The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
The Indian students who arrived in the city of Bucharest in Romania from Ukraine said that the national tricolour helped them as well as some Pakistani and Turkish students in safely crossing the various checkpoints in the war-torn country.
Flights from Mumbai and Kerala will also have to transit through these routes due to restrictions
Digital, new energy, supply chain resilience and health will be the themes of the over $100-billion Tata group's strategy going forward, according to its chairman N Chandrasekaran even as he asserted that all ambitions are contingent on learning to live with the coronavirus. In his New Year address to the over 8 lakh employees of salt-to-software conglomerate, Chandrasekaran said businesses and society must adapt to the virus by preparing as "best we can for new outbreaks and variants. We are seeing this now with the spread of Omicron". Reflecting on the year gone by, he said the group is becoming "simpler and financially stronger than we have been in a long time".
Former Railway minister Dinesh Trivedi speaks to rediff.com's Vicky Nanjappa about why the Railways is today on the brink of collapse.
Besides, another 350-odd flights -- both arriving and departing -- were delayed between 28-51 minutes (till 7 pm), as per the live flight tracking website Flightradar24.
From 5G to Tesla to Covid vaccine, 10 things will shape India's future.
An Indian Air Force plane with 120 people on-board, including Indian envoy Rudrendra Tandon, landed on Tuesday at the Jamnagar airbase in Gujarat from Kabul in Afghanistan.
'Our friends are going to get killed. Taliban are going to kill us. Our women are not going to have any more rights'
'The lay of the runway is not at all safe.' 'Even operating a 737 is dangerous there.' 'During the monsoon, they must ban landing on runway 10.'
Govt to play enabler not handler, India never had more decisive government: PM Modi Prime Minister Narendra Modi on Monday cited his dispensation's push for wide-ranging reforms, including the privatisation of Air India, to assert that the country never had a more "decisive government". Launching the Indian Space Association (ISpA), an industry body aspiring to be the voice of the country's space sector, Modi noted that fields like mining, coal, defence and space have been opened to private players, and said his government's clear policy about public sector enterprises is to open those to private industry where its presence is not required. While opening a host of sectors, the government has built a regulatory environment in which priority has been given to national interest as well as the interests of different stakeholders, he said.
'At no point did I endanger the safety of any passenger on board, the only damage I caused was to the inflated ego to the 'journalist' Arnab Goswami,' Kamra said.
Sundays are generally quiet days for air travel, but this Sunday was a tad different. There was quite an excitement at Gate 28 of Mumbai airport's Terminal 1 as Akasa Air, India's newest airline, prepared to take to the skies on Day 1. With a new fuel-efficient Boeing 737 Max aircraft and soft cushioned seats equipped with USB ports, Akasa Air hopes to bring freshness to the flying experience.
'We are not getting any clear guidance on what to do. Initially, we were asked to move to the bunker...when we packed our bags and reached there, our university head asked to go back to our hostel room. So we came back. Movement is very risky these time'
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
A total of 168 people, including 107 Indians and 23 Afghan Sikhs and Hindus, were flown from Kabul to the Hindon airbase in a C-17 heavy-lift military transport aircraft of the Indian Air Force (IAF).
Though a formal purchase agreement with Boeing is yet to be signed, SpiceJet's order size could be of 40-50 planes, a source familiar with the development said. At list price, a 737 Max aircraft is valued at about $100 million (Rs 620 crore).
It is learnt that the camp office in Lviv would be able to coordinate the evacuation of Indians to Poland and Hungary while the one at Chernivtsi would facilitate exit to Romania.
Failure to sell Air India, IDBI may have prompted a change in strategy.
Sources said Air India has written to the Delhi police on why there is delay in taking action against the MP.
Mumbai and its adjoining areas were lashed by heavy showers on Tuesday, causing water-logging at a number of places, including railway tracks, which slowed the movement of trains and vehicles on roads.
The Indian Navy is readying its landing platform dock warship INS Jalashwa and two Magar-class amphibious warships for evacuating Indian citizens from the Gulf countries if required, government sources said on Wednesday.
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
A SpiceJet official allegedly told some Jet pilots that they were doing a "charity" by hiring them.
All the evacuees will undergo a 14-day quarantine at a medical facility.
Air India, SpiceJet, IndiGo and AirAsia India ready to fill in the gap.
The Indian economy is on the path of a durable recovery on the back of conducive monetary and credit conditions, the global headwinds notwithstanding, said a Reserve Bank of India (RBI) article on the state of the economy. Domestically, there have been several positives on the COVID-19 front, in terms of reduced infections and faster vaccinations, the article published in the RBI Bulletin November 2021 added. The Indian economy, the article said, is clearly differentiating itself from the global situation, which is marred by supply disruptions, stubborn inflation and surges of infections in various parts of the world.
The flight was scheduled to depart at 1.45 pm but due to the non-availability of the pilot it could take off only at 2.30 pm.
Asserting that it was a small conflict, Gaikwad said the staff member of the airline is mad and around eight such cases of indulging in a brawl have been registered against him.
'We are going to have plane crashes left, right and centre.'
'The DGCA, the ministry of civil aviation, Air India, the Airports Authority, all of them together form what I call an organised syndicate' 'In India, it is a fashion to blame the pilot because then nobody asks questions about the incompetence and grave negligence of this State-run syndicate.'
The government is ready to support Air India, but wants the airline to improve its performance.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Finance Minister Nirmala Sitharaman on Tuesday said the upcoming Budget for 2021-22 will sustain the momentum of public spending on infrastructure and have a "vibrancy" to ensure the economic revival continues. She also said the pace of divestment, which has been hit by the COVID-19 pandemic, will pick up in the coming months. "We shall definitely sustain the momentum of public spending in infrastructure. Because that is the one way we assure that the multipliers will work and the economy's revival will be sustainable.... "I am conscious that the forthcoming Budget will have a vibrancy that is so required for the economy's revival, sustainable revival," she said at the Assocham Foundation Week. The Budget for the 2021-22 fiscal is expected to be tabled in Parliament on February 1.
Barred from flying, Gaikwad has to take a train to travel to Mumbai.
The IAF transport aircraft landed in Jamnagar, Gujarat with over 120 people including officials and security personnel from the embassy.
