Worries about global politics and trade are pulling the Nifty 50 down. Experts say the market could drop further low.
InterGlobe Enterprises on Thursday said it along with Archer Aviation plans to launch an all-electric air taxi service across India in 2026. Once launched, the InterGlobe-Archer flight will aim to take passengers from Connaught Place in the national capital to Gurugram in Haryana in approximately 7 minutes whereas by road, the 27-kilometre-long trip will take 60-90 minutes, according to a release. Both companies have entered into a Memorandum of Understanding (MoU) with the goal of partnering to launch and operate an all-electric air taxi service in India, subject to appropriate regulatory approvals and clearances.
Industries such as aviation and hospitality have many silos within them and Aionos, the joint venture between Interglobe Enterprises (IGE) and Assago Group, is an attempt to bridge them and boost efficiencies using artificial intelligence (AI) solutions, Rahul Bhatia told Business Standard on Tuesday. Bhatia, the Group Managing Director of IGE, serves as the majority shareholder in India's largest airline, IndiGo. Additionally, IGE operates 21 hotels under the Ibis brand and runs a logistics company called Movin.
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.
Given that debt is a major problem for most airlines, investors with a medium-term horizon should look at them.
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.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Gangwal said he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Gangwal wants a seven-member board.
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.
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.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
Leading low-cost carrier IndiGo has received the government's permission to buy 150 aircraft in the next 2-3 years, a senior company official said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
IndiGo had debt of Rs 3,912 crore at end of the June quarter.
Rahul Bhatia and Rakesh Gangwal - the founders of IndiGo - will possibly face each other with deep mistrust, which the board chairman, M Damodaran, will attempt to defuse.
The genesis of the arbitration lies in a bitter public battle that began in July when Rakesh Gangwal wrote to capital market regulator Sebi alleging lack of corporate governance in the company. He alleged that Rahul Bhatia, who holds controlling power of the company, had used it to execute questionable related-party transactions.
IndiGo has previously placed orders for 100 A320s and 180 A320neo planes.
Ghosh, 43, will be reporting to 25-year-old Ritesh Agarwal, who founded OYO with a single hotel in 2013.
About Rs 12,000 crore are stuck in India's first hotel district, Delhi's Aerocity, because of red tape.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Aditya Ghosh, with no prior aviation background or MBA degree, managed not only to become the CEO of an airline but even piloted it to the top with almost half of the market.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Whatever the final outcome of this unhappy episode, one thing is clear: a glass once cracked cannot be fixed. The trust is gone forever and the relationship between two old friends lies in tatters. For now, IndiGo, the airline, will have to learn to soar with two angry and distracted commanders, says Anjuli Bhargava.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
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