Aviat Financial News

77th Independence Day of India, Prime Minister Narendra Modi addressed the nation and hailed the women empowerment and said that India has the highest number of women pilots in civil aviation. Addressing the nation from the Red Fort, Delhi, Modi said, “One sole energy that is leading the nation is ‘women-led development’. We have the highest number of women pilots in civil aviation." Modi further said about the women scientists in the Chandrayaan-3, saying, “We have women scientists working on lunar missions." Modi further hailed the women's self-help group.

New Delhi: The union ministry of finance has increased the windfall tax on sale of locally produced crude oil to ₹7,100 per tonne. For the past two weeks, the windfall tax on domestically produced crude oil was ₹4,250 per tonne. The increase would come into effect from 15 August.

MiG-23 jet crashed at a Michigan air show, with its pilot and passenger ejecting just in time before the crash. The incident happened during the Thunder Over Michigan air show in Belleville, Michigan. The MiG-23 jet was being operated by two occupants, and they both used parachutes to safely land on the ground. They were taken to the hospital as a precaution, but no injuries were reported. The crash occurred at around 4:00 PM ET on Sunday at the Yankee Air Museum's air show. The Soviet-era jet crashed into unoccupied vehicles in a parking lot at the Waverly on the Lake Apartments. Fortunately, it narrowly missed hitting an apartment building. The plane caught fire upon impact, and emergency crews arrived to put out the flames. Black smoke billowed into the sky. Video footage captured the ejection of the pilot and passenger just before the crash. The cause of the crash is currently under investigation by the Federal Aviation Administration (FAA). The MiG-23 jet was piloted by Dan Filer, a retired Navy pilot from Texas. Filer, who is known for collecting Soviet-made fighter jets, had been flying the only privately owned flying MiG-23 in the world. The MiG-23 was a prominent Soviet war plane during the Cold War, recognized for its advanced radar and fire control system that allowed it to launch missiles at targets beyond visual range, according to the National Museum of the United States Air Force.

Mint that the airline’s RP Shailendra Ajmera was asked by the Committee of Creditors (CoC) to approach banks with a revival plan and raise funds amounting to ₹450 crore. The CoC had also approved that the RP-led management can also approach the banks, who are part of the committee. Ajmera, however, has not been able to raise funds despite approvals from the aviation regulator Directorate General of Civil Aviation due to a Delhi high court order that gives lessors permission to inspect the aircraft.

₹205 crore compared to ₹17 crore for the March quarter, results for which were also announced on Monday. However, a reduction in fleet size caused a decline in operating revenues both year-on-year and sequentially. “Passenger volume, too, has reduced by 31% year-on-year, which took a toll on total revenues.

The company, which is backed by marquee investors Ashish Kacholia and others, plans to raise Rs 351 crore at the upper price band. The allocation to anchor investors will be done on August 21. The IPO comprises a fresh equity issue of Rs 162 crore and an offer for sale (OFS) of 1.75 crore equity shares.

The Jalan-Kalrock Consortium has successfully obta... moreThe Jalan-Kalrock Consortium has successfully obtained the renewal of the Air Operator Certificate (AOC) for Jet Airways from the Directorate General of Civil Aviation (DGCA).

Independence Day, SpiceJet has unveiled a sale, featuring airfares commencing at a ₹1515, which also covers all applicable taxes. The aviation company, communicating through X, said that this offer encompasses an added bonus in the form of a complimentary flight voucher valued at ₹2000.

Deutsche Bank has settled the loans it extended to Go Airlines out of court with its promoters Wadia Group, people aware of the development said. Go Airlines, which operated Go First Airlines, is undergoing voluntary liquidation. Last week, Deutsche Bank conveyed to its resolution professional Shailendra Ajmera and lenders that it wants to relinquish itself as a member of the committee of creditors (CoC) since it has separately settled its debt with the promoter, people cited above said. Exit of the German bank will not have any impact on the debt resolution or recovery of dues, a senior consultant told ET. The RP, backed by EY, recently extended the date to submit expressions of interest from potential bidders for the distressed airline by a month to September 8. A Go First spokesperson in a statement said, “We are not aware of settlement of any such loan. However, Britannia Industries is no way involved with Go First directly or indirectly for any loans provided.” Deutsche Bank and Ajmera declined to comment. According to the initial list of claims filed by creditors on June 8, Deutsche Bank had filed Rs 1,365 crore-claims which were classified as unsecured creditors.

Tata group is set to introduce a fresh brand identity for Air India Express by October, three people aware of the development said. “The font of Air India Express on the livery will be similar to that of the new ‘Air India Sans’ font. The tail pattern will have a variety of designs like the current Air India Express fleet.

Plane Crash at Lake Hickory Causes Power Outage for 18,000 Residents in Caldwell and Catawba Counties Early Sunday morning, an unfortunate plane crash near Lake Hickory has led to a significant power outage affecting approximately 18,000 residents in both Caldwell and Catawba counties. The aircraft incident occurred off 32nd Avenue Drive NW, according to initial reports. Catawba County Communications indicated that the plane had made contact with powerlines during the crash.

Direct flight services from Kerala to Ho Chi Minh City in Vietnam were launched from the Cochin International Airport on Saturday. The Cochin International Airport Limited (CIAL), in a statement issued on Sunday, said the new flight service by Vietnamese airline Vietjet was a significant milestone for it. The new flight service has resulted in adding 45 flights connecting Kochi to Southeast Asian destinations, CIAL said.

carbon emissions and reducing their environmental footprint. A truly holistic approach to sustainability goes beyond mere reduction. Innovators and researchers have been diligently exploring solutions that can mitigate environmental impact.

By David Shepardson

Spicejet results date: Indian budget airline company Spicejet has deferred its Q1 results date from 11th August to 14th August 2023. The aviation company promoted by Ajay Singh said that board of directors of the company could only partially complete the agenda items during its meeting on 11th August 2023.

Qatar and Etihad have become an unstoppable force in the global aviation industry much because of the location of their home bases in the Gulf. Their geographical positioning allows them to transfer big chunks of passengers between Asia, Africa and Europe. These are also state-owned carriers of energy-producing countries, which makes them ferocious price warriors in transcontinental travel.

Investing.com — U.S. stocks were mixed on Friday after a reading of producer price inflation that came in higher than expected.

Digi Yatra facility will be launched at six more airports, including at Mumbai and Kochi, in August. Currently, the facility is available at seven airports. It was first launched on December 1, 2022 at the airports in Delhi, Varanasi and Bengaluru.

Tata Sons Chairman N. Chandrasekaran, senior executives from Air India, and top heads from the Indian aviation industry, it is rather clear that the loyalty towards the airline will develop on account of on-time performance, reliable flight operations, a wide network that gives passengers the most feasible flight timings, and clean aircraft with interiors in acceptable condition.

Investing.com -- Shares in Archer Aviation (NYSE:ACHR) rose on Friday after the air taxi group announced that it had settled litigation with jet maker Boeing (NYSE:BA) and its Wisk Aero division.

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