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If you are a domestic flyer who doesn't believe in travelling light, you would have to shell out more money for flying with <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword>. 
 The Mumbai-based airlines has decided to charge Rs 900 for excess check-in baggage if passengers are carrying more 'free' <keyword id="136785" type="UNKNOWN" weightage="100" keywordseo="Cabin-bags">cabin bags</keyword> than allowed. The rule has been made for passengers flying from the six metros. 
 
As per the rules, flyers are allowed to take one hand bag weighing up to 7 or 10 kg (depending on economy or business class and whether or not they are Jet's "privilege platinum and gold members) along with a laptop bag and a purse for women. If flyers decide to take in more cabin bags, they would have to pay Rs 900 per bag. 
 
This trend could soon be followed by other airlines, since they have been complaining of passengers carrying multiple cabin bags. 
 
Also read: <a href="http://www.businessinsider.in/Jet-Airways-offers-20-discount-on-base-fares/articleshow/52555925.cms">Attention travellers! Jet Airways is offering 20% discount on base fares</a> 
 
<a href="http://www.businessinsider.in/Jet-Airways-may-soon-merge-with-JetLite-will-approach-shareholders-on-April-22/articleshow/51587675.cms">Jet </a>has said that with this move, it does not want to <a href="http://www.businessinsider.in/Jet-Airways-posts-first-annual-profit-after-8-years/articleshow/52462018.cms">generate revenue</a>, but deter passengers against carrying too many bags on aircraft, which could lead to several problems. 
 
"Some guests carry hand baggage over and above limit, resulting in lack of storage in the overhead compartments in the aircraft. This leads to boarding delays, causes inconvenience to other guests and affects the airline's on-time performance. Jet Airways will therefore ensure adherence to the carriage of cabin baggage policy for the convenience of all guests," a <a href="http://www.businessinsider.in/Jet-Airways-and-Etihad-emerge-as-the-fastest-growing-airlines-in-India-after-tie-up/articleshow/50973370.cms">Jet </a>spokesman said. 
 
"Duty-free bags will be exempted from additional cabin baggage charge," Jet said in a note to travel agents. 
 
<a href="https://i.ytimg.com/vi/rlg8iIyLde4/maxresdefault.jpg">Image source</a>

Jet Airways will now charge Rs 900 for extra cabin bags

<a href="http://www.businessinsider.in/searchresult.cms?query=%E2%80%8BJet+Airways+India">Jet Airways India</a> Ltd., the 2nd largest private air carrier, snapped a 2-day fall on Thursday after the company announced it would merge a wholly-owned subsidiary with itself. 
 
Jet Airways' board approved the scheme of merger by way of transfer of the undertaking <a href="http://www.businessinsider.in/searchresult.cms?query=Jet+Lite">Jet Lite</a> (India) with itself along with its respective shareholders and creditors. The scheme is subject to compliance with all applicable laws and regulations, receipt of all relevant corporate, regulatory, governmental, judicial approvals and third party consents. The appointed date of the scheme is 1 April 2015. The existing shares held by Jet Airways and its nominees in <keyword id="174639" type="ORGANIZATION" weightage="60" keywordseo="Jet-Lite">Jet Lite</keyword> (India) shall stand cancelled without any consideration and Jet Lite (India) shall stand dissolved without winding up. 
 
Jet Airways purchased Air Sahara's operations 8 years ago and branded the airline as Jet Lite, which had a differential pricing aimed at the lower income market. 
 
Jet Airways rose 6.2 rupees, or 1.9 percent, to 323.55 rupees on the <a href="http://www.businessinsider.in/searchresult.cms?query=National+Stock+Exchange">National Stock Exchange</a> where 9 lakh shares were traded versus the 5-day average of 16 lakhs. 
 
