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Tag: Airline

  • SpiceJet’s Ajay Singh may sell over 10 pc stake in airline to raise funds – Times of India

    SpiceJet’s Ajay Singh may sell over 10 pc stake in airline to raise funds – Times of India



    NEW DELHI: SpiceJet promoter and chairman Ajay Singh may offload more than 10 per cent stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources. The budget carrier — which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft — is looking to raise money that will help it meet various obligations.
    One of the sources said that Singh could offload up to a 15 per cent stake in the airline if certain conditions are conducive.
    Singh, who is the Chairman and Managing Director, would be offloading around 10 per cent shareholding in the airline and the quantum could go up, the second source said.
    For the proposed QIP (Qualified Institutional Placement), there is already a commitment for up to Rs 2,000 crore and the airline is in discussions with potential investors. Meetings with investors have been held in India and overseas, the sources in the know said.
    There was no official comment from SpiceJet.
    The funding round is expected to be completed by the end of September.
    At the end of June 2024, the promoter group had a little over 47 per cent stake in the carrier, as per data available on the BSE.
    SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft.
    On Friday, the airline said it plans to mop up Rs 3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday.
    The funds will be utilised to take back the grounded fleet in operations, liability settlement, new fleet induction and other general purposes.
    “Spicejet plans to raise Rs 2,500 crore through QIP and Rs 736 crore through previous warrants and promoter infusion, the airline said in an investor presentation,” it had said in the presentation to investors.
    In January, SpiceJet could raise only Rs 1,060 crore through preferential issues against its Rs 2,250 crore funding plan that was announced in December 2023.





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  • PIA commits to paying Rs1.35b to PSO | The Express Tribune

    PIA commits to paying Rs1.35b to PSO | The Express Tribune



    Pakistan International Airlines (PIA) has reaffirmed its commitment to Pakistan State Oil (PSO) by pledging to pay Rs1.35 billion for fuel supplies, which has enabled PSO to extend a credit facility of Rs500 million to facilitate PIA’s ongoing operations.

    Facing financial constraints and amid PIA’s default on payments, PSO has taken a pragmatic step to ensure that the national carrier continues its essential operations by increasing its credit limit for fuel supply from Rs15 billion to Rs15.5 billion, said sources.

    Sources familiar with the matter revealed to The Express Tribune that PIA had been making timely payments to international airports but had fallen behind on dues to PSO, leading to a concerning fuel supply crisis.

    As per a prior agreement between PSO and PIA, a credit facility of Rs15 billion had already been exhausted by the airline. To address the situation, both parties reached an agreement on October 16, stipulating that PIA would make daily payments of Rs100 million to cover its fuel usage.

    However, PIA began receiving supplies in excess of the agreed amount, causing daily bills to exceed the Rs100 million threshold, which, in turn, resulted in accumulating dues owed by PIA to PSO for fuel supplies.

    Sources confirmed that PIA had defaulted on payments amounting to Rs2 billion for fuel supplies spanning September and October after utilising its entire credit limit of Rs15 billion.

    The airline has since committed to clearing Rs1.35 billion in outstanding dues within a week. Furthermore, PIA conveyed to PSO authorities that it was anticipating a payment of Rs670 million from the religious ministry related to the Hajj operation. PIA expressed its intent to settle its dues with PSO as soon as it received the Rs670 million from the religious ministry.

    In a bid to further support the national carrier, PSO, following a recent round of discussions held on October 27, 2023, extended the credit facility by Rs500 million. The decision aims to alleviate some of the financial challenges faced by PIA, allowing the airline to maintain its crucial operations and ensuring that PSO continues to provide fuel for its flights.

    In a statement, Pakistan State Oil (PSO) clarified that it has not suspended fuel supply to PIA, contrary to some media reports, despite reduced payments by the airline. PIA was granted a credit limit of Rs15 billion, which was fully utilised.

    PSO acknowledges the financial difficulties it is currently experiencing, primarily due to trade receivables totalling Rs765 billion. In response to these challenges, PSO has been actively engaging with PIA to seek a practical and mutually beneficial resolution.

    While PIA’s outstanding balance to PSO stood at Rs26.8 billion as of October 26, 2023, PSO remains committed to ensuring a continuous fuel supply to the national carrier. A meeting on October 16, 2023, brought together senior officials from both organisations to work out a feasible strategy. As per the understanding reached during this meeting, PSO will continue fuel supplies to PIA, with payment prioritised on a flight-wise basis.

