Aviat Financial News

IndiGo on Tuesday said that around 80 of its aircraft could be grounded between January to March to next year due to ongoing issues with Pratt & Whitney engines that is used in Airbus A320 and 321 aircraft. The airline, however said that it remains confident in meeting its long-term capacity guidance which it said will be north of mid-teens. “We have recently received additional information from Pratt & Whitney and based on our preliminary assessment of this, we anticipate Aircraft on Ground in the range of mid-thirties in the fourth quarter Jan-Mar2024 due to accelerated engine removals.

Army is looking at phasing out its ageing fleet of Cheetah and Chetak choppers starting 2027, and considering induction of the light utility helicopters as the replacement besides exploring the option of leasing, sources said. The Army Aviation Corps is currently operating around 190 Chetak, Cheetah and Cheetal helicopters, they said. While the Army will be getting around 100 light utility helicopters (LUH), it is also looking at the option of taking choppers on lease to meet its requirement.

₹10 lakh fine on Air India for flouting norms. The regulatory body also issued a show cause to the carrier for failing to provide appropriate protection to travellers who faced flight disruptions. “In order to ensure compliance of passenger-centric CARS, the DGCA carried out inspections of scheduled domestic airlines at various major airports on a continuing basis since May 2023.

Air India flights from airports in the national capital and Punjab will be subject to additional checks, and issuance of visitor entry tickets has been stopped at the Delhi airport till November 30 amid increased threat perception, according to sources. Apart from issuance of temporary airport entry passes, entry of visitors to the terminal building of Indira Gandhi International Airport (IGIA) have been banned till November 30, they added.

Pannun issued a video, where he was heard saying, “We are asking all Sikhs to avoid boarding Air India flights on November 19. On that day, there will be a global blockade, and Air India will not be allowed to fly anywhere across the world. Sikhs, you do not travel by Air India after November 19.

Lenders to India’s Go First remain hesitant to disburse additional funding to the grounded airline. This reluctance is attributed to the airline’s ongoing legal issues with lessors and the complexities surrounding recent changes in bankruptcy law, as conveyed by two banking sources to Reuters on Monday.

₹188.9 crore in the quarter ended 30 September on the back of a rise in income following the recovery in air traffic. In the year-ago period, the company had recorded a loss of ₹1583 crore. However, IndiGo is staring at a second headwind related to engine availability as Pratt & Whitney is set to recall some of its engines starting January, resulting in substantial aircraft groundings.

₹12,000 crore of funds to start the redevelopment work at Mumbai’s Dharavi, Asia’s largest slum, two people directly aware of the development said. On 14 July, the Maharashtra government approved the Adani group to redevelop the crowded Dharavi slum—a complex 590-acre cluster of irregular structures, rickety tenements and decrepit buildings sheltering over 900,000 citizens and hundreds of small commercial setups. A special purpose vehicle (SPV), 80% owned by the Adani group and the rest by the Maharashtra government, was formed in September, following which discussions internally and with the state authorities, including the Mumbai Metropolitan Region Development Authority (MMRDA), have been initiated for the $1.5 billion (nearly ₹12,500 crore) investment, according to the people cited above.

Warren Buffett's company has reported a $12.8 billion loss as the paper value of its investments fell, but the companies it owns — particularly the insurers — generally performed well

Let's explore the performance of these stocks. (Data Source: StockEdge) 1. Container Corporation of India 100-Day SMA: 687.85 | Closing Price: 713.75 2. Endurance Technologies 100-Day SMA: 1622.32 | Closing Price: 1669.45 3. Apollo Hospitals Enterprise 100-Day SMA: 5034.85 | Closing Price: 5153.2 4. Adani Ports and Special Economic Zone 100-Day SMA: 783.92 | Closing Price: 795.4 5. Eicher Motors 100-Day SMA: 3404.3 | Closing Price: 3428 6. Jubilant FoodWorks 100-Day SMA: 505.13 | Closing Price: 506.8 7. Indian Railway Catering and Tourism Corporation (IRCTC) 100-Day SMA: 661.94 | Closing Price: 663.6 8. Bharat Petroleum Corporation (BPCL) 100-Day SMA: 361.12 | Closing Price: 361.5 9. Interglobe Aviation (IndiGo) 100-Day SMA: 2509.08 | Closing Price: 2509.2 (You can now subscribe to our ETMarkets WhatsApp channel) (Disclaimer: This is an AI generated article.

quoted by others such as Sucheta Dalal: “Shourie then read out the recommendations of several parliamentarians, as well as those of the Standing Committee of Parliament. Lo and behold, they were the same as FICCI's, right down to the etceteras." Shourie asked his audience if it was a case of “Great minds that think alike? Or one great mind that was making everyone think alike?" Clearly it was the latter--Shourie informed the audience that FICCI’s aviation committee was chaired by none other than Naresh Goyal of Jet Airways, who had a vested interest in ensuring that foreign airlines did not control Air India (probably because it could result in serious competition for Jet). Shourie later narrated the incident in Parliament, when he also referred to Goyal as the “so-called" owner of Jet Airways.

