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Wednesday, May 23, 2018

Steps to deal with rising petrol, diesel prices likely this week
Facing "crisis situation" created by rising fuel prices, the government is likely to come out with "some steps" this week to deal with record high petrol and diesel rates, a senior official said yesterday. The government may not rely only on cutting excise duty, which makes up for a fourth of the retail selling price, the official said but did not elaborate. "Rising fuel price is a crisis situation for government and it has to be handled with combination of steps. Finance ministry is consulting the petroleum ministry on rising crude prices," he said. More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs. Petrol costs Rs 76.87 per litre in Delhi and diesel costs Rs 68.08 a litre. In last nine days, petrol price has risen by Rs 2.24 a litre and diesel by Rs 2.15.

Lanxess raises its guidance for fiscal year 2018 after strong first quarter
Specialty chemicals company Lanxess has followed up its successful fiscal year 2017 by posting the best quarterly result in its history, and has raised its earnings guidance for 2018. In the opening quarter, global sales rose by almost 7 percent to EUR 2.565 billion, compared with EUR 2.401 billion in the previous year. EBITDA pre exceptionals improved significantly by 14 percent to EUR 375 million, compared with EUR 328 million in the prior-year quarter. “Lanxess remains firmly on the track. We have made a dynamic start to the new fiscal year and improved our profitability again. This shows that our efforts to move the company forwards are increasingly paying off,” said Matthias Zachert, Chairman of the LANXESS Board of Management. The Group has raised its guidance for fiscal year 2018, and now expects EBITDA pre exceptionals to increase by between 5 percent and 10 percent for the “New Lanxess” segments.

Forbes Middle East honours Masala King Dr. Dhananjay Datar
Dr. Dhananjay Datar, Chairman & MD of Al Adil Trading was recently honoured by Forbes Middle East award, ranking 30th in the prestigious list. After receiving the award Dr. Datar said, “Honors and recognition add more responsibility to what we do. I strongly believe that we will strive to provide enhanced value to our customers in a socially responsible manner.”

Party Cruisers adds new destinations to Vivaah brand
Recognized for Celebrity & Destination Wedding, Mumbai-based full-service Event Management Company Party Cruisers Ltd. announced affiliation with 5 Franchisee’s which were keen on Simpler Management & Faster Expansion in the field of Events & Weddings. “With a national and international presence in India, Dubai, Mauritius, Morocco, Antalya, Tanzania, Thailand, Turkey, Cambodia, we have rendered our services to almost all the best weddings destinations for more than 3500 events. Going forward, we are targeting to avail franchise options to 100 companies, increase our presence in over 300 cities in the country over the next 10 years. We are too swell on looking at the franchise route for outgrowth and expansion,” said Zuzer Lucknowala, MD, Party Cruisers Ltd. Lately Party Cruisers had planned a pan India and overseas expansion of “VIVAAH”- the flagship brand under Party Cruisers Ltd.

KVIC sets world record on World Honey-Bee Day
On May 21 this year on World Honey-Bee Day, when Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena was distributing 1,000 bee-boxes among 100 Mishing Asamese tribe in the Kaziranga forest area, very few people actually knew that KVIC was creating a new sort of world record of distributing maximum number of bee-boxes in a single day – beating previous best of 841 in Israel some 2 years ago. KVIC Chairman V K Saxena, who himself monitors the progress of ‘Honey Mission’ round-the-clock said that besides production of 30,000 kilograms of high-quality honey from these bee-boxes in the zero-pollution Kaziranga area, bee-keeping would open many job avenues for the unemployed youths and aspiring young entrepreneurs.

DYPIS now in Satara
The innovative Ajeenkya DY Patil group laid the foundation for an educational hub at Satara. The group has started with a CBSC School starting from preprimary to class 12. The group plans to also start an engineering school, a skilling school, a medical college etc. Dr. Ajeenkya DY Patil while outlining the growth and vision of the group said “The aim of the group is to ensure that quality education at an affordable price is available to all.” Amongst the other dignitaries who addressed the audience were, Nivedita Sinha, Principal, DYPIS, Nerul; Viveck Shettyy, MD, Indus Communications and Mandar Kulkarni, Head, Franchise Operations, ADYPG. Viveck Shettyy, opined that the decision to choose Satara as the next destination for the Ajeenkya D.Y Patil brand is also a strong reflection of the tremendous potential of Satara.

L&T Tech Q4 net up 65%, targets $1 bn revenues by FY21
L&T Technology Services yesterday reported a 65% surge in its March quarter net at Rs 151.9 crore on a surge in core revenues. The company, an arm of the engineering giant L&T, had reported a post-tax profit of Rs 96.5 crore in the year-ago period. Revenue from operations jumped to Rs 1,054.8 crore from the year-ago period's Rs 812.3 crore and Rs 969.1 crore in the preceding December quarter. For the fiscal year 2017-18, it reported a 15% jump in revenues to Rs 3,747 crore or USD 580 million, and a 19% surge in net profit at Rs 506 crore. The company is targeting for a 16% growth in the topline for fiscal 2018-19, and is looking at upping its revenues to USD 1 billion by FY21, chief executive and managing director Keshab Panda told PTI.

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