Jet has seen its <a href="http://www.businessinsider.in/searchresult.cms?query=market+capitalisation">market capitalisation</a> rise 43 percent in the past one year to 3,700 crore rupees mainly on account of a sharp fall in jet fuel prices, its main input cost

​Shares of Jet Airways India snapped a two day fall

Mumbai, <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword>'s "resistance" in diluting his stakes and "incessant siphoning off of funds for personal pecuniary gains" led to the downfall of the airline, the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank. The ED claimed that the airline could have survived had Goyal kept aside his "ulterior motive" and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company. It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad. The probe agency on Tuesday filed its chargesheet against Naresh Goyal, his wife Anita Goyal and four companies - JIL, Jetair Private Limited, Jet Enterprises Private Limited and Jet Airways LLC, Dubai - in connection with the case. Special judge <keyword id="12192455" type="General" weightage="50" keywordseo="m-g-deshpande" source="Orion">M G Deshpande</keyword>, hearing cases related to the Prevention of Money Laundering Act (PMLA), took cognisance of the chargesheet on Wednesday. Goyal in his statement to the ED said that the JIL was grounded as it incurred huge losses due to major factors, including high fuel prices, along with taxes in India, high landing navigation charges and airport charges and predatory pricing. However, in its chargesheet the ED said its probe has established that reasons attributed for the downfall of JIL inter alia include the irrational decision taken by top executives in running the affairs of the airline, resistance of Goyal in diluting his stake and incessant siphoning off of funds from the JIL for personal pecuniary gains. "Due to mounting debt to the creditors and huge wasteful expenditure, the company needed to be recapitalised. Unfortunately, in this regard even the board was seemingly powerless because this was a shareholder matter and without the proactive agreement of the largest shareholder, i.e. the promoter of JIL, this matter would not go forward," it said. Because of the adamant stand taken by the promoter of JIL to suit his needs, the largest shareholder chose not to dilute his share in the company until, again, the fate of the airline was sealed, it claimed. The chargesheet further said its investigation revealed that there were few strategic investors who had shown interest to infuse equity in the airlines, namely Tata, TPG (Private Equity) as well as Etihad, but it did no materialize as it would entail dilution of the equity of Goyal, which he was not inclined to do. The chargesheet claimed that Naresh Goyal was blatantly siphoning off funds from JIL which was already a loss-making entity for a long time. He drained JIL out of funds and kept on infusing money into the related entities which were personally owned by his family members, both in India and abroad without any financial rationale, the charge-sheet said. It mentioned that his family was living an "ultra-luxurious life" and receiving "obnoxious" amounts of funds from the JIL indirectly without contributing anything to the JIL. The probe agency's complaint claimed that Naresh Goyal has created foreign trusts and is holding expensive assets abroad and is totally non-cooperative and evasive in his conduct during its investigation. Its probe into the role of Goyal is complete and hence this prosecution complaint is being filed. Efforts are on to trace all the proceeds of the crime earned by him and parked in multiple entities, it added. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was filed on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The ED, in its chargesheet said that since this amount was obtained from different banks as loan was diverted and siphoned off in the garb of inter alia malafide professional and consultancy expenses, diversion of funds for personal expenses of the Goyal family, lending to related parties and subsequent writing off these loans etc, resulted in turning the loan accounts into NPA. The investigation revealed that the JIL under Naresh Goyal used similar modus operandi for all the consortium loans. Therefore, public money worth Rs 5716.34 crore obtained from the Consortium of Banks led by SBI and PNB is considered to be the total proceeds of crime, generated out of criminal activities relating to commission of scheduled offences by JIL and its promoters. On the role of his wife Anita Goyal, the ED mentioned that she is a beneficiary in several trusts of Naresh Goyal in foreign jurisdictions. She has also been associated with several related entities of JIL in India and foreign jurisdictions from which she derived remuneration/consultancy. The ED claimed that Anita Goyal was appointed as consultant to the CEO of Jetair Pvt Ltd in March, 2015 for a yearly contract of Rs 1,15,00,000. Her contract was renewed in March 2016, with a sharp increment in her consultancy fee to Rs 2,40,00,000 per annum. The contract kept on renewing till date. Moreover, it is noteworthy that there is no document evidencing the services rendered by Anita Goyal to Jetair. The consultancy given by Anita Goyal was based on oral commands, it said. Until March 2023, she had collected a consultancy fee of Rs 12,20,00,000, the charge-sheet claimed. The ED arrested Naresh Goyal on September 1 under the PMLA. He is currently in judicial custody and locked at Arthur Road jail here.

Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

Mumbai, A special PMLA court here on Thursday remanded <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The court accepted <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword>'s request to send him to the Arthur Road jail in South Mumbai. The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the special judge for cases under PMLA, MG Deshspande, at the end of his ED remand on Thursday. The court remanded him in judicial custody as no further remand was sought by the probe agency. The court also accepted Goyal's request to send him to the Arthur Road jail in Byculla instead of Taloja jail in Navi Mumbai. Later, Goyal moved an application saying he suffers from a host of health issues and requested that he be allowed to undergo daily medical checkups by his family physician, specialist consulting doctors and personal doctors, and be provided with medical facilities on a regular basis during his stay in the jail. In the application, Goyal said he was suffering from ischemic heart disease and was operated at the <keyword id="6425633" type="General" weightage="50" keywordseo="asian-heart-institute" source="Orion">Asian Heart Institute</keyword> for "treatment of 80 per cent of blockages in his left main artery which is a life threatening condition". His plea said he also has hypertension, diabetes, restricted mobility, severe shoulder impingement and neck pain due to a fall in June 2022. In another application, Goyal sought appropriate bedding on a daily basis considering his medical conditions and home-cooked food as per dietary prescription. The court has asked the prosecution to file its say on Goyal's applications. The money laundering case stems from an FIR of the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding.

Jet Airways founder Naresh Goyal sent to 14-day judicial custody

<ul><li>Shares of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> (India) were locked in a 5% upper circuit at ₹90.30 on Friday on news that the airline is in talks with Boeing Co and Airbus SE for an order worth $12 billion.</li><li>The airline, which has been grounded since 2019, is expected to resume its operations in the first quarter of FY23.</li><li>The new owners Jalan-Kalrock consortium's resolution plan for Jet was approved by a bankruptcy court in June.</li></ul>Shares of Jet Airways (India) are in the spotlight as the stock is locked in a 5% upper circuit at ₹90.30, on December 3, on news that the airline is in talks with aircraft manufacturers Boeing Co and Airbus SE for an order worth $12 billion. BloombergQuint reported that new owners -- Murari Lal Jalan and Kalrock -- said it could buy at least 100 narrow-body aircraft. The group is set to invest about $200 million through equity and debt in Jet over the next six months, said the media firm in a tweet. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> The airline has been through a lot of turbulence in the last couple of years and is now in the news for resuming its operations by adding new aircraft. Jet Airways went to bankruptcy court after being grounded in April 2019. Later in June 2021 new owners -- UK-based Kalrock Capital Partners and UAE-based businessman Murari Lal Jalan -- took over the defunct airline. Now the airline is expected to resume its domestic flights in the first quarter of the next financial year that starts from April 1, 2022. <div type="image" title="jet air" height="900" width="1200" msid="88067635" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/poor-demand-for-star-healths-ipo-forces-investment-bankers-to-cut-down-on-promoter-offerings/articleshow/88065207.cms">Poor demand for Star Health’s IPO forces investment bankers to cut down on promoter offerings; GMP at ₹10 discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector</a>