    PSO has emphasised its commitment to providing uninterrupted service to PIA, underscoring the importance of a resolution that aligns with the interests of both entities.

    Published in The Express Tribune, October 29th, 2023.

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  • PIA debt restructuring talks begin | The Express Tribune

    PIA debt restructuring talks begin | The Express Tribune



    ISLAMABAD:

    In a significant development, the government and representatives of commercial banks have initiated discussions to prepare a plan for the debt restructuring of Pakistan International Airlines (PIA) with the aim of keeping the struggling airline operational for another six months with a limited number of flights.

    The 12-member committee consists of an equal number of representatives from the federal government and commercial banks, according to sources within the Ministry of Privatisation. They reported that the committee held two meetings on consecutive days and has been tasked with finalising the debt restructuring plan within two weeks.

    Officials from the Ministry of Privatisation disclosed that the committee has also been assigned the responsibility of formulating a plan for an immediate borrowing of Rs15 billion by PIA to address its urgent needs, including fuel costs. The monthly cost of fuel to keep existing routes operational is estimated at Rs8.5 billion.

    Usman Bajwa, the newly appointed Secretary of the Privatisation Commission, has been designated as the committee’s convener. The committee includes representatives from the Ministry of Finance, PIA, and six commercial banks. As of the end of August, these six banks have collectively provided Rs230 billion in loans to PIA, including Rs193 billion in domestic debt.

    Bajwa did not respond to requests for comments.

    Last month, PIA requested a moratorium on its Rs260 billion domestic debt repayments to address an annual deficit of Rs153 billion, which is the shortfall between its sales and essential expenditures. PIA requires Rs3.1 billion per month to service its external debt of Rs109 billion and Rs7.5 billion for servicing its domestic debt of Rs260 billion as of the end of August. The airline, Pakistan’s single highest loss-making entity, obtained an additional loan of Rs13 billion last month.

    The Bank of Punjab has the largest exposure, with over Rs56 billion in loans to PIA, followed by Askari Bank Limited with Rs43 billion, JS Bank with Rs34 billion, NBP with Rs33 billion, Faysal Bank with Rs32 billion, Habib Bank Limited with Rs29 billion, and Bank Islami with Rs22 billion. Albaraka Bank has provided a Rs9 billion loan, and Soneri Bank’s exposure to PIA is Rs5 billion, according to sources.

    PIA’s accumulated losses have reached Rs713 billion, with Rs285 billion worth of loans directly guaranteed by the federal government, not including loans obtained by PIA’s subsidiaries.

    In a baseline scenario, PIA’s debt and liabilities would soar to Rs2 trillion, and its annual losses would increase to Rs259 billion per annum by 2030, according to PIA management.

    The committee includes members from the corporate and investment banking divisions of several banks, including HBL, NBP, Bank of Punjab, Meezan Bank, Askari Bank, and Faysal Bank, according to Ministry of Privatisation officials.

    The Technical Committee will assess PIA’s exact financing requirements from October 2023 to March 2024 for optimal operations. There are no plans to run all of PIA’s operations, with only essential routes being kept operational, according to Ministry of Privatisation officials.

    Over the weekend, PIA grounded more than 80 domestic and international flights due to fuel shortages.

    Sources stated that PIA immediately needs Rs15 billion to remain operational, but commercial banks are reportedly reluctant to provide the loan in the midst of discussions about debt restructuring. Discussions to secure the necessary funds are ongoing.

    The government has initiated the process of privatising PIA through international competitive bidding. In the first phase, it is in the process of hiring a financial advisor to prepare a transaction structure. The government aims to sell a debt-free PIA, preferably to domestic buyers.

    PIA currently has 34 aircraft, but only 19 are operational. Of the 15 grounded aircraft, six are leased by PIA and incur a monthly charge of $2 million.

    PIA has also separately requested a Rs7.5 billion budget support grant from the federal government, but the Ministry of Finance is reluctant to provide it in the absence of a viable plan.

    The request for the grant is to settle a deal of $26 million with Asia Aviation Capital Limited (AACL), which, in 2015, leased two A-320 aircraft to PIA for six years. Last month, PIA received a court notice for immediate payment of $31.3 million for outstanding rent, re-delivery rent, maintenance reserves, and interest charges for the two aircraft.

