State-owned Air India is staring at debt repayments of Rs 9,000 crore in the current fiscal year but lacks the funds to service them. No decision on a possible government bailout package is likely until the elections are over. The Ministry of civil aviation and the airline have escalated the concern to the finance ministry. Air India has been losing about Rs 6 crore daily on international flights to Europe and the US due to airspace closure by Pakistan in the wake of border tensions. The losses have forced the airline to cancel a few overseas flights.
National carrier Air India on April 18 offered special fares to stranded international passengers hit by the abrupt grounding of Jet Airways. The "special stranded" fares have been offered to passengers at overseas airports such as Paris, London Heathrow, Singapore, Dubai, Hong Kong, Abu Dhabi, Jeddah, Dammam, and Muscat, among others. Passengers holding confirmed RT tickets on Jet Airways will be allowed to avail special stranded passenger fares from the destinations common with Air India.
Market research firm Nielsen India expects FMCG sector in India to grow in the range of 11-12% in 2019 as against the growth rate of 13.8% in 2018. Further, the volume growth is expected to grow around 8.5-9.5%, lower than the 11% growth rate in 2018. Rural consumption will be one of the key drivers of FMCG growth story.
FMCG major Nestle will now seek shareholders' approval every five years for royalty payment to its Swiss parent Societe des Produits Nestle SA. Nestle India had earlier proposed royalty payment of 4.5% of the net sales to its licensor. The decision was opposed by several minority shareholders contending that the move was against good corporate governance norms. Nestle India, which follows January-December fiscal calender, had reported a revenue of Rs 11,292.27 crore in 2018.
India Post reported net losses of Rs 15,000 crore in FY19, making it the largest loss making PSU, even more than BSNL and Air India. PSUs BSNL and Air India reported losses of Rs 8,000 crore and Rs 5,340 crore, respectively, in FY18. India Post is also burdened with high operating costs and compensation to employees. In FY19, the salary, allowances and pay costs for the India Post stood at Rs 16,620 crore, against revenues of Rs 18,000 crore.
Speaking to CNBC TV18, Stock analyst Ashwani Gujral recommends buying Indiabulls Housing Finance with a stop loss of Rs 840, target of Rs 865, BHEL with a stop loss of Rs 72, target of Rs 80 and Bajaj Finance with a stop loss Rs 3030, target of Rs 3120.
The views and investment tips expressed by investment experts are their own, and not that of the website.
The National Consumer Disputes Redressal Commission (NCDRC) has directed national carrier Air India to pay Rs 2 lakh compensation to a West Bengal-resident couple for the delay in its scheduled flight service from Kolkata to Delhi on January 10, 2014. The three hour delay caused the couple to miss their connecting flight to New York. The apex consumer commission directed the airlines to pay the amount, along with interest.
Kotak Securities has an add call on Gabriel India with a 1-year target price of Rs 160. The current market price of Gabriel India is Rs 151.35. Gabriel India is a leading supplier of shock absorbers and front forks to all major manufacturers of two and three wheelers in India.The views and investment tips expressed by investment experts are their own and not that of the website or its management.
Anil Agarwal-led Vedanta’s oil and gas division Cairn has seen three high-profile exits in the past three months, including CEO Sudhir Mathur and CFO Pankaj Kalra, who resigned last week. Ajay Dixit, who was CEO of the aluminum and power divisions of Vedanta, took charge of the oil and gas division. In April 2017, Cairn India was merged with Vedanta, following which the former got delisted from the BSE.
State-owned Bank of India on Friday offered to sell a 25% stake in its joint venture company with Union Bank of India and Japan's Dai-ichi Life Holdings Inc for up to Rs 1,106 crore ($159.87 million). BoI is looking to sell 64.9 million shares, or 25.02% stake, in Star Union Dai-ichi Life Insurance Co Ltd at a floor price of Rs 170.50 per share. BoI has a 28.96% stake in the joint venture while Union Bank of India and Dai-ichi Life own 25.10% and 45.94%, respectively.
Private lender Lakshmi Vilas Bank on Friday said its board has approved a scheme of merger with lndiabulls Housing Finance. In a share swap deal, for every 100 shares of LVB held by shareholders, they will receive 14 shares of Indiabulls Housing Finance. Lakshmi Vilas Bank Limited had total assets of Rs 40,429 crore as on 31 March, 2018.
Indiabulls Housing Finance Wednesday said it has raised Rs 17,300 crore in the March quarter of 2018-19 and plans to borrow Rs 26,000 crore in the current financial year. To deliver 17-19% profit after tax (PAT) growth in the current financial year, the company plans to raise a net total of Rs 26,000 crores in the four quarters of the current financial year," it added. The company's cash and cash equivalents as on March 31, 2019, stood at Rs 27,512 crore, it said.
Google South East Asia and India Vice-President Rajan Anandan will leave the company by April-end, Google said in a statement on April 2. Vikas Agnihotri, Country Director, Sales, will be the interim head for Google India.
Customs officials in China have ordered to destroy three lakh more maps for not mentioning Arunachal Pradesh and Taiwan as part of its territory. They have decided to file a lawsuit against four persons for trying to export the maps to the Netherlands. Last month, officials in China destroyed 30,000 world maps printed in the country for incorrectly showing the borders with India and depicting Taiwan as a separate country.
In a boost to Make in India initiative, Apple has started manufacturing the iPhone 7 model in India, in addition to iPhone SE and iPhone 6s. The iPhone SE and 6s models in India are being manufactured by the Taiwanese contract manufacturer Wistron, which has now started making the iPhone 7 devices since the beginning of March. Manufacturing iPhone 7 devices in India is cheaper than importing them due to the duty concessions offered to domestic handset makers.