1. Jet Suitors Ask Lenders to Settle for 80% Haircut
Jet Airways’ temporary shutdown has significantly aggravated problems for the airline with potential investors asking lenders to take an upto-80 percent haircut on their Rs 8,500-crore debt. The bidders have also severely criticised the banks’ reluctance to release emergency loans.
“The investors are ready to provide funds. However, the lenders have made it overly challenging for any bid to work in the time frame required,” said a person close to the development.
(Source: The Economic Times)
2. Jet Shares Crash a Record 32% to Hit Decade Low
Shares of Jet Airways plunged a record 32 percent to its lowest in a decade as the carrier suspended operations after failing to secure emergency funds from lenders. Rivals enjoyed a brief spurt – SpiceJet surged to a 52-week high and InterGlobe Aviation, which runs IndiGo, hit an all-time record. But those gains fizzled later in the session as SpiceJet ended 2.7 percent up and InterGlobe fell 2 percent at the close.
(Source: The Economic Times)
3. AI’s SOS: No Funds to Repay and Service Rs 9,000 CR Debt in FY 20
Close on the heels of the Jet Airways fiasco, state-owned Air India is staring at debt repayments of Rs 9,000 crore in the current fiscal year but sorely lacks the wherewithal to service them, said people with knowledge of the matter.
While yet another government bailout could be its sole chance of survival, no decision is likely until the elections are over and the next administration takes over, they said.
(Source: The Economic Times)
4. SpiceJet to Induct 27 Planes After Jet Airways Suspends Operations
SpiceJet Ltd will induct a total of 27 planes in two weeks to deal with the capacity reduction in the industry after Jet Airways suspended its operations.
The airline Chairman & MD Ajay Singh said Thursday that SpiceJet will induct six more Boeing 737-800 NG aircraft on dry lease. In addition, the airline will soon introduce 16 Boeing 737 planes and five 90-seater Bombardier Q400 planes. All these inductions total up to 27 aircraft at SpiceJet now.
(Source: Business Today)
5. Hyundai Looks to Make Some EV Components in India
South Korean carmaker Hyundai Motor Co. is considering the possibility of manufacturing certain electric vehicle (EV) components in India, besides launching hybrid vehicles here, said a senior company executive on Thursday, 18 April.
Hyundai Motors is already in talks with strategic partners to invest in the development of components for electric vehicles, and believes that there will be adequate demand for hybrid vehicles.
(Source: Livemint)
6. Reliance Records Another Bumper Quarter With Rs 10,362 Crore Net Profit
Reliance Industries Ltd (RIL) reported a 9.79 percent increase in its quarterly profit, beating analysts’ estimates, boosted by its consumer-facing businesses of telecom (Reliance Jio Infocomm Ltd) and retail (Reliance Retail).
(Source: Livemint)
7. With Rising Swipes, RuPay on Par With Retail in Etail
RuPay, the domestic card payment system run by the National Payments Corporation of India (NPCI), is gaining in popularity for online shopping, almost equalling the swipes it generates on terminals at retail outlets.
RuPay cards accounted for 54 million ecommerce transactions in March, more than doubling from 25 million in April last year, according to data from NPCI. However, the number of RuPay swipes on point-of-sale (PoS) terminals declined to 56 million in March from a high of 75 million in July.
(Source: The Economic Times)
8. Bajaj Qute Hits Indian Roads After a Six-Year Battle
After six years of legal battles and regulatory hurdles, the country’s first quadricycle, Bajaj Qute, has begun its journey on Indian roads. As many as 22 state governments have cleared the model while it has been launched in six states – Kerala, Gujarat, Rajasthan, Uttar Pradesh, Odisha and Maharashtra. The company expects to cover 80 percent of the country soon.
(Source: Financial Express)
9. RBI's Monetary Policy Committee Concerned on Growth, Some Flag Inflation Risks
India's interest rate setting panel expressed concerns over a slowing economy, according to minutes of its latest monetary policy meeting released on Thursday, even as a few said they feared a bounce-back in inflation.
(Source: Livemint)
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