BUSINESS
Cash-strapped SpiceJet to lease 10 new planes ahead of upcoming festive season: Sources
The struggling low-cost carrier is holding investor roadshows in Mumbai, Singapore and Hong Kong to fuel interest for its upcoming qualified institutional placements in a bid to raise around Rs 3,000 crore. The airline has appointed ICICI Securities, JM Financials and DAM Capitals as merchant bankers for the beleaguered airline’s stake sale.
BUSINESS
Indian Railways floated tenders worth Rs 2,700 cr in August to install Kavach train protection system across 12 states
Another batch of Kavach tenders will likely be floated by January 2025 after the current set of tenders are awarded. Preparatory work including surveys, detailed project reports, and drawing up of detailed estimates for an additional 6,000 km has already started.
BUSINESS
Safety audit of Delhi airport likely by end-Sept, all domestic airports by year-end: Govt
The enquiry report of the roof collapse incident at IGI Airport’s T-1 on June 28 is likely to be submitted by end-September. A 45-year-old taxi driver had died due to the mishap and flight operations from the terminal have remained suspended ever since.
TRENDS
Airfares fly too high to fire up the festive spirit in Dussehra and Diwali this year
As the Diwali and Dussehra holidays approach, travellers are eagerly searching for deals on airfare, noted head of an online travel platform who said that there doesn't seem to be a clear pattern of widespread discount sprees across all airlines.
BUSINESS
Central govt shifts responsibility of developing, implementing new SOPs for tunnel construction, rescue operations to states
Initially, the ministry had thought of issuing the guidelines itself, but now it wants states themselves to frame these SOPs, given the different topographies, say officials.
BUSINESS
Why are workers at 12 govt-run major ports planning indefinite strike from tomorrow? Mc Explains
Around 18,000 port employees — affiliated to multiple unions — and working at 12 major ports have threatened to go on an indefinite strike from 06:00 hours IST on Wednesday after negotiations failed between employers, the government, and the unions over pay and pension reforms. Talks were on for the past three-odd years
BUSINESS
Akasa Air plans to raise $1 bn in 3 years; Jhunjhunwala family may sit this one out
India’s youngest airline is aiming to capture 12-15 percent of the domestic market by 2027 and is working towards increasing its fleet size to about 74 aircraft.
BUSINESS
Green clearance delays may push construction of new Delhi metro line to 2025
The Delhi Forest Department has asked for the project to be modified so that fewer trees are cut down. Accordingly, the DMRC is now looking to re-align the metro towers.
BUSINESS
‘Make in India’ success runs through Chinese factories, manpower. What can the govt do?
New Delhi has been trying to limit cheap imports from countries such as China with the use of several policy measures, including tariff hikes and quality control orders. But such moves don’t augur well for the success of the key PLI scheme
BUSINESS
KKR, Canadian pension fund set to pump in up to Rs 3,000 crore in HIT
The investment will be utilised towards funding the acquisition of a portfolio of 12 roads from PNC Infratech for an enterprise value of Rs 9,000 crore.
BUSINESS
Cochin Shipyard aims to tap into European coastal shipping industry in the coming years, says CMD Madhu S Nair
The shipbuilder is also keen on green shipping as it plans to turn green vessel construction into a key earning source in the next couple of years.
BUSINESS
SpiceJet Q1 results: : Airline stays profitable for 2 quarters in a row; Q1 net profit at Rs 158.6 crore
Rrevenue came in at Rs 1,708.24 crore, down 14.7 percent on year from Rs 2,003.5 crore in the year-ago quarter as the airline decided to reduce the scale of its operations.
BUSINESS
Lonavala to Phuket: Indians turn I-Day, Raksha Bandhan holidays into a five-day getaway, boost travel demand
Domestic air traffic touched a new single-day high of 4,71,751 passengers in April 22, 2024, but the air passenger traffic is expected to cross beat the levels this coming weekend.
BUSINESS
Centre seeks legal view to push labour codes amid Bengal's resistance: Sources
While the government is confident it will eventually be able to convince the eastern state to come on board citing the merits of the proposed regulations, it has reached out for a legal opinion in case of a stalemate.
BUSINESS
MC Interview | We will continue to invest in capacity building, ramp up export capacity from India, says Olivier Loison, MD, Alstom India
The French MNC is bullish about India, its third-largest market that has reported an ‘exceptional growth’. Loison tells Moneycontrol how a PLI scheme could boost the manufacturing ecosystem of railway ancillary products and also act as a force multiplier for the ‘Make in India’ initiative.
BUSINESS
MC Exclusive | Railways cancels tender for 100 Vande Bharat trains over failed price negotiations
While Alstom India had agreed to lower their bid price from the initial Rs 150.9 crore quoted in May 2023, the Indian Railways and the company failed to arrive at a final price point.
BUSINESS
Secretary Dawra bets on regional workshops to convince Bengal, remaining states on labour codes
Though cleared by the Parliament, the proposed labour codes have been pending since 2020 and is now said to be part of the 100-day agenda of the government. The secretary said most states have brought out draft rules under the new labour codes, with about 30 of them entirely on board with the reform-agenda
BUSINESS
Govt backing more international MoUs on skilled labour migration amid shortage concerns raised by industry
The labour secretary's comments come at a time when major infrastructure companies like Larsen & Toubro have said that India is losing a large portion of its skilled labour to infrastructure projects that are being executed in the Middle East.
BUSINESS
Aim to implement 3 employment-linked incentive schemes by the end of year, says labour secretary Dawra
The labour ministry will work with around 25 ministries to collate data on the various central and state government schemes where employment is created, either directly or indirectly
BUSINESS
MC Interview: EPFO to soon get a digital makeover to minimise delays in disbursal of claims: Labour secy Dawra
The retirement fund body has been in the news for inordinate delays in disbursal of claims, sometimes even running into years. The labour secretary says the ministry is in the process of upgrading the EPFO’s digital platform and is developing a central database to streamline payments, which should be ready in another 2-3 months.
BUSINESS
Will IndiGo’s business class offering shake up Air India, Vistara’s dominance?
IndiGo has positioned its upgraded product at a price point lower than that of the incumbent players
BUSINESS
Akasa Air aims to be profitable in 2 years, plans to expand domestic and international ops
The airline's plans to rapidly expand operations were tripped up by supply chain issues. But those seem to have been largely resolved, and it now expects to start taking delivery of the 150 Boeings it had ordered by 2027.
BUSINESS
'We aren't those who make reels': Railway minister gets angry at oppn remark, addresses concerns over safety
The Railway Minister also accused the Congress party of using social media to spread misinformation and create fear among the public.
BUSINESS
Aircraft Act substitute Bhartiya Vayuyan Vidheyak 2024 Bill to be tabled in LS today
The Bhartiya Vayuyan Vidheyak 2024 was earlier introduced as the Draft Aircraft Bill, 2023 for public consultation by the government.
