s monetary policy committee members have recently sounded cautious on sticky food inflation and may want to see monsoons progress and the summer crop sowing to assess the food inflation outlook in July-December, before pivoting towards monetary policy easing, the report said.

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“Taking into account these developments, we push our RBI rate cut call back by one quarter to October-December, with the first cut most likely in the December 2024 meeting,” the report added.

The report also came on a day when the IMD confirmed its forecast of above-average monsoon rains this year which are expected to spur production in the agricultural sector that was hit by erratic weather last year.

–IANS

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Sensex closes flat after touching 76,000 for first time

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Mumbai, May 27 (IANS) India equity benchmarks closed flat on Monday following sideways sentiment in the Market.

Sensex was closed at 75,390, down 19 points. During the session, Sensex touched the 76,000 mark for the first time and made a new all-time high of 76,009. The BSE benchmark has gained 1,000 points in just 31 trading sessions.

Nifty was down 24 points, at 22,932. During the session, the NSE benchmark crossed the 23,100 level for the first time.

More action was seen in midcap and smallcap compared to largecap. The Nifty Smallcap 100 index was up 136 points or 0.81 per cent at 17,019 points and the Nifty Midcap 100 index was up 337 points or 0.64 per cent at 52,761 points.

18 out of 30 Sensex stocks closed in the red.

IndusInd Bank, Axis Bank, Bajaj Finserv, HDFC Bank, L&T, and HCL Tech were the top gainers. Wipro, NTPC, Sun Pharma, M&M, ITC, and Reliance were the top losers.

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Rupak De, Senior Technical Analyst, LKP Securities, said: “Nifty remained mostly volatile during the day as India awaits the final phase of the general election. The near-term outlook remains positive, with the index staying above the crucial moving averages. Support lies at 22,900, below which the index might slip towards 22,800. On the higher end, bears are active around 23,000-23,050.”

He said that a decisive move above 23,050 might trigger a stronger rally towards higher levels.

–IANS

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