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

<ul><li>Indian markets might open slightly higher as <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of the market, was up 0.05%.</li><li>India’s retail inflation data is scheduled to be released today by the Ministry of Statistics and Programme Implementation at 5.30 pm.</li><li>Adani Enterprises, Bharat Forge, Jet Airways are among stocks to watch out today.</li></ul>Markets are expected to open slightly higher mirroring indicator SGX Nifty and as most <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> were trading higher. The US indices ended in the red on Thursday following a jump in treasury yields while investors expected a slowing pace of hike in interest rates by the US Fed after the inflation data came in better than expected. India’s retail inflation data is scheduled to be released today by the Ministry of Statistics and Programme Implementation at 5.30 pm. In June, the consumer price index decelerated to 7.01% from 7.04% in May. On Wednesday, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 515 points higher at 59,332 and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended 124 points higher at 17,659. Meanwhile, markets may witness less action due to the long weekend. According to Sorbh Gupta, equity fund manager at Quantum Mutual Fund, many factors like — geopolitical challenges, inflation, rising interest rates and social media hullabaloo on an possible US recession next year can make investors nervous to sell into the current rally. “These are times for investors to stay the course in their investment journey to achieve their long-term financial goals. Equity investors should stagger their allocation to equity over a period and move the asset allocation to the optimum level as defined by their asset allocation plan,” said Gupta. Here are some of the stocks that will remain in focus: Adani Enterprises The Adani Group plans to invest ₹57,575 crore to set up an alumina refinery in Odisha. It will set up a 4-million tonnes a year alumina refinery near bauxite mines as well as an iron ore project. Bharat Forge The auto components maker’s net profit rose 7% to ₹160 crore in June quarter as compared to ₹152 crore last year. Aurobindo Pharma The pharmaceutical company’s net profit slipped 32% to ₹520 crore in June quarter while revenues rose 9% to ₹6,235 crore. Bata India The shoemaker has posted a 71% increase in net profit at ₹119 crore and declared the quarter sales, as its ‘highest ever quarterly sales’. Jet Airways (India) The airline’s net loss widened to ₹390 crore for the quarter ended June from ₹129 crore last year. Earnings today Hero Motocorp, Grasim Industries, ONGC, Zee Entertainment Enterprises, Info Edge (India), Muthoot Finance, Apollo Tyres, Hindustan Aeronautics, Power Finance Corporation, Bajaj Electricals among companies to report quarterly earnings. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-cancels-license-of-pune-based-rupee-cooperative-bank-says-99-depositors-will-receive-full-refund/articleshow/93480997.cms">RBI cancels license of Pune-based Rupee Cooperative Bank, says 99% depositors will receive full refund</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/videos/business/bollywoods-flops-pose-a-big-risk-to-multiplexes/videoshow/93480304.cms">Bollywood’s flops pose a big risk to multiplexes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/a-startup-founder-was-asked-to-do-a-coffee-run-on-her-first-pitch-now-shes-among-indias-richest-women/articleshow/93480578.cms">A startup founder was asked to do a coffee run on her first pitch, now she's among India's richest women</a>

Markets may open slightly higher as they await Indian inflation data

New Delhi, Feb 28 () Shares of airline companies plunged up to 10 per cent on Friday as rating agency Icra said the outlook for the aviation sector remains negative in the wake of coronavirus outbreak. Shares of Interglobe Aviation - the parent of IndiGo - plunged 9.99 per cent to Rs 1,229.75 on the BSE. Spicejet stock cracked 6.06 per cent to a low of Rs 82.10. Defunct airline Jet Airways (India) hit its lower price band losing 4.84 per cent at Rs 24.55. according to rating agency Icra, the outlook for India's aviation industry remains negative in the wake of coronavirus outbreak, which has resulted in many international passengers cancelling their travel to South East Asian countries. Traffic from these countries accounts for around 19.5-23.8 per cent of the total international passengers flying to and from India, it noted. The extent of impact of the flight/ ticket cancellations on the profitability of the domestic airlines would, however, vary depending on the airlines' presence in these routes. RUJ ANSANS

