The hospitality and tourism sector is among the worst hit because of the pandemic, and is unlikely to recover any time soon as people continue to be cautious of going out in a crowded places.
The rights issue price has been set at Rs 1,257 a share, a discount of nearly 14 per cent to the last closing price of Rs 1,459. The company had set May 14 as the record date for the rights issue, which meant shareholders as on that day would be eligible to apply. Shareholders will be able to apply for one share for every 15 shares held.
'Indian aviation cannot resume without at least three major airports being functional. If Delhi, Mumbai, Bengaluru, and Kolkata are shut, there is little chance that airlines will start flying even if the government gives the go-ahead.'
Companies across the sector are restructuring payrolls of crew, cutting allowances, and extending leave without pay duration as they realise they will have more aircraft and employees compared to customers.
Airlines and airports are devising their own standard operating procedures, with a limited number of flights being planned to enable social distancing on ground and inside aircraft. The AAI guidelines also state that airport facilities such as smoking rooms, kids play areas, and prayer rooms shall be restricted to a limited number of people, to minimise gathering.
The 'mystery' of the education business sale by Cox & Kings is part of an Enforcement Directorate investigation, which is also examining the siphoning-off of funds to the tune of Rs 21,000 crore to dozens of so-called related-parties, highlighted by the forensic auditor.
Extended check-in time, frequent disinfection every hour, additional queue managers at entry, exit, boarding point, check-in halls, security check areas and boarding gates, with social distancing markers and reminders - welcome to our airports post-coronavirus.
Aircraft lease rentals are fixed costs and account for around 15 per cent of an airline's expense and since these are paid in dollars are also subject to currency fluctuations.
Mumbai, with an estimated population of nearly 20 million, has been testing 1,200-1,400 people per day. Delay in the delivery of rapid antibody test kits has forced the BMC to restrict its testing net.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
Such a disruption will take the clock back by many years - in terms of passengers handled - for these airports, thus raising questions among some of the airport operators over a delay in expansion plans.
International airlines are offering affected passengers an option of refund, vouchers, discounts on future bookings, and the opportunity to hold tickets for up to two years following travel bans.
The bulk of the erosion in terms of value took place in India's most-valued firms. For instance, Mukesh Ambani-led Reliance Industries alone has lost Rs 3.8 trillion in m-cap, followed by HDFC Bank, which has seen its value erode by Rs 2.45 trillion and Tata Consultancy Services (TCS), which has lost Rs 1.85 trillion to stand at Rs 6.24 trillion, making it India's most-valued.
'The only thing that is safe right now are government securities.'
The issues include not getting refunds on airline and hotel bookings, getting charged a service fee even if airlines have waived cancellation charges and so on. Complaints are piling up on Twitter, Facebook and other social media channels as more and more people cancel their travel plans due to the ongoing Covid-19 pandemic.
Employees asked to work from home... cancelled travel plans... curtailed meetings... Caution and precaution dominate Corporate India's response to Covid-19.
Indian airlines have also been advised separately to give relief, an official said.
Flight occupancy and fresh bookings have dropped over ten per cent in last few days as individuals and corporates defer trips. International travel is already hit due to a series of visa restrictions.
Airlines sought a limited period concession of the standing rule of slot allocation, which mandates that firms must operate at least 80 per cent of their allocated slots.
"We have found that a couple of international airlines are not adhering to the rules. Failure to adhere to rules shall entail strict action," said Director General of Civil Aviation Arun Kumar.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances