Aviat Financial News

NEW DELHI : The Supreme Court came down heavily on SpiceJet for failing to clear its outstanding dues to Credit Suisse and ordered the low-cost airline to settle all pending payments by 15 March. The court on Monday directed SpiceJet to pay $1.25 million to Credit Suisse, along with monthly installments. Additionally, SpiceJet’s chairman and managing director, Ajay Singh, has been summoned to appear before the court on 22 March.

The number of passengers flying through Dubai International Airport has surged in the last year beyond its total for 2019 — just before the coronavirus pandemic grounded global aviation

Air India and Tata Advanced Systems (TASL), are set to invest ₹2,300 crore in Karnataka, towards establishing a Maintenance Repair and Overhaul (MRO) facility in Bengaluru, envisioning the city as the aviation hub of South India, PTI reported on February 19. The investment is aimed at fostering economic growth and employment opportunities in the state, it added.

civil aviation security regulator has asked airlines to deploy adequate manpower within 10 days to ensure passengers don't have to wait more than half an hour to collect their luggage. The Bureau of Civil Aviation Security (BCAS) wrote to airlines on Friday, directing them that the first bag should arrive at the carousel within 10 minutes of the aircraft shutting down the engine and the last bag no later than 30 minutes. In January, BCAS monitored baggage arrival time of all airlines at six metro airports — Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata and Chennai — on a weekly basis and found they did not adhere to the standards set in the Operation, Management and Delivery Agreement. Contractual agreement was signed by Airports Authority of India with Delhi and Mumbai airports during their privatisation in 2006. It defines standards of service that the airports have to provide to passengers. «The above monitoring is currently being done at six major airports, However, BCAS has directed the airlines to ensure that the mandated levels are achieved in all airports where they fly,» the regulator said in a statement.

Air India, IndiGo, Akasa, SpiceJet, Vistara, Air India Express Connect, and Air India Express, BCAS has urged them to implement necessary measures to ensure the timely delivery of customer baggage. In an extensive survey conducted across the nation's six major airports, the BCAS scrutinised the operations of seven airlines and analysed over 3600 flight movements along with their baggage delivery processes.

Civil aviation security regulator Bureau of Civil Aviation Security (BCAS) has asked airlines to deploy adequate manpower in 10 days so that passengers don’t have to wait at airports for their luggage. The regulator on Friday wrote to airlines saying that the first bag should arrive at the baggage belt in 10 minutes of the aircraft shutting down the engine whereas the last bag within 30 minutes. In January, BCAS monitored baggage arrival time of all airlines at six metro airports- Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata and Chennai on a weekly basis and found that they were not according to the standard set in Operation, Management and Delivery Agreement (OMDA).

Ukraine on Saturday, the country's air force chief said. «On the morning of February 17, 2024, in the eastern (sector), units of the Air Force of the Armed Forces of Ukraine destroyed three enemy aircraft at once — two Su-34 fighter-bombers and one Su-35 fighter,» Mykola Oleshchuk wrote on Telegram. Reuters was not able to verify the claim, which if true would represent a loss to Moscow of advanced warplanes worth in excess of $100 million in total.

Stock to watch: SpiceJet shares witnessed a strong bull trend on Friday after the announcement of DGCA numbers for January 2024. However, the aviation stock sustained its early morning gains when the Indian aviation major informed stock market bourses about fresh developments on GoFirst involving its MD Ajay Singh. The Indian budget carrier declared that SpiceJet MD Ajay Singh and Busy Bee Airways Private Limited had submitted a joint bid for bankrupt airline company GoFirst, which has been grounded since May 2023 and going through insolvency proceedings.

Vistara and Air India pilots will have a uniform salary structure from March as the two airlines integrate their human resource departments as part of a broader consolidation of the Tata group's aviation business. As part of this, pilots of Vistara will get a fixed salary for 40 hours instead of the current 70 hours. They will get paid for extra flying hours and will also earn an additional amount as a reward based on the years of service with the airline, according to a memo sent to pilots and reviewed by ET. While restructuring of salary is the first step, both the companies will also align policies and other benefits subsequently, the pilots were told. However, a complete integration of operations will take time as it will happen only after receiving regulatory approvals.

