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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.

Mumbai airport operations to be hit every Tuesday
Passengers flying in and out of the Mumbai airport are likely to face a tough time on every Tuesday for the next five months as the intersection point of the two runways would remain closed for a few hours that day.

News of the day

BSA Motors seeks road tax waiver from Gujarat government
In its hope to see electric two-wheeler sales rising in Gujarat, Chennai-based BSA Motors, a business unit of Tube Investments of India (TII), part of the Rs 15,646 crore Murugappa Group, has submitted a memorandum with the state government seeking eight per cent waiver in road tax, reduction in VAT as well as provision of subsidy for the products. Once implemented, BSA Motors hopes to achieve 15 per cent of its total sales target from Gujarat.
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IAF begins flight trials for foreign firms

The Indian Air Force today began the flight evaluation and performance trials for the six foreign defence firms which are in race to bag an estimated $10 billion order for 126 Medium Multi Range Combat Aircraft. - Insurance cos lose over Rs 15,000cr to fraud each year: Survey - Bell exits IAF"s tender for 22 attack helicopters - All the right moves - India"s move to sew defence pact with Ukraine miffs Russia - Armed forces need modernisation: Antony - India set to build Medium Combat Aircraft The six companies have been lined up for the exercise, expected to go on for the next few months. After the tests in humid climatic conditions here, IAF plans to test the fighter jets in cold and hot conditions over Leh and Jaisalmer in Rajasthan respectively. "In the procedure to evaluate against the requirements of IAF, the process was begun today by flying Boeing"s F/A-18 Super Hornets," IAF sources said. Other five contenders are: Gripen, Lockheed Martin"s F-16 Super Viper, Eurofighter"s Typhoon, Russian United Aircraft"s MiG35 and France"s Dassault Aviation"s Rafale. F-16 Super Viper is expected to undergo trials here later this month, sources in Lockheed Martin said. India plans to acquire 18 ready-to-fly fighter jets, with the remaining 108 to be manufactured by Hindustan Aeronautics Limited, headquartered here, under transfer of technology mode. Bangalore also houses the Aircraft and Systems Testing Establishment.


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