    PIA is attempting to reach an out-of-court settlement with AACL for $26 million, with approval reportedly granted by Prime Minister Anwaarul Haq Kakar, according to sources.

    The finance ministry is no longer inclined to cover the costs and has requested that PIA handle its commercial dealings on its own.

    As is often the case, PIA has warned that if legal matters with AACL are not resolved and an adverse court decision is reached, its aircraft and foreign hotels could be confiscated.

    PIA has been managed in an unprofessional manner and has largely been sustained by state bailouts. However, the Finance Ministry has now exhausted its resources due to an overarching macroeconomic crisis.

    Published in The Express Tribune, October 25th, 2023.

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  • Karnataka Government Planning To Start State-Owned Airline

    Karnataka Government Planning To Start State-Owned Airline


    Karnataka Minister for Large and Medium Industries & Infrastructure Development M.B. Patil on Friday said that the state government is mulling starting its own airline services. Speaking to reporters on the occasion of the release of a handbook of achievements on the backdrop of the completion of 100 days by the government, Patil said that earlier, the airports in Karnataka were handed over to the airport authority.

    “The land of the airport also got transferred to the airport authority. In future all airports built in Karnataka would be managed by the state government. Shivamogga airport is controlled and managed by the state. The government is also seriously mulling to begin its own air service,” he said.

    Also read: Air India-Vistara Merger Deal Gets CCI Approval: Check Details

    “In a bid to propel the economic growth of Vijayapura, Bagalkot, Yadgiri, Raichur, and Koppal districts, the construction of Vijayapur Airport is progressing at a remarkable pace. All necessary measures are being meticulously executed to ensure the airport’s inauguration by April 2024.

    “In a significant move towards sustainable tourism, steps have been taken to establish an expansive eco-tourism park spanning 1,819 acres in Uttara Kannada through a public-private partnership model,” he added.

    Simultaneously, plans are afoot to create an Aero City ‘Business Park’ extending across 407 acres near Kempegowda International Airport in Bengaluru, drawing inspiration from successful models like Delhi. These initiatives aim to promote tourism, bolster local economies, and create employment opportunities, he added.

    “The Bengaluru Suburban Project is set to revolutionise the region’s transportation infrastructure. In its first phase, covering 149 km, the project is nearing realisation. Additionally, preparations have been initiated to expand the project to an extensive 452 km in its second phase. K-RIDE is diligently awaiting the necessary permissions from the Union Ministry of Railways to advance this critical undertaking, which will significantly enhance connectivity and mobility in the state,” he said.

    The ‘Knowledge-Health-Innovation and Research City’ has been planned to be established in an area of around 2,000 acres on the outskirts of Bengaluru.

    The KHIR is poised to redefine Bengaluru’s global standing by fostering the growth of cutting-edge knowledge institutions, healthcare facilities, innovation hubs, and research centers.

    In its initial phase, 1,000 acres will be developed to house a world-class university, a state-of-the-art hospital, and advanced innovation and research facilities. This strategic initiative is expected to elevate Bengaluru’s stature in the international arena, Patil said.



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  • IndiGo Becomes Only Indian Brand Amongst Top 10 Most Active Global Airlines

    IndiGo Becomes Only Indian Brand Amongst Top 10 Most Active Global Airlines


    IndiGo,, the low-cost carrier, is the biggest air carrier in India, both in terms of passenger share and aircraft fleet. The airline, with over 55% market share, which is now over 60% as Go First is not operating flights after fiasco with Pratt & Whitney, aims to carry 100 million passengers in the year ending March 2024. For reference, the budget carrier flew 86 million passengers in FY23, highest in India, with majority of these passengers travelling on domestic flights. Among other records, IndiGo is also the only Indian airline among the most active airlines globally, in terms of daily flights. Here’s a list of top 10 most active airlines in the world:

    Most Active Airlines (Daily Flights)

    American Airline: 5,483

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    Delta Air Lines: 4,629

    United Airlines: 4,213

    Southwest Airlines: 4,080

    Ryanair: 3,098

    China Eastern Airlines: 2,144

    China Southern Airlines: 2,052

    IndiGo: 1,853

    Turkish Airlines: 1,819

    Beijing Airlines: 1,586

    The list compiled by a Twitter handle, World of Statistics, reveals that IndiGo is at the 8th spot in the world, in terms of the daily active flights. The airline operates an average of 1,819 flights daily, highest in India. The airline marginally exceeds Turkish Airlines, with 1,819 flights, while the last place is taken by Beijing Airlines with 1,586 flights. Talking about the most active airlines, the top 4 spots are taken by airlines from the United States.

