Rakesh Gangwal had raised concerns that various RPTs involving Bhatia's InterGlobe Enterprises Group were executed without seeking the audit committee's approval and without seeking competitive bids from third parties.
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
Move aimed at giving more headroom to foreign investors.
The disappointment of the year is government's failure in finalising the re-drafted aviation policy.
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.
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.
As many as 104 listed companies have fewer independent directors than mandated by the regulations, according to the figures from Prime Database, reports Sachin P Mampatta.
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.
The feud between Gangwal and Bhatia came into the public after the former, in July, wrote to markets regulator Sebi seeking its intervention to address alleged corporate governance lapses at the company.
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
The $100 billion Tata group conglomerate is a major beneficiary of the decision to open up aviation in India.
'When you have surplus cash flow and markets correct sharply, what options do you have other than buying good stocks?'
Despite Covid downturn, CEO salaries went up by an average of 19% in FY21.
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 is arguably more a financial services company than airline.
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 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.
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.
Investment bankers said retail investors were pulling back, while institutions were being pickier
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.
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%.
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.
IndiGo barred a specially-abled child from boarding a flight as he was in "a state of panic"
While most of these commanders quit the airline for better prospects, some of them also parted ways due to the work culture
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.
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.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
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.
Indian companies are now more confident about the execution skills of local banks.
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.
The airlines were penalised for 'concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.'
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.
There are several examples of one name standing in for many brands.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
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.
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