The commercial flight operations of Rakesh Jhunjhunwala-backed Akasa Air will be launched in July instead of June. "As we get closer to the airline launch date, we can now confirm refined estimates on our timelines. "We expect our first aircraft delivery by early June 2022, with the intention to start commercial operations in July 2022," Vinay Dube, CEO, Akasa Air, told PTI.
The post-Covid pandemic boom in corporate revenues appeared to have faded away in 2023-24. Yet, companies have reported a sharp recovery in their profits in FY24, driven by high margins. Their combined net sales, including gross interest income for lenders, rose by a modest 4.8 per cent year-on-year (Y-o-Y) in FY24.
The event that was inaugurated by five-time world champion Viswanathan Anand will have 11 rounds before the best player in the under-20 category can be determined in both sections.
A signature cocktail of on-time performance, clean aircraft and good on-board service has helped India's youngest airline become the largest.
Largest low-cost airline posted an 18 per cent growth in net profits.
'Currently, our individual first premium would be in the Rs 3,000-Rs 3,200 crore range. We want to take that to about Rs 6,000 crore in three years.'
Among executives who have been approached are former president and CEO of IndiGo Aditya Ghosh, Wolfgang Prock Schauer, current president and Chief Operating Officer at IndiGo and Sanjay Kumar, Chief Strategy and Revenue Officer of IndiGo.
The aviation ministry is not in the business of regulating tariffs, says its president Aditya Ghosh.
The airline's entry may trigger charges for every extra service such as baggage and seat selection.
Major no-frill carrier IndiGo expects to continue its profit-making streak this financial year too, as it plans to increase frequencies on select international routes soon.
Mittu Chandilya wants to bring a new meaning to flying for Indians.
Indian aviation regulator DGCA has barred 90 SpiceJet pilots from operating the Boeing 737 Max aircraft after finding them not properly trained. "For the moment, we have barred these pilots from flying the Max and they have to retrain successfully for flying the aircraft," DGCA chief Arun Kumar said in a statement. He also said that the regulator will take "strict action against those found responsible for the lapse."
'For the moment, we have barred these pilots from flying the Max and they have to retrain successfully for flying the aircraft,' DGCA chief Arun Kumar said in a statement.
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India's own Warren Buffet, passed away at the age of 62.
No-frills carrier IndiGo Airlines on Friday said it will increase frequencies on the domestic and international routes this summer as it adds nine aircraft to its fleet by the year end.
Low-cost airline IndiGo on Tuesday said it has no plans to take on-board an overseas partner to expand its business.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
The airline is currently operating on the Delhi-Dubai, Mumbai-Dubai, Delhi-Singapore and Mumbai-Muscat routes.
The flights between Dubai and New Delhi will begin in September and those connecting Mumbai a month later.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Low-cost carrier IndiGo on Wednesday said it plans to hire up to 1,500 people this year to support its major expansion drive.
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
IndiGo operates 125 flights across 17 destinations with a fleet of 19 brand new Airbus A-320 aircraft. For the full service carrier, Kingfisher, the drop on flights up to 750 km will be Rs 400 to Rs 1,950 from Rs 2,350 earlier. Fares for travelling above 750 km will be down to Rs 2,700 from Rs 3,100.
A revamped Air India under the Tata Group will be a real challenge while new airline Akasa Air will be a far less competitive force for the next two-three years, IndiGo CEO Ronojoy Dutta said on Wednesday. Akasa Air, which is backed by former IndiGo president Aditya Ghosh, ace investor Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dube, got the no-objection certificate (NOC) from the Ministry of Civil Aviation on Monday.
Bhuvneshwar Kumar blew away Bengal top-order in an incredible five-wicket haul
In any case, Ghosh could take lessons from the best professionally managed companies all over the world that always groom the CEO successors well in advance.
'The world of arms dealers and war-mongers is still a reality of our lives.'
Budget carrier IndiGo announced special family fares which offer discount up to 25 per cent for a family of four or more travelling together on a single PNR across its domestic network.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
Bandhan financial Services will raise funds via internal accruals.
In the season of aviation action, Rakesh Jhunjhunwala-backed Akasa Air has secured the crucial no-objection certificate (NoC) from the civil aviation ministry. It expects to start operations next summer. The airline will now have to apply for the Directorate General of Civil Aviation for operations permit. Aviation sector has been in the limelight with the Tata Group winning the Air India bid last week.
At present, IndiGo operates over 17 flights between India and the Gulf
The order, valued at 'nearly $9 billion at list prices', was signed at Dubai Air Show 2021 on Tuesday.
After Bandhan MF's US Treasury Bond 0-1 year Fund of Fund (FoF), Aditya Birla Sun Life (ABSL) MF has come out with US Treasury 1-3 Year Bond ETFs FoF and 3-10 Year Bond ETFs FoF. US bonds, which generally offer low yields, have turned attractive post the 525-basis point hike in US interest rates. According to Bloomberg data, the 1-year and 2-year US treasury yields now stand at 5.4 per cent and 5.1 per cent, respectively. Although the yields remain lower than what Indian government bonds offer, the differential has come down steeply.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
While Bollywood could not attend Kiara Advani and Sidharth Malhotra's destination wedding in Rajasthan, they did line-up for another union in aamchi Mumbai.
The pilot of Vishal Bhardwaj's much-anticipated adaptation of Agatha Christie's The Sittaford Mystery is here. Aditya Roy Kapur's hotel manager takes on Anil Kapoor's all-powerful arms dealer. Idris Elba is back in action. Sukanya Verma shares her OTT recommendations this week.
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