    The American Airline took the numero uno spot with 5,483 flights, while the second spot belongs to Delta Air Lines with 4,629 fights. The third and fourth spot belongs to United Airlines with 4,213 and Southwest Airlines with 4,080 flights. Also, these are only the four airlines with over 4,000 active daily flights. 

    The fifth spot belongs to ultra-low cost airline from Europe, Ryanair with 3,098 daily flights. The sixth and seventh spots belong to Chinese air carriers, with China Eastern Airlines having 2,144 flights and China Southern Airlines having 2,052 flights. 

    IndiGo’s Massive 500 Aircraft Order

    In one of the largest-ever aircraft purchases by an airline, IndiGo announced placing a firm order to buy 500 narrow-body planes from Airbus as the airline embarks on an ambitious long-term growth path. The multi-billion dollar deal comes less than five months after Air India placed orders for 470 aircraft with Airbus and Boeing. The latest order by IndiGo is the largest-ever aircraft order placed by any airline with Airbus. The aircraft purchase agreement was signed between the airline and Airbus at the Paris Air Show 2023.

    Currently, IndiGo operates more than 300 aircraft and it has previous orders totalling 480 aircraft, which are yet to be delivered. This IndiGo order book comprises a mix of A320NEO, A321NEO and A321XLR aircraft. During an online media briefing from France after the announcement of the order for 500 aircraft, IndiGo CEO Pieter Elbers said this is a historic moment for Indian aviation and speaks of the future of India and IndiGo.

    IndiGo’s Expansion Plans

    The CEO of the airline, Pieter Elbers, recently said the airline expects to have around 350 planes in its fleet by the end of this fiscal (FY24). IndiGo recently announced that it will start direct flights to six new destinations in Africa and Central Asia, including to Nairobi, Tbilisi and Tashkent, this year. Embarking on “massive” international expansion plans, the carrier has already announced direct flights from Mumbai to Nairobi in Kenya and Jakarta in Indonesia and Delhi to Tbilisi and Baku.





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  • Stocks to Watch: JSW Steel, Zomato, Tata Steel, Marico, Adani Wilmar, and Others – News18

    Stocks to Watch: JSW Steel, Zomato, Tata Steel, Marico, Adani Wilmar, and Others – News18


    Stocks to Watch on July 6: Nifty futures traded 33 points, or 0.17 per cent, lower at 19,479, signaling that Dalal Street was headed for a negative start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons.

    Tata Power: Tata Power has received Letter of Award (LoA) to implement smart metering project in Chhattisgarh State Power Distribution Company. The value of project is Rs 1,744 crore, and the project will be spanned over a period of 10 years.

    Adani Enterprises: According to a report, Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The company redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining.

    JSW Steel, Zomato, JBM Auto: JSW Steel will replace Housing Development Finance Corporation (HDFC) in the S&P BSE Sensex effective from July 13. Moreover, JBM Auto Components will replace HDFC Ltd in S&P BSE 500 index; Zomato in S&P BSE 100 index; and Apollo Hospitals in S&P BSE Sensex 50 index.

    Tata Steel: N. Chandrasekaran, chairman of the company and of the Tata group, reportedly told shareholders at the 116th annual general meeting of Tata Steel on Wednesday that the company may have to take a decision on the future of the troubled UK business in a year as the life of the blast furnace in Port Talbot, Wales, will come to an end.

    “Our preference is to replace it with an EAF (electric arc furnace). We have drawn up a proposal and given it to the UK government,” Chandrasekaran told the shareholders.

    Ujjivan Small Finance Bank: In its quarterly business update, the lender informed the exchanges that its total deposits grew 44 per cent/4 per cent YoY/QoQ to Rs 26,655 crore in Q1FY24, while advances were up 31 per cent/5 per cent YoY/QoQ to Rs 25,346 crore. CASA growth moderated as deposits shifted from CASA to term deposits. It grew 27 per cent YoY, but slipped 3 per cent QoQ.