Aviation stocks plunge up to 10 pc on coronavirus jitters

New Delhi, Feb 28 () Shares of airline companies fell as much as 5 per cent on Friday amid concerns over coronavirus outbreak taking a toll on the travel industry. Massive sell-off in the stock market was triggered by the rising coronavirus cases. Shares of InterGlobe Aviation - the parent of IndiGo - plunged 4.80 per cent to Rs 1,300 on the BSE. Intra-day, the stock dropped as much as 9.99 per cent to Rs 1,229.75. SpiceJet stock cracked 6.06 per cent to a low of Rs 82.10 during the day. It closed 4.69 per cent lower at Rs 83.30. Defunct airline Jet Airways (India) hit its lower price band losing 4.84 per cent at Rs 24.55 during the session. It settled at Rs 24.70, down 4.26 per cent.Last week, the International Air Transport Association (IATA) said there was a potential 13 per cent full-year loss of passenger demand for carriers in the Asia-Pacific region due to COVID-19. "Considering that growth for the region's airlines was forecast to be 4.8 per cent, the net impact will be an 8.2 per cent full-year contraction compared to 2019 demand levels," the grouping had said on the basis of an initial assessment.According to rating agency Icra, the outlook for India's aviation industry remains negative in the wake of the coronavirus outbreak, which has resulted in many international passengers cancelling their travel to South East Asian countries. The extent of impact of the flight/ ticket cancellations on the profitability of the domestic airlines would, however, vary depending on the airlines' presence in these routes. RUJ ANUANU

Aviation stocks plunge nearly 5 pc on coronavirus jitters

<ul><li>Co-working space provider WeWork's India chief is inviting the staff off Jet Airways to apply for jobs.</li><li>16,000 employees of Jet Airways have been left in a lurch after the cash-strapped airline got grounded last week.</li><li>WeWork's India offices have at least 149 open positions across departments.</li></ul>Jet Airways, India's oldest private airline, has been grounded. That was not good news for the company's lenders, air passengers, the economy, but the worst hit are the company's 16,000 employees who hung around during the last few stressful months before getting stranded. But there may be some good news. WeWork is inviting the staff off Jet Airways to apply for vacancies in the company that provides co-working spaces. 
	
	
	
	<div type="twitter" handle="WeWorkIndia" handlename="WeWork India" image="http://pbs.twimg.com/profile_images/1082937867511447552/__RSRR4a_normal.jpg" favoritecount="39" retweetcount="11" status="Be a part of our WeWork family. To know more, write to us at recruit@wework.co.in #weworkindia https://t.co/uhL885XJeI" createdat="1556031560000" id="1120703709565075457"></div>









 The tweet from WeWork India followed a post on LinkedIn by the Chief Executive Officer, Ryan Bennett. 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[

]]></cdata></div>









 The India unit of the $45 billion WeWork has at least 149 open positions in the country, <a href="https://weworkindia.recruiterbox.com/" data-type="tilCustomLink" target="_blank">according to the website</a>. <table style="width: 155pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl64" style="height:15.0pt;width:107pt">Department</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 48pt;">Vacancies</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Admin</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">2</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Community Team</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Corporate Strategy</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">4</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Development</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">28</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Finance</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">General Management</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Legal</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Marketing</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">9</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Operations</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">11</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">HR</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">3</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Real Estate</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Sales</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">63</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none;">Total</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">149</td> </tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/boeing-and-jet-airways-crisis-has-helped-indigo-lufthansa-and-singapore-airlines-but-hurt-indian-airline-traffic/articleshow/69001574.cms" data-type="tilCustomLink" target="_blank">The crises at Boeing and Jet Airways has brought India's air traffic growth to a grinding halt</a> <a href="https://www.businessinsider.in/as-jet-remains-grounded-indian-airlines-are-increasing-their-fleets-to-rein-in-surging-ticket-prices/articleshow/68986272.cms" data-type="tilCustomLink" target="_blank">As Jet remains grounded, Indian airlines are increasing their fleets to rein in surging ticket prices</a>

WeWork's India chief is inviting Jet Airways staff to apply for jobs

<keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> (India), the nation's second largest private carrier, gained ground in trade today after the company reported a surge in its passenger traffic. 
	Jet said monthly domestic air passenger traffic data showed the airline's share jumped 63.4% to 13.35 lakh in July 2015 over the same month last year. Jet Lite's domestic air passenger traffic dropped 1% to 2.02 lakh in July 2015 over July 2014.

