Present at the signing ceremony was the Taliban's rarely seen Deputy Prime Minister Mullah Abdul Ghani Baradar, who lost out in a power struggle last year to be prime minister.
State-run oil firms on Thursday cut aviation turbine fuel (ATF) or jet fuel prices by 4.3 per cent in view of halving of the customs duty on the fuel to five per cent. From today, ATF in Delhi will cost Rs 66,226.66 per kilo litre, down Rs 3,000.42 per kl, while in Mumbai the price has been cut by 4.36 per cent to Rs 68,626.87 per kl, an Indian Oil official said.
Jet fuel (ATF) price on Tuesday was hiked by 4.2 per cent but that of commercial LPG used in non-residential establishments such as hotels and restaurants was cut by Rs 115.5 per 19-kg cylinder reflecting global energy trends. Aviation turbine fuel (ATF) price was hiked by Rs 4,842.37 per kilolitre, or 4.19 per cent, to Rs 120,362.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. This reverses a 4.5 per cent cut in jet fuel prices affected last month.
Richest Indian Gautam Adani-led group's flagship firm on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO). The FPO of Adani Enterprises Ltd (AEL) is planned to open on January 27 and close on January 31, according to the offer letter. Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
For the AI bid, Interups has joined hands with a few employees of the airline, and plans to raise funds by splitting some of its infrastructure-related assets into an aviation InvIT, which will have underlying assets such as air routes, ground handling, repairs, and training etc.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
Air India has defaulted on payment of about Rs. 2,000 crore in jet fuel bills since last year.
Sources said the process has taken time because of a delay in leasing of aircraft. As per the original plan the aircraft were to be leased through GIFT City, Gujarat, but this is proving costlier than doing it offshore.
'I hope they all survive, but it is a tough world.' 'The carriers who are already established are already struggling.'
The Tata group has begun its second innings with Air India from a war zone. Being first up in Operation Ganga to evacuate Indian nationals from Ukraine, the salt-to-software conglomerate has faced a real war. But the fire-fighting that the group experienced in appointing a chief executive officer (CEO) for the airline that it acquired from the government in a Rs 18,000-crore deal recently may have felt no less.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
In an internal communication to airlines' employees, he reflected on the urinating incident to say that "the repulsion felt by the affected passenger is totally understandable and we share her distress.
The NSE Nifty too ended 58.60 points, or 0.54 per cent, higher at 10,967.30 after shuttling between 10,985.15 and 10,928 during the session.
Relaxing FDI norms will provide a major impetus to employment and job creation.
'The recent price hike would only be beneficial if the airlines continue to operate at 80 per cent airline capacity. An increase towards 90 or 100 per cent airline capacity would again add pressure to the fares as demand remains muted. Also, we are in the fourth quarter of the fiscal year which is a seasonally weaker quarter,' says an analyst.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
At the recently concluded Dubai airshow, Akasa, Rakesh Radheyshyam Jhunjhunwala's new airline, signed a $9 billion deal with American aircraft maker Boeing to buy its 737 MAX planes and a $4 billion one for engines with CFM, a joint venture between GE of the US and Safran of France. Unlike his financial doppelganger Warren Buffett, who divested billions from his airline stock portfolio at the start of the pandemic, Jhunjhunwala is wagering his billions in a brand new airline. The legendary investor bought a roughly 40 per cent stake in SNV Aviation in September, Akasa's holding company, started in March by three former Jet Airways colleagues. With aviation still to recover from its pandemic slump, the big question around his foray into domestic aviation, due to take off in summer 2022, is whether it is another pie in the sky.
India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at $10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair.
The ministry of home affairs has received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. 'We are vetting some of these proposals which have come from various sectors. One of the applications is from a well known start-up,' an official said. 'We await inputs from Research and Analysis Wing, intelligence agencies, external affairs ministry, and embassies.'
Earlier, PE firms such as Goldman Sachs and Indigo Partners had evinced interest in the Indian aviation market.