    Bombay Dyeing: According to reports, the Bombay Dyeing and Manufacturing Company is in talks to sell a part of its land parcel in Central Mumbai at a valuation of R 5,000 crore. A Japanese conglomerate is leading the race among the bidders to acquire the land which has a development potential of 2 million sq ft for commercial purposes. Bombay Dyeing will reporedtly use the proceeds to reduce part of its debt and for other corporate purposes.

    DCB Bank: The Bank has received an intimation from RBI receiving approval allowing Tata Asset Management Private Limited to acquire aggregate holding of up to 7.5 per cent of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of RBI letter (July 5, 2023).

    Asian Paints: The Company has incorporated a joint venture company, Asian Cement Holding Limited (AWCHL), in Dubai International Financial Centre, United Arab Emirates (UAE) as the holding company for the purpose of setting up an operating company in Fujairah, UAE. Named Asian White Inc. FZE, it will carry out the business of manufacturing and exporting white cement and white cement clinker.

    Adani Wilmar: The Adani Group company reported volume growth of 25 per cent YoY for the quarter ended June, 2023. However, sales declined 15 per cent YoY due to sharp drop in edible oil prices.

    The food and FMCG segment recorded revenue growth of over 30 per cent YoY to cross Rs 1,000 crore-mark on a standalone basis.

    Marico: Domestic volumes grew in low-single digits in Q1FY24, with a minor volume drop in Parachute Coconut Oil- Consolidated revenue in the quarter declined in low-single digits- Gross margin is expected to expand materially on a YoY and QoQ basis-

    Force Motors: The company sold 1,783 units of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) in June, 2023, and 648 units of Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors. Total exports stood at 440 units.

    Biocon: Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has completed the integration of the acquired biosimilars business in over 70 countries in Emerging Markets effective July 1, 2023, increasing the scale and scope of its business.

    BSE: The company’s Board will meet today to approve the share buyback proposal.

    India Cements: LIC has pared its shareholding to 3.83 per cent from 5.88 per cent of the paid-up capital of the company. LIC has divested its stake in India Cement through open market sale at an average price of Rs 191.59.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.



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  • IndiGo Airline On Massive International Expansion Spree; Launches Flights To Africa, Central Asia

    IndiGo Airline On Massive International Expansion Spree; Launches Flights To Africa, Central Asia


    India’s largest airline, IndiGo is on a massive international expansion spree as the air carrier announced direct flights to Kenya, Indonesia and Georgia in a past couple of days. With the recent announcement of direct flights to Tbilisi, Georgia, IndiGo Airline is now connected to 29 international destinations and 107th overall destination. The budget air carrier earlier announced to start direct flights to six new destinations in Africa and Central Asia, including to Nairobi, Tbilisi and Tashkent, this year. Once these routes are operational, the budget airline will be connecting a total of 32 international destinations compared to 26 before the announcement was made.

    The rapid expansion plan will also make Indigo the second biggest Indian airline to operate on international routes, just behind Air India, route wise. However, passenger capacity wise, IndiGo Airline is now the largest Indian airline operating international flights. In the domestic market, the airline is still the biggest air carrier by a distant margin, with a 55 percent market share.   

    Direct Flight To Africa, Central Asia

    cre Trending Stories

    The airline is embarking on a “massive” international expansion plan as the air carrier has now announced to connect Nairobi in Kenya, Jakarta in Indonesia and Tbilisi in Georgia, with direct flights from Delhi/ Mumbai. Later, IndiGo will also add flights from Delhi to Azerbaijan, Uzebkistan, Kazakhstan and restart flight to Hong Kong. “Delhi will get connected in August to Tbilisi, Georgia & Baku, Azerbaijan and in September to Tashkent, Uzbekistan, and Almaty, Kazakhstan,” IndiGo said in a release.

    Codeshare With Turkish Airlines

    IndiGo is strengthening its connectivity to Europe through the codeshare connections with Turkish Airlines. Currently, it offers connectivity to 33 destinations in Europe via Istanbul. “As part of the codeshare partnership with Turkish Airlines, IndiGo will soon be offering connectivity to North America, closing final regulatory approvals,” said IndiGo. The airline entered codeshare with Turkish Airline to start flights to Istanbul, Turkey.

