Air India seeks to raise $1bn in overseas borrowing

Debt-laden national carrier Air India has invited bids from banks and financial institutions to raise up to USD 1 billion via external commercial borrowings, according to an offer letter seen by Reuters.

Funds will be used for working capital, as per the document, with interested arrangers asked to submit bids by May 4.

The firm is looking to raise one-year funds at either fixed- or floating rates, according to the document.

Air India is due to receive an equity infusion of Rs 67,500 crore in the current fiscal year and will spin-off two of its units as part of a financial restructuring plan approved by the federal cabinet.

Mumbai: 2 dead, 15 injured after falling from local train

The turbulence in local trains in Mumbai has taken a toll. Two people died after they fell from a local train between Nahur and Bhandup stations (central line) during heavy rush. Fifteen people were injured.

The Nahur station is just ahead of the Mulund station. Central Railway chief PRO Vidyadhar Malegaonkar said the primary reason of the incident was overcrowding.

Union Railway Minister Mukul Roy has announced compensation for the victims' families. "Railways announces compensation of Rs 2 lakh for the families of the two who died in the accident. The ministry is working overtime to normalise the situation by this evening. 8% of the services have been normalised. Senior level railway officials inspected the technical snag in Mumbai, a committee has been formed to look into the technical snags."

Fifteen per cent of the trains on the central line were not yet running. The Central Railway announced that it has restored over 85% of the services on Thursday.

Alternate arrangements were made on Wednesday like allowing passengers in express trains, allowing them to use parts of Western line.

Millions of commuters and students in the city faced a harrowing time on Wednesday as local trains were running late by around 40 minutes following a fire in a signal cabin on the Central Railway (CR).

Around 12.15 am early Wednesday, fire gutted the main signal cabin at Kurla station and sent the entire electric and signal cabling network on the blink.

The fire was brought under control in a short time and there were no casualties reported.

Mumbai's suburban train services, comprising Western Railway, Central Railway and Harbour lines, which ferry nearly eight million people to and from their homes and offices in Mumbai, Thane and Raigad, are the lifeline of the country's commercial capital.

MT Educare hits upper circuit, rises 13%

Shares of education support and coaching services provider MT Educare hit upper circuit on the listing day, shooting up 12.94% to Rs 90.35 as against issue price of Rs 80.

Traded volume on both exchanges was more than 18 lakh shares. The equilibrium price for a share has been decided at Rs 86.05; accordingly the upper circuit stands at Rs 90.35 and lower circuit at Rs 81.75.

The public issue had opened for subscription during March 27-29, through which the company raised Rs 99-crore. The issue had comprised of fresh issue of Rs 35 crore and an offer for sale of 80 lakh equity shares by Helix Investments Company.

Big quake strikes off coast of Indonesia

A massive earthquake struck off the coast of the Indonesian island of Sumatra on Wednesday, triggering a tsunami alert for the Indian Ocean.

The quake struck about 430 kilometers from Banda Aceh, the capital of Indonesia's Aceh province, and had a magnitude of 8.7, the U.S. Geological Survey said. It took place at a depth of 33 kilometers.

The Pacific Tsunami Warning Center said it had issued a tsunami watch for the entire Indian Ocean, and the Indonesian Meteorology, Climatology and Geophysics Agency said it had put up a tsunami warning.

The power has gone out in Banda Aceh and residents are moving to higher ground, said Sutopo Purwo Nugroho, a spokesman for the Indonesian National Disaster Management Agency.The extent of the damage is still being assessed.

In 2004, a 9.1-magnitude underwater earthquake struck off the coast of Sumatra, triggering a tsunami that killed more than 200,000 people in 14 countries. Aceh was one of the worse affected areas.The tsunami, which washed away entire communities, caused nearly $10 billion in damage and more casualties than any other tsunami in history, according to the United Nations.

Indonesia is on the so-called Ring of Fire, an arc of fault lines circling the Pacific Basin that is prone to frequent earthquakes and volcanic eruptions.

After Indonesia earthquake, tsunami alert and tremors in India

A tsunami of between three to six metres is expected to hit the Nicobar Islands after an earthquake, measuring 8.7 on the Richter scale hit Indonesia.  A tsunami alert -which is less serious than a warning  - has also been issued for the Eastern coast of India, the Andaman Islands, Andhra Pradesh and Tamil Nadu. 

The Pacific Tsunami Warning Center said an Indian Ocean wide tsunami alert was in effect.
The quake was felt in Singapore, Thailand and India. High-rise apartments and offices on Malaysia's west coast shook for at least a minute.

In India, tremors were reported  in Mumbai, Kolkata, and the southern part of Chennai.  The tremors lasted for a few seconds.  In Bhubaneshwar, people were seen running out of their homes and offices.  No damage has been reported so far.

NDTV viewer AG Kalidass emailed from Bangalore to say, "We were feeling our building shaking."  Another viewer Shyam Agarwal writes, "I am from Kolkata. Just now a few minutes back heavy stroke of earthquake has been observed here."

The U.S. Geological Survey said the powerful quake was centered 20 miles (33 kilometers) beneath the ocean floor around 308 miles (495 kilometers) from Aceh's provincial capital.
Indonesia straddles a series of fault lines that makes the vast island nation prone to volcanic and seismic activity.

A giant 9.1-magnitude quake off the country on Dec. 26, 2004, triggered a tsunami in the Indian Ocean that killed 230,000 people, nearly three quarter of them in Aceh