Business

The Directorate General of Civil Aviation (DGCA) will nearly triple its current staff strength to meet the demands of a growing aviation industry. The aviation regulator, which currently has a staff of about 250, has created 427 Group-A posts in various directorates across the country.

Private sector companies engaged in aerospace manufacture and R&D now have an influential new supporter: The Indian Air Force (IAF). In New Delhi today, the IAFs vice chief, Air Marshall Pranab Kumar Barbora forcefully called for government policy changes to encourage the private sector in aerospace production, to kickstart a sector that has long been dominated by public sector Hindustan Aeronautics Ltd (HAL).

The BK Modi groups finance arm, Spice Finance, has proposed to buy a 15 per cent stake in Ahmedabad-based National-Multi Commodity Exchange (NMCE).

The stock gained 20 per cent upper limit of circuit filter closed at an all-time high of Rs 92.85 on hopes that the government might re-impose custom duty on edible oils.

The stock gained 3.2 per cent to Rs 253.80 after the company announced that it entered a joint venture agreement with NTPC, Power Grid Corporation of India and Rural Electrification Corporation for formation of a public limited company.

Indias gold demand fell 49 per cent in the third quarter of the current calendar year due to high prices and a poor monsoon that hit consumer spending.

Bharati Shipyard and ABG Shipyard have got the market regulators nod for their open offer bids to buy additional stake in Great Offshore.

Market volatility has hit equity schemes of domestic mutual funds. The category has seen the highest monthly redemption so far in the current financial year in October, with net outflow crossing Rs 2,100 crore.