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HAL offers trainer aircraft to resolve IAF crisis
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.

NEWSALERT: SRF to consider buyback
SRF, a diversified company active in textiles, refrigerant gases, packing films and pharmaceutical intermediates, has said that it will consider a proposal to buy back the fully paid equity shares of the company in the forthcoming board meeting next week.

News of the day

Karnataka Bank Q2 net dips 77.78%
Private sector Karnataka Bank said its net profit declined by 77.78 per cent to Rs 16.35 crore for the quarter ended September 30, 2009, over the same period last year.
International Business

Oil India IPO likely on Sept 7

Oil India Ltd (OIL) the nation’s second-largest state-run explorer, may hit the market with an initial public offering (IPO) on September 7. - Excel Infoways IPO gets fully subscribed on final day - Raj Oil Mills plans to raise Rs 114 cr through IPO - Mahindra Holidays gains 6% on Day 1 - Oil India IPO may hit on Sept 7">Oil India IPO may hit on Sept 7 - UPDATE: NHPC IPO in August to raise Rs 1,670 cr - Adani Power IPO by July-end “According to the tentative schedule drawn, the IPO may open for public subscription on September 7 and will close on September 11,” a petroleum ministry official said. OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners. Post-IPO and disinvestment, the government’s stake in the company will decrease from 98.13 per cent to 78.5 per cent. The official said the IPO proceeds would be used to fund capex requirement for 2009-10 and 2010-11 when it had planned Rs 2,300 crore and Rs 2,400 crore expenditure respectively. OIL has started discussions with bankers, including HSBC Securities & Capital Markets, JM Financial Ltd, Citigroup Global Market India and Morgan Stanley India for the IPO. OIL was to launch its IPO of 11 per cent equity shares on November 10, 2008, but the reversal of fortunes on the stock markets led to the deferment of the plan. Alongside the IPO, government is to sell 10 per cent of its current holdings in OIL to Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum. IOC will get 5 per cent while HPCL and BPCL would take 2.5 per cent shares each.


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