The new branch -- the company's first operational base outside Dubai -- will eventually offer the full range of Empire Aviation Group services in the subcontinent and will have an initial focus on aircraft sales and management.
While scheduled airlines operate flights as per schedules drawn up for several months or even years and are committed to flying during these periods on these routes, an NSOP or a charter operates irregularly and may be planned a short time before a flight.
It has been a slow 2022 thus far for the primary markets. In the last 8 months, only 16 companies have raised Rs 40,311 crore via the initial public offer (IPO) route, data from PRIME Database suggests. In comparison, 63 companies had raised a cumulative Rs 1.18 trillion via the IPO route in 2021. A large part of the funds raised in 2022 were on account of the two IPOs - Life Insurance Corporation of India (LIC) and logistics firm Delhivery - that raised a total of over Rs 26,000 crore between themselves.
They say better late than never. For the Tatas, the original owners of Air India, bringing back the airline to its fold is worth the wait even if the attempt to privatise the bleeding national carrier by successive governments has taken over two decades. While many airlines have come and gone from the Indian skies since the time when the first move was made to privatise Air India to date, the salt-to-software conglomerate has never let the love affair with aviation, more so with Air India that its former chairman Jehangir Ratanji Dadabhoy Tata (JRD) had, to go off the radar. It is said that Tata group executives used to complain in private that JRD -- the pioneer of the Indian aviation industry -- spent more time worrying about Air India than the Tata group when he was heading both the entities.
However, the tender criteria demands that an entity must be eligible to conduct Beyond Visual Line of Sight operations in order to become eligible. Currently, no drone companies are eligible to do BVLOS operations, reports Arindam Majumder.
Tata Sons has started the process of due diligence of state-owned Air India and its subsidiary Air India Express. Sources said the group has appointed Bain and Company and Seabury Group for this purpose. Once complete, a financial bid will be submitted and a deal to take over the airline is likely to fructify by end of this year or even earlier, people involved in the process said. Simultaneously, the group has brought in veterans in the aviation business from Delta and United Airlines to prepare a plan for post-merger integration of Air India with its existing airline ventures. Tata Sons operates Vistara - a 51:49 percent joint venture with Singapore Airlines and Air Asia India, in which Tatas hold 83.67 per cent stakes.
In a bid to incentivise its staff and improve their performance, Air India may soon offer them employee stock options (ESOPs). The erstwhile national carrier, which was acquired by the salt-to-steel conglomerate Tata Group last year, will be the second company in the Group to have an ESOP policy. Tata Motors is the other Group company with an ESOP policy, which was implemented in 2018.
However, investors have turned cautious over the likelihood of Britain leaving the European Union.
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
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.
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
Airlines sought a limited period concession of the standing rule of slot allocation, which mandates that firms must operate at least 80 per cent of their allocated slots.
Broader market outperformed the frontline indices with the Smallcap and Midcap gaining up to 1%
The proposal for listing public general insurers had come up in 2007.
Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.
Due to the group's presence across multiple businesses, it is in a unique position in the aviation industry to bring the best of talents.
These are the four primary issues that have soured the relationship between SBI-led lenders and JKC and delayed the resumption of commercial flights by Jet Airways, once India's largest private airline, which went bankrupt in 2019. Over the past three years, the airline went through an insolvency process under which JKC's resolution plan was approved by a committee of creditors (lenders) and the National Company Law Tribunal (NCLT) in October 2020 and June 2021, respectively. But this didn't mean an end to the problems.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
'In investing, you have to first make sure you don't make big mistakes.' 'I would advise small investors to be systematic, don't be arbitrary; don't be on either end of the risk spectrum.' 'Don't go from fixed deposit to option trading or crypto trading.'
The opportunity is huge. With Rs 8,000 crore worth of defence contracts signed in the last two years under the offset policy mandated by the government, Indian component suppliers are gearing up to cash in on balance contracts worth Rs 1,30,000 crore, which would be up for grabs in the next few years.
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