Fuelled by robust market demand and higher revenues, InterGlobe Aviation on Thursday flew into the profitability zone, raking in a net profit of Rs 919.2 crore in the March quarter. The parent of the country's largest airline IndiGo, which had faced turbulence last year, had a net loss of Rs 1,681.8 crore in the three months ended March 2022. Reflecting the bullishness in the aviation market, the carrier has forecast a 5-7 per cent rise in Available Seat Kilometres (ASK), an indicator of seat capacity, in the June quarter.
'When you have surplus cash flow and markets correct sharply, what options do you have other than buying good stocks?'
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
Out of the 24 IPOs, 20 companies had anchor investors, which collectively subscribed to 31 per cent of the total public issue amount.
IndiGo on Monday said that around 30 aircraft are grounded due to "supply chain disruptions" and the country's largest airline is evaluating wet leasing of planes and other options to boost operations. At the end of September, the carrier -- also the world's seventh largest in terms of daily departures -- had 279 aircraft in its fleet. It operates more than 1,600 daily flights and currently flies to 100 destinations, including 26 international ones.
Domestic macroeconomic data announcements, global trends, quarterly earnings and foreign fund trading activity would dictate terms in the equity markets this week, analysts said. Besides, movement of rupee against the US dollar and global oil benchmark Brent crude price would also guide the trading pattern in the equity markets. "From a macroeconomic perspective, market participants will be closely observing key events like the upcoming release of the US manufacturing PMI data, US services PMI data and US non-farm payrolls scheduled between August 1 and August 4.
IndiGo is arguably more a financial services company than airline.
Despite Covid downturn, CEO salaries went up by an average of 19% in FY21.
BSE Metal and Capital Goods indices plunged over 2% followed by counters like Consumer Durables, Auto, Banks and Realty, all falling down between 1-2%.
IndiGo has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.
Investment bankers said retail investors were pulling back, while institutions were being pickier
Under the new policy, external advice would be sought for related party transactions that are worth over Rs 2 crore and bidding process would be mandatory for any such contract.
The decision has been taken after Kamra was found 'guilty' for alleged misbehaviour by an internal committee of IndiGo, an airline official said. The ban on Kamra comes into effect immediately.
Since the company's senior management was privy to the price-sensitive information of Ghosh's resignation, Sebi wanted to check whether the information was disseminated properly to bourses
InterGlobe Aviation has already raised Rs 832 crore from anchor investors.
While most of these commanders quit the airline for better prospects, some of them also parted ways due to the work culture
There has been a sharp recovery in the headline corporate earnings in the April-June 2023 quarter (Q1FY24), after a dismal showing by early bird companies. The combined net profit of the 983 listed companies that have declared their quarterly results, so far, was up 64.7 per cent year-on-year to record a high of Rs 2.68 trillion in the first quarter, but growth in earnings remained lopsided because most of the incremental gains came from a handful of companies. Moreover, the quarterly numbers showed a continued slowdown in revenue growth.
IndiGo promoter Rakesh Gangwal has written a letter to markets regulator Sebi flagging governance issues at the company and has accused fellow co-founder Rahul Bhatia and his firms of indulging in questionable related-party transactions.
Indian companies are now more confident about the execution skills of local banks.
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
There are several examples of one name standing in for many brands.
The airlines were penalised for 'concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.'
IndiGo barred a specially-abled child from boarding a flight as he was in "a state of panic"
Priced at $22.2 million, Hawker 4000 has redefined standards for business aviation.
Rakesh Jhunjhunwala on Friday picked up 1.05 per cent stake in Jet Airways for Rs 50.5 crore.
At Rs 919 crore, InterGlobe Aviation, the parent firm of low-cost airline IndiGo, posted its best-ever fourth quarterly net profit in the January-to-March quarter (Q4) of financial year 2022-23 (FY23). The bottom-line, however, was lower than the Street's expectations where estimates ranged from Rs 1,160 crore to Rs 2,180 crore. On the bourses, shares of IndiGo have added just 30 paise (0.01 per cent) since the announcement of the Q4-FY23 results on May 18.
The EGM would discuss deleting various Articles pertaining to transfer and acquisition of the company's shares, including 'Right of First Refusal' and ' Tag Along Right', in the company's Articles of Association.
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the major gainers, jumping up to 5.56 per cent.
Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.
This was the biggest IPO in the Indian market since Infratel's.
Aviation companies were in focus with all the three airliners SpiceJet, InterGlobe Aviation and Jet Airways adding in the range of 2% to 3% on the BSE
CCI's ruling came on a complaint filed by Express Industry Council of India.
InterGlobe's IPO is India's biggest since the listing of around $750 million by Bharti Infratel Ltd in December 2012.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
The fresh bout of trouble has forced IndiGo to ground aircraft periodically since July, and on August 20, the number of grounded aircraft touched nine
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Top gainers from the Sensex pack are Infosys, Cipla, NTPC, ITC and Lupin
Currently, there are related party transactions in four areas -- real estate leased to IGAL, simulator training facilities, General Sales Agreements (GSAs) for limited foreign markets and crew accommodation at Accor Hotels, the IGE statement said. Citing unaudited numbers for 2018-19, the statement said the related party transactions in the four areas accounted for Rs 150.12 crore or 0.53 per cent of IGAL's consolidated turnover.
This is the biggest IPO in the Indian market since Bharti Infratel's over Rs 4,000 crore public offer in December 2012.