	As a consequence, Jet Airways gained 7.25 rupees, or 1.9 percent, to 382.30 rupees on the National Stock Exchange where 9.9 lakh shares were traded versus the 5-day average of 27.9 lakh shares.

	Jet Airway's market capitalisation has gained 53 percent to 4,278 crore rupees in the past one year. 
	 
	Image credit: Indiatimes

The shares of Jet Airways are soaring. Know why

<a href="http://www.businessinsider.in/searchresult.cms?query=jet+airways&amp;sortorder=effectivedate">Jet Airways</a>, India's second-biggest airline by passengers, reported an annual profit on Thursday for the first time since 2007 and a year ahead of schedule under its 2014 turnaround plan. 
 
The carrier, part-owned by <a href="http://www.businessinsider.in/searchresult.cms?query=etihad&amp;sortorder=effectivedate">Abu Dhabi's Etihad Airways</a>, said lower fuel costs and higher aircraft use helped it swing to a profit in the year ending on March 31 but warned that growing domestic competition was putting pressure on yields. 
 
For the year, its net profit was a record 12.12 billion rupees ($181 million) compared with a loss of 20.97 billion rupees in the previous year, the company said in a statement. 
 
Jet reported a profit of 4.26 billion rupees for its fourth quarter to the end of March, compared with a loss of 18.03 billion rupees in same quarter a year earlier. 
 
It lowered its debt by 16.8 billion rupees during the year but did not say what the latest debt level was. 
 
The airline would continue to focus on strengthening its balance sheet to sustain growth, <a href="http://www.businessinsider.in/searchresult.cms?query=naresh+goyal&amp;sortorder=effectivedate">Chairman Naresh Goyal</a> said in the statement, although he said competitive and structural challenges remained. 
 
"The induction of capacity and the enhanced competitive scenario is creating a constant pressure on yields," Goyal said. 
 
Jet competes with state-run <a href="http://www.businessinsider.in/searchresult.cms?query=air+india&amp;sortorder=effectivedate">Air India</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=vistara&amp;sortorder=effectivedate">Vistara</a> - a joint venture of Tata Group and Singapore Airlines - in the so-called full-service category in a domestic market dominated by low-cost carriers. 
 
InterGlobe Aviation Ltd's <a href="http://www.businessinsider.in/searchresult.cms?query=indigo&amp;sortorder=effectivedate">IndiGo</a> is India's top carrier with 38.7 percent of the market as of April. 
 <keyword id="6358200" type="CITY" weightage="20" keywordseo="Jet-Airways">Jet Airways</keyword>' market share was 18.9 percent in April, down from 23.1 percent a year ago, according to government data. 
 
(Image: BCCL)

Jet Airways posts first annual profit after 8 years

Toons tell the top stories of 2019 ⁠— with a dash of sarcasm

Boeing and Airbus expect Indian airlines to order up to 1,740 jets over the next 20 years, as aircraft manufacturers eye one of the world's fastest-growing aviation markets to offset any weaker sales elsewhere. 
 
Boeing said on Thursday falling fuel prices, increasing numbers of Indians wealthy enough to travel by air and improved airport infrastructure would boost orders. 
 
The company expects airlines to buy 1,740 planes worth $240 billion by 2034, its senior vice president for Asia-Pacific and India sales, Dinesh Keskar, said at an event at this week's <keyword id="348750" type="COMPANY" weightage="100" keywordseo="Indian-aviation">Indian Aviation</keyword> air show in the southern city of Hyderabad. 
 
Airbus, at the same event, forecast India would require more than 1,600 passenger and freighter aircraft, three-quarters of them narrowbody jets, over the next 20 years, worth $224 billion of business. 
 
"India's growth can help offset the slowdown in other parts of the world," Boeing's Keskar told Reuters. 
 
Aircraft executives are looking to India to support sales after global economic uncertainty overshadowed recent aviation shows in Singapore and Dubai, raising worries about a slowdown in orders. 
 