InterGlobe Aviation (IndiGo) rose 3% to Rs 2,579.4 in Monday's trade on BSE after the airline operator swung to a consolidated net profit of Rs 188 crore from a loss of Rs 1,583 crore a year ago. Its consolidated revenue from operations increased by nearly 20% YoY to Rs 14,944 crore and was a tad higher than the estimated Rs 14,613 crore. Sequentially though, the bottomline was far lower than the Rs 3,091-crore profit posted in the June quarter, while revenue declined by more than 10% since the second quarter is typically a seasonally weak one for the sector. Earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR), surged to Rs 2,446 crore for the quarter, from Rs 229 crore a year ago. The operating margin subsequently expanded to 16.4% from 1.8% a year ago. At 11.10 a.m., the scrip was trading 1% higher at Rs 2,532.7 on BSE. Should you buy, sell or hold IndiGo's stock? Here's what analysts say: BofA Securities BofA Securities maintained a 'Buy' rating on InterGlobe Aviation and raised the target price to Rs 2700 from Rs 2600 earlier. The Q2 PAT beat was largely driven by one-off reversals of provisions and one-off compensations.

SBI and upgraded Zomato to buy post Q2 results. CLSA also upgraded Titan Company to buy and BofA Securities recommended a buy on InterGlobe Aviation. We have collated a list of recommendations from top brokerage firms from ETNow and other sources: CLSA on SBI: Buy| Target Rs 700 CLSA maintained a buy rating on SBI with a target price of Rs 700.

State Bank of India: India's largest commercial bank, SBI reported an 8% year-on-year jump in the net profit as it grew from ₹13,264.5 crore in Q2FY23 to ₹14,330 crore in the quarter under review. The net interest income (NII) of the State Bank of India jumped 12.3% compared to the same period last year, reaching ₹39,500 crore. Additionally, there was a 21.6% growth in other sources of income, bringing it to ₹10,790 crore.

The new president of the Boy Scouts of America plans to reverse the trend of declining membership and improve safety programs as the organization emerges from bankruptcy following a sexual abuse scandal

Three passengers have sued Alaska Airlines saying they suffered emotional distress after an off-duty pilot allgedly tried to shut down the engines of a flight from Washington state to San Francisco

New Delhi: InterGlobe Aviation Ltd, which runs India’s largest IndiGo airline, clocked a net profit of ₹188.9 crore in the September quarter as air travel picked up, against a loss of ₹1,583 crore a year earlier. Total income during the period rose 20.6% from a year earlier to ₹15,503 crore, in what is typically a weak quarter for the travel industry. In fact, since IndiGo went public in November 2015, it has recorded a net profit in the quarter only twice—in 2016 and 2017.

India and Sri Lanka must further bolster bilateral ties and explore policy options to minimise risks and volatility emanating from global economic and political developments, finance minister Nirmala Sitharaman has said, as she exhorted businesses to lead the efforts towards greater economic integration between the two countries. She suggested that Sri Lanka explore the feasibility of widening its economic basket from just tourism and tea to focus on sectors like pharmaceuticals and renewable energy, according to a post by the Indian finance ministry on X (formerly Twitter).

70-hour work week could raise compliance issues as it violates labour laws, a senior official of staffing company TeamLease said on Friday. «If somebody is spending 70 hours (in office), they are going beyond 9 hours. There is a fundamental disconnect, when you are an employee labour law allows you to work 9 hours,» Vice President and Business Head for TeamLease Degree Apprenticeship Dhriti Prasanna Mahanta said. Former Infosys CEO N R Narayana Murthy had recently advocated for a 70-hour work week, drawing reactions from across the spectrum.

₹6,500 crore, as per a report by The Economic Times. Regulatory clearance for lessors to repossess leased aircraft has made it impractical for banks to commit fresh capital in the maiden instance of voluntary bankruptcy in Indian aviation, it said. Also Read: Go First Lessors Demand Aircraft Deregistration Post Bankruptcy Code Changes The Directorate General of Civil Aviation (DGCA) informed the Delhi High Court via an affidavit that the recent directive exempting aviation leases from the bankruptcy moratorium should be applicable even to companies undergoing insolvency proceedings.

Additions: According to InCred, the recent stock price correction has given an opportunity to upgrade 3 stocks to the ‘high conviction list’ – Cyient DLM, Data Patterns, and Tech Mahindra. It has included Data Patterns (ADD) for the benefits of increasing in-house product development and annuity-based exports.