After failing to convince states to keep petroleum products within the ambit of the proposed goods and services tax (GST), the Centre has finally relented. It has agreed to the proposal of the empowered committee of state finance ministers to keep petroleum products like crude, motor spirit, aviation turbine fuel (ATF) and high-speed diesel out of GST.
Crisis-hit SpiceJet may get the first round of its much-needed fund infusion in the next two days, while more may come in a month's time as part of an estimated $200 million investment plan, sources said on Thursday.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Ajay Singh will team up with two blue-chip investors to bail out the airline
The next step is the charter, which aims to safeguard consumer rights and address criticism about the government not doing enough for passengers.
The Brazilian town of Chapeco, its streets wet with drizzle and buildings draped in the green of its devastated soccer club, prepared Saturday to receive the bodies of victims of an air crash in Colombia that killed 71 people and wiped out the team.
The Tata group may have to deploy upwards of $1 billion to improve the airline's passenger reservation system, upgrade and refurbish Air India's fleet, primarily the wide-body aircraft which are the mainstay for the airline's international operations, people in the know said. While the group has not yet decided on how it intends to integrate Air India with its existing airlines AirAsia India and Vistara, sources said the first task will be to refinance Air India's existing loans, upgrade its aircraft gradually, and rewrite multiple business contracts with vendors and suppliers. "They will have to do 100 things to stabilise the airline and will have to put in a lot of money," DIPAM secretary Tuhin Kanta Pandey said, confirming that many aircraft are grounded.
Airline losses have more to do with their business models than the price of aviation fuel.
Cracks started appearing on Saturday in a grouping of airlines that was planning to suspend flights on August 18 to protest high jet fuel prices and taxes, with budget carrier IndiGo saying it would operate as usual.
Dozens of hearses carrying the coffins of those killed when a plane flying Brazil's Chapecoense soccer team crashed into a Colombian mountain will leave Medellin for the airport on Friday to be flown home.
The industry chamber is in favour of reopening schools and educational institutions, allowing foreign carriers to operate, permitting usage of restaurants and eateries in hotels, opening up of cinemas and multiplexes, and reopening metro rail services.
The airline's accounts are yet to be audited.
The airline not to be put on cash and carry mode
The Centre said that there was no legal provision to declare a disaster as a national calamity, amid demands for declaring the floods as a national disaster.
Falling jet fuel prices, stable rupee signal lower losses
Tony Fernandes said the aviation sector here was a "double marathon" and not a "sprint".
Ajay Singh is trying hard to turnaround SpiceJet.
Currently, OMCs provide A-I a two-month credit. "There was a request from the committee of secretaries to extend the credit on ATF to three months from the existing two months to help Air India.
Full-service carrier Kingfisher Airlines has sought permission from the petroleum ministry to extend the date for paying dues to public sector oil companies for aviation turbine fuel.
Perhaps for the first time, petrol in India costs more than the superior jet fuel (ATF) used in aeroplanes, as the government has levied a record excise duty on the fuel used in two-wheelers and cars.
This is the third consecutive profitable quarter for SpiceJet.
Airlines say ATF fuel prices in India are 40 per cent higher than in countries such as Singapore. Jharkhand, Chhattisgarh and Maharashtra
It was Novak Djokovic's first match this year after his Australian Open hopes were dashed when he was deported following an 11-day saga revolving around his decision not to have a COVID-19 vaccination.
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The ministry would access data on all the tickets sold by different carriers under various price brackets and then analyse the data to give an indication of exactly how many tickets were sold under each price slab.
Fuel supplies in many parts of the country were affected on the second day of the indefinite strike by oil PSU executives that also resulted in refineries running below capacity and impacted oil and gas production.
Defying high court orders, oil PSU executives on Wednesday stopped work forcing stoppage of natural gas supplies to industries on the nation's main trunk pipeline but aviation services and fuel supplies continued to be normal.
After rationalising flights and routes, major domestic airlines like Kingfisher, Jet Airways and SpiceJet are introducing sharp cutbacks in staff and salaries to cope with slower passenger growth and rising aviation turbine fuel costs. Manpower typically accounts for 10-15 per cent of an airline's total costs.
Succumbing to government pressure, Vijay Mallya-promoted Kingfisher Airlines on Monday decided to cut fares, but with the condition that the government put aviation turbine fuel in the declared goods category. Kingfisher has also assured that it would not resort to retrenchments to deal with the downturn.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
Highly placed sources said Oil Minister Murli Deora took exception to Menon's proposals during a meeting of the Federation of Indian Airlines and Civil Aviation Minister Praful Patel to resolve the crisis arising out of mounting fuel bill arrears. "There should not be any layoffs. Why are you raising it now," sources quoted Deora as telling Menon.
Civil Minister Praful Patel on Monday ruled out retrenchment among employees in public sector Air India and blamed rising fuel prices as the reason behind the present crisis in the aviation sector.
IIP for November 2015 and CPI for December 2015 will be announced today.
Private carrier Jet Airways is expected to further consolidate its international operations into a major revenue grosser in FY09, to overcome the growing turbulence in the domestic sector. The general economic scenario does not bode well for capacity expansion on domestic routes, with some of these struggling on account of overcapacity, and only yesterday some airlines were pushed to hike fares to make up for higher aviation turbine fuel prices.
Based on the Skytrax ranking for 2018, IndiGo is number two among the best low-cost carriers in Asia, behind rival AirAsia.
A model of Rafale jet will be showcased as part of the IAF's tableau. Models of LCA Tejas, Light Combat Helicopter (LCH), surface-to-air guided weapon Aakash missile and Astra missiles will also be part of the tableau.
Broader market outperformed the frontline indices with the Smallcap and Midcap gaining up to 1%
Large trade deficit and rupee decline against the US dollar are putting pressure on the CAD, and these steps are likely to have a positive impact on the external sector.
The hike comes on back of over 12 per cent hike on June 15. ATF price on that day were raised by Rs 3,949 to Rs 36,252 per kilolitre in Delhi.
The Forbes magazine had adjudged Maran as the 38th richest man in India, with a net worth of $2.3 billion (as of September).