Akasa Air will operate four non-stop flights a week, connecting Mumbai with Doha, enhancing air connectivity between Qatar and India," the airline said in a release. Bookings for flights are now open on Akasa Air’s website www.akasaair.com, Android and iOS app and through multiple leading OTAs, with return fares starting at ₹29012. With this, Akasa Air becomes the first Indian airline to fly overseas in a record period of 19 months since its inception.

₹100 crore per year. The lay-offs have already begun and the exercise is expected to be completed by March. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalization, aimed at achieving profitable growth and positioning ourselves to capitalize on the opportunities in the Indian aviation industry," a SpiceJet spokesperson had said on the lay-offs.

Stock market today: Amid the bull trend in the Indian stock market, SpiceJet shares witnessed strong buying interest during Friday deals. SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece, logging around 13 percent intraday rise against its Thursday close of ₹63.63 apiece on NSE.

WASHINGTON (Reuters) -The Federal Aviation Administration's top official said on Thursday he will discuss Boeing (NYSE:BA)'s quality control and manufacturing practices at a Washington meeting with company executives, after a panel blew out of a 737 MAX plane in flight in January.

₹3,300 per tonne and has also reintroduced a ₹1.5 per litre special additional excise duty (SAED) on the export of diesel. For the past two weeks, the SAED on the sale of locally produced crude oil stood at ₹3,200. The duty on the export of diesel was at zero since 1 January.

“(PLI scheme for) drones is a small scheme. The companies were happy with the way the scheme is being implemented. Their only ask was to expand the scheme. The industry is looking for a second opportunity for more players to apply and to increase the outlay. In this sector, almost all the beneficiaries are startups and micro, small and medium enterprises,” Pawan Goenka, the chairperson of the Steering Committee for Advancing Local value-add and Exports (SCALE), has told ET. The annual sales turnover of the Indian drone manufacturing industry may grow from approximately Rs 60 crore in 2020-21 to approximately Rs 900 crore by 2024-25, said Minister of State of Civil Aviation Gen. VK Singh (Retd.).

Economist Peter Morici breaks down what the national debt is, why it ballooned to more than $34 trillion and what it means for Americans.

NEW DELHI : India’s aircraft maintenance, repair, and overhaul (MRO) units have sought a reduction in rental rates at which the government renews their land leases, Mint has learnt. “The industry has sought intervention by the civil aviation ministry on lease rentals for the MRO industry. The norms state that a new allotment of Airports Authority of India (AAI) land is approved at 40% of prevailing land lease rates for MRO companies.

green energy initiatives, Cochin International Airport Ltd (CIAL) has entered into a Memorandum of Understanding (MoU) with the Bharat Petroleum Corporation Ltd (BPCL) for setting up a green hydrogen plant in the premises of Cochin Airport. This collaborative effort will result in the world's first green hydrogen plant and fueling station located within an airport setting, CIAL said in a statement on Wednesday. Green hydrogen, produced from water using renewable energy sources, is recognized as a future fuel and aligns with zero-carbon energy strategies, it said. The agreement exchange ceremony for the green hydrogen plant was held at Legislative Complex, Thiruvananthapuram in the presence of Kerala Chief Minister Pinarayi Vijayan who is also the chairman of CIAL, the statement said. «As pioneers in sustainable aviation, CIAL is happy to start a groundbreaking journey with BPCL towards establishing the country's first green hydrogen plant in an airport,» CIAL Managing Director, S Suhas IAS is quoted as having said in the statement. He also said that this strategic collaboration underscores CIAL's commitment to green energy and propels closer towards a zero-carbon future in the aviation landscape.

₹1.8 lakh for a 40-minute circling time to ₹2.6 lakh for 60 minutes. This not only increases airfares for customers but also affects the efficiency of airport operations, resulting in long wait times and delays, the ministry added.

Federal accident investigators are pushing for better cockpit voice recorders

Mumbai airport to reduce flights as it had given excess slots that was causing congestion, leading to a situation where aircraft were hovering over the airport for as long as 60 minutes. An airport slot is a period of time during which an aircraft can take off or land. The ministry said the airport operator didn't take steps to streamline and regulate the air traffic movement.