However, planemakers meeting in Singapore last month defied industry sceptics, saying an unprecedented expansion in the aerospace industry was into its eighth year, supported recently by low oil prices. 
 
BUDGET AIRLINES 
 
Indian budget carrier SpiceJet Ltd is in talks with Airbus and Boeing to buy about 100 planes, worth about $11 billion at list prices. 
Boeing is keen to clinch the order to keep a foothold in the low-cost Indian carrier market, while a win for Airbus would cement its position as the country's dominant supplier of narrowbody planes. 
 
"Airbus is being very aggressive and I don't blame them. We have a relationship with SpiceJet that dates back to 2002. We have worked with them in good and bad times," said Boeing's Keskar. 
 
InterGlobe Aviation Ltd's IndiGo finalised the purchase of 250 A320neo aircraft in August, handing Airbus its largest-ever order by number of planes. Other airlines are also looking to grow their fleets to win more of the fast-growing sector. 
 
Consultants KPMG and the Federation of Indian Chambers of Commerce and Industry said in a report released on Thursday that India was on course to become the world's third-largest aviation market by 2020, six years ahead of a prediction made by the International Air Transport Association last year. 
 
The number of Indian passengers has jumped more than 20 percent in the past year. India's biggest airlines including SpiceJet, Jet Airways (India) Ltd IndiGo and GoAir, largely money-losing until this year, are now profitable as the outlook for the market improves. 
 
"We are confident about the India forecast because of economic growth, middle class growth and airlines are doing well. There is a relatively low number of aircraft compared to other emerging markets," Airbus' Head of Marketing in Asia Joost Van Der Heijden told reporters in Hyderabad. 
 
<a href="http://www.airbus.com/fileadmin/_processed_/csm_A318_CFM_AIRBUS_V10_300dpi_c09cf1d67f.jpg">Image source</a>

Weaker international sales drive Boeing and Airbus to India’s growing aviation market

