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Markets recover at close
The markets rebounded strongly towards close, riding on the back of a recovery in Europe. The Sensex recovered more than 400 points from its intra-day lows to close at 16,632, down 222 points and the Nifty ended at 4,943, lower by 62 points.

APIIC to set up biotech SEZs in Anantapur, Kadapa and Hyd
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) would develop a biotech special economic zone (SEZ) at the Industrial Growth Centre in Hindupar in Anantapur district of the state. The SEZ would come up in 70 acre and would be developed by Benguluru-based Salarpuria.

News of the day

Markets rebound
The markets have rebounded into the positive zone owing to fresh buying. The Sensex is now up eight points at 16,927. The Nifty is up two points at 5,045.
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Air India focussing on cutting cost and increasing revenue

Cash-strapped Air India is focussing on cost reduction of Rs 1,500 crore and revenue enhancement of Rs 1,200 crore as per its turnaround plan and the government would infuse equity into the airline in the next few years, the Rajya Sabha was informed today. - Air India pilots defer strike by six days - DHL signs security partnership with Air India - AI employees stage protest march to Parliament - Air India to resume pay cut talks - Airlines may get reprieve in expat pilot phase-out - Bird hits cause Rs 7 cr loss for airlines "The airline"s turnaround plan has been broadly divided into 0-9 months, 9-18 months and 18-36 months and has been segregated under operational efficiency, product improvement, organisation building and financial restructuring," Civil Aviation Minister Praful Patel said in a written reply. He said the National Aviation Company of India (NACIL) was mainly focussing on cost reduction (to the tune of Rs 1,500 crore) and revenue enhancement (of Rs 1,200 crore). The plan also envisages manpower cost rationalisation, fuel management, route profitability enhancement and non-traffic revenue enhancement. He also said that Air India has rescheduled delivery of three Boeing 777-300ER aircraft beyond 2010 and 27 Boeing 787 aircraft beyond contracted delivery period commencing April, 2011. The airline had also proposed to lease out three new Boeing 777-200LR aircraft.


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