Airfares have nearly doubled in a matter of days on routes hit by the cancellation of 200 weekly flights linking Mumbai airport to 12 cities. The fares have soared as high as 193 per cent following a recent government order to cancel flights to ease "persistent congestion" that was causing delays. Aside from the reduction in flights on 12 routes, two destinations - Hubli and Jabalpur - have lost connectivity with Mumbai since last week, according to aviation analytics firm Cirium's data reviewed
The on-time performance (OTP) of Indian carriers took a major dip in January as dense fog foiled their flight schedules. According to data from the Ministry of Civil Aviation reviewed by Business Standard, five out of six major Indian carriers - IndiGo, Air India, AIX Connect, Akasa Air, and Vistara - recorded their lowest OTPs in at least the last 11 months. In response to queries, an Air India spokesperson said that during this winter, northern India experienced unusually prolonged periods of dense fog affecting traffic at the airline's two largest hubs -- Delhi and Mumbai.
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
The Directorate General of Civil Aviation (DGCA) on Tuesday issued specific measures for aviation sector players to mitigate the risk of runway incursions at Indian airports. The measures include activating stop bars by Air Traffic Controllers (ATC) to inform aircraft when not to proceed, establishing contingency plans in case stop bars malfunction, establishing runway safety teams at airports, and conducting comprehensive training programs for pilots, ATC personnel, aircraft maintenance engineers, and airport drivers.
The push given to rooftop solar installation in the Interim Budget ties in with its high rate of adoption in Tier-II and -III cities of India. If original equipment manufacturers (OEMs) in the automobile industry, government, and the solar sector are to be believed, in cities of Rajasthan, Gujarat, and Kerala, 45-50 per cent of electric-vehicle (EV) users are employing rooftop power to charge their vehicles. This is compared to the national average of 25 per cent, say industry sources.
Kinetic on Wednesday relaunched the iconic two-wheeler Luna in an electric avatar, addressing the demand for affordable electric vehicles (EVs), more than two decades after its initial introduction. e-Luna will be available at an introductory ex-showroom price of Rs 69,990, as announced by Sulajja Firodia Motwani, founder and chief executive officer of Kinetic Green, after Union Road Minister Nitin Gadkari launched the vehicle. Motwani pointed out that the current top 10 electric two-wheelers in the country are priced between Rs 1.05 lakh and Rs 1.49 lakh, making them a "luxury" that is not "practical and accessible" for most people in India.
For the consumer, there would be practically no impact on prices of essential medicines this year.
The pharmaceuticals sector is expected to post a revenue growth of around 13.5 per cent and a net profit growth of 30.3 per cent for the third quarter of 2023-24 (FY24), riding on the approval for niche drugs in the US market, fall in raw material prices and correction in shipping rates. In the healthcare segment, hospitals are expected to post revenue growth of 13 per cent during the coverage, while net profit growth would be around 37 per cent, ICICI Securities said in a note. However, the performance may not be comparable on a sequential basis due to the offset of the festive season in Q3FY24, the analysts noted.
'From data on enquiries, we can build what we call a data lake or a data warehouse where data is classified into various cohorts and then we use AI and ML tools to predict demand down the line.'
'Now that we are a pure-play India business, many investors are open to investing.'
FSSAI is looking to tap the Airport Health Organisation to ensure that such incidents aren't reported in the future.
Delhi-headquartered Fortis Healthcare is open to acquisition of hospitals with over 250-300 bed sizes as part of its strategy to grow at a faster clip. It may also opt for a neutral brand name soon. Neutral brand is a new brand, which is not owned by any of the stakeholders.
The Indian pharmaceutical market (IPM) grew 6.8 per cent to touch a turnover of ~1.93 trillion in calendar year 2023, despite volumes going down marginally by 0.9 per cent. This indicates the price increase has been the major growth driver. Growth in the moving annual turnover (the previous 12 months' turnover) in December was 5.1 per cent and that in new product introduction 2.6 per cent, while volumes dipped 0.9 per cent, leading to an overall growth rate of 6.8 per cent, according to the data from market research firm Pharmatrac.
Mercedes-Benz India is aiming to post double-digit growth in sales volume during 2024 as it plans to launch over 12 car models during the year, says its managing director and CEO Santosh Iyer. The German carmaker, which leads the luxury car market in the country, recorded 10 per cent year-on-year (Y-o-Y) growth to 17,408 units in 2023. "For 2023, we always said that the growth would be in double digits.
'The decrease in the popularity of white cars and the rise in preference for darker colours like black, grey, and blue over the past three years reflect changing consumer attitudes.'
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
The Centre should provide a clear regulatory pathway that it will follow so that automobile companies can plan their investments and car launches accordingly, Venkatram Mamillapalle, managing director (MD) & chief executive officer (CEO), Renault India Operations, said on Tuesday. Renault is planning to launch five cars - including a B-plus segment sport utility vehicle (SUV), a C-segment SUV and an electric vehicle (EV) - in India in the next three years, he told reporters. In early 2022, the ministry of road transport and highways had announced that cars in India would be required to have six airbags from October 1, 2022.
The demand for buses largely remained robust in 2023, driven by the increasing need for public mobility and replacement. Ashok Leyland Limited (ALL) recorded a 64 per cent year-on-year increase in sales of medium and heavy commercial vehicle (MHCV) buses during the April-to-December period of 2023 to 11,216 units. Volvo Eicher Commercial Vehicles (VECV) posted 24.7 per cent sales growth between April and December for light and medium-duty buses, and 36.9 per cent growth for heavy-duty buses.
Maruti recorded a 13.12% year-on-year surge in average revenue earned per car in 2023 compared to M&M's 7.56%, Hyundai's 6.76% and Tata Motors' 1.88%.
'There is no reason why we should break this business up.'
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