<ul><li>Both Jet Airways and <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword> have said that they won't be submitting bids for the debt-laden national carrier.</li><li>The deal comprises the purchase of a 76% stake in <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> and also includes ₹334 billion of the company's debt. </li><li>If the government doesn't receive any bids by May 14th it will have no choice but to revise the terms of the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword>. </li></ul> The <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword>’s plans to privatise Air India have been dealt a huge setback as both Jet Airways and Indigo have said that they will not be submitting bids for the debt-laden national carrier. It’s been close to a fortnight since the government formally kicked off the disinvestment process by<a href="http://www.civilaviation.gov.in/sites/default/files/PRELIMINARY%20INFORMATION%20MEMORANDUM.pdf"> inviting expressions of interest</a> for a 76% stake in Air India, but there is still no sign of a guaranteed bid. Jet Airways, India’s second-largest domestic airline, was reported to be mulling a joint bid with Air-France KLM and Delta but was likely scared away by the high level of debt it would inherit from the purchase as well as additional deal terms. The company, which is dealing with debt problems of its own, would have been unable to submit an individual bid given its negative net worth. The Indian government has a number of key conditions for the disinvestment process. First, it will retain a 24% stake in Air India. Second, it will offload around ₹334 billion of the carrier’s debt burden of around ₹488 billion (as of March 2017) to the buyer. Third, in order to be eligible, a prospective buyer needs to have a net worth of ₹50 billion and must have reported a net profit thrice in a row in the last five years. If a domestic airline, doesn’t fulfill these requirements it will have to solicit partners for a joint bid and take a stake of 51% or less. Fourth, a prospective buyer has to submit a combined bid for Air India’s domestic and international businesses, its low cost carrier, Air India Express, and a 50% stake in its airport services unit, Air India SATS. Finally, the buyer will not be able to exit its stake for three years, after which it might have to take Air India public through an IPO- a requirement that hinges on a successful turnaround. “Considering the terms of offer in the information memorandum and based on our review, we are not participating in the process,” Jet Airways’ deputy CEO, Amit Agarwal, told media outlets. Similarly, Indigo, India’s largest domestic airline, was said to be preparing a bid with Qatar Airways but the former ruled out a bid last week as the government’s terms of the disinvestment would have required it to bid for Air India’s domestic arm. The airline, which operates seven international routes, was primarily interested in Air India’s international operations as well as Air India Express, but would not have been able to bid for them separately. Indigo’s president Aditya Ghosh cut straight to the point when he said that the company did not have the ability to turn Air India’s fortunes around. So how grim is Air India’s state of affairs? In addition to its mounting debt, the national airline hasn’t reported a profit since 2007, when the Congress government ordered it to merge with another state-backed carrier, Indian Airlines. It made a net loss of nearly ₹58 billion in fiscal 2017. After commanding a near monopoly in India’s aviation market, its market share has shrunk to 12% of domestic flights and 17% of international flights. Furthermore, the airline’s employees stage strikes at regular intervals over the non-payment of salaries, the ticket booking service on its website is beset with glitches and its flights are routinely delayed or cancelled. After bailing the airline out to the tune of ₹300 billion in 2012 as part of a failed turnaround effort, it is clear that the government is out of options. However, the airline isn’t a completely lost cause. It has landing rights and space at a number of major international airports such as London’s Heathrow and New York’s JFK as well as prime spots at India’s domestic airports. It flies to 43 international and 54 domestic locations and operates a fleet of 138 aircrafts, 62% of which it owns outright. Two of its subsidiaries, Air India Express and Air India SATS, are profitable and the deal includes 21.5 acres of hangar space and land at the Delhi and Mumbai airports. So are there any potential bids on the horizon? Both Swiss Aviation Consulting, an advisory firm, and Singapore Airlines, which operates Vistara with Tata Sons, are said to be interested in purchasing a stake in Air India, the former on a larger client’s behalf. However, this is just hearsay at this point. Also, foreign bidders could steer away altogether from a purchase given the prospect of government interference and a 49% cap on foreign ownership. The government has earmarked May 14th as the final date for the submission of expressions of interest. It does not plan to extend this deadline. The names of the qualified bidders will be announced on May 28th. The aviation ministry <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/still-waiting-to-see-if-indigo-bids-for-air-india-government/articleshow/63685125.cms">still has its hopes</a> pinned on a bid from Indigo, although that looks highly unlikely. If the government receives one bid, or worse, none at all, it will have no choice but to revise the terms of the disinvestment. In all probability, it will offer Air India’s businesses for sale on a piecemeal basis and trim down the level of debt that prospective buyers will inherit. The disinvestment of Air India is a major step in the Modi administration’s drive to reform and/or privatise the country’s public-sector institutions. The government will do its best to ensure a sale goes through. At this point, any deal is better than none at all.

You Searched For "Jet Airways India" and got 14 results

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You Searched For "Jet Airways India" and got 14 results

Jet Airways will now charge Rs 900 for extra cabin bags

BI India Bureau

​Shares of Jet Airways India snapped a two day fall

Shailendra Bhatnagar

Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

PTI

Jet Airways founder Naresh Goyal sent to 14-day judicial custody

PTI

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

Bhakti Makwana

Markets may open slightly higher as they await Indian inflation data

Bhakti Makwana

Aviation stocks plunge up to 10 pc on coronavirus jitters

PTI

Aviation stocks plunge nearly 5 pc on coronavirus jitters

PTI

WeWork's India chief is inviting Jet Airways staff to apply for jobs

Sriram Iyer

The shares of Jet Airways are soaring. Know why

Shailendra Bhatnagar

Jet Airways posts first annual profit after 8 years

Reuters

Toons tell the top stories of 2019 ⁠— with a dash of sarcasm

Sriram Iyer

Weaker international sales drive Boeing and Airbus to India’s growing aviation market

No one seems interested in buying Air India

Dilsher Dhillon

Popular Keywords

Buying Guides

Shares of Jet Airways India snapped a two day fall