    Later, they enhanced the partnership to deploy the first wide body plane on the route, a wet-leased Boeing 777. While initially the airline deployed the plane painted in the Turkish Airline livery, it was later painted to IndiGo’s blue and white livery, making the brand only the third airline in India to operate a wide body plane after Air India and Vistara and only the second airline to operate a B777.

    International Expansion Plan

    The expansion also comes at a time when there is a rising demand for international travel from, to and via India, as well as the government’s efforts to develop an international aviation hub in the country. IndiGo said it will be adding an “impressive 174 new weekly international flights between June and September 2023, including new destinations, routes, and frequencies”.

    “The addition of these exciting new destinations, new direct flight routes, enhanced flight frequencies, and strategic codeshare partnerships, will help us expand our footprint across four continents with Africa and Central Asia being penetrated for the first time. With this expansion in our network, we will now be directly touching 32 international destinations (up from 26), next to our 78 domestic destinations,” IndiGo CEO Pieter Elbers said.





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  • Stocks to Watch: ZEEL, HDFC, Tata Motors, Patanjali, EIL, HeroMoto, and Others

    Stocks to Watch: ZEEL, HDFC, Tata Motors, Patanjali, EIL, HeroMoto, and Others


    Last Updated: June 13, 2023, 09:19 IST

    Stocks to Watch on June 13: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,732, up 33.5 points or 0.18% from the previous close.

    HDFC: The home loan financer has raised over Rs 13,000 crore through 10-year bonds at 7.75 per cent ahead of its merger with the largest private lender, HDFC Bank.

    Tata Motors: Tata Motors’ owned Jaguar Land Rover plans an annual investment of 3 billion pounds while targeting revenue of over 30 billion pounds by FY26, according to an investor presentation by the company.

    Hero MotoCorp: The two-wheeler major said it plans to open more than 100 exclusive stores for premium models in FY24 at ‘prime’ locations across the country.

    Airline stocks: Directorate General of Civil Aviation (DGCA) has relaxed its norms making it easier for Indian carriers to launch new overseas destinations. Current 33-point checklist pruned to 10 points related to airlines’ preparedness for intended operations.

    Zee Entertainment: The Securities and Exchange Board of India (Sebi) on Monday debarred Zee Entertainment Enterprises (Zee) promoter and Essel group Chairman Subhash Chandra and Managing Director (MD) and Chief Executive Officer (CEO) Punit Goenka from holding key positions in any listed company for allegedly diverting assets of Essel Group companies.

    Patanjali Foods: The edible oil firm has chalked out an aggressive growth plan to reach Rs 5,000 crore operational profit and over Rs 50,000 crore turnover in the next five years.

    Engineers India (EIL): The company has won a work order from ONGC worth Rs 472 crore to be completed in 40 months.

    Punjab & Sind Bank: The bank’s board has approved raising of capital up to Rs 750 crore through issuance of Basel-III compliant Additional Tier-1 Bonds or Tier-II Bonds in one or more tranches within a period of 12 months.

    ICICI Lombard General Insurance: Insurance Regulatory and Development Authority of India (IRDAI) has granted approval to SBI Mutual Funds along with its group entities to acquire up to 10% of the total paid up equity share capital of the Insurer through market purchase.

    PC Jeweller: The company has received a ‘Stay Order’ from the District Judge , Patiala House, New Delhi, in favour of the Company, against State Bank of India, restraining the bank from taking any further action against the company. PC Jeweller had filed a suit against SBI for declaration and injunction as well as requesting that the action of the bank in classifying the loan account of the company as Non-Performing Assets (NPA) w.e.f. 29.06.2021 and 24.04.2019 be declared as illegal, null, void, arbitrary, discriminatory and against the RBI circulars.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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  • IndiGo Airline Operates Maiden Goa-Dehradun Flight With Goan Woman As Pilot

    IndiGo Airline Operates Maiden Goa-Dehradun Flight With Goan Woman As Pilot



    Shasha Saldanha, a pilot with IndiGo Airline, was specially requested by the state government to co-pilot the aircraft as a sign of women empowerment.



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  • Submit Revival Plan Within 30 Days: DGCA Advises Go First Airline

    Submit Revival Plan Within 30 Days: DGCA Advises Go First Airline



    Indian aviation watchdog DGCA has advised Go First to submit a comprehensive restructuring/revival plan for a sustainable revival of operations, within a period of 30 days.



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