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Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> on Thursday said it has reached an in-principle commercial settlement with Credit Suisse. The dispute was about the payment of $24 million by SpiceJet to Credit Suisse. It had emanated out of an old service contract which was executed in 2011, which was later discovered to be lacking certain approvals leading to the dispute between the two parties. At the request of both parties, the Supreme Court on January 28, 2022 stayed the Madras High Court order against SpiceJet to facilitate settlement. The airline said that the documentation process of the settlement terms is underway. Notably, the process involves payment of the settlement amount by SpiceJet to Credit Suisse over a mutually agreed period of time. "The settlement with Credit Suisse follows SpiceJet's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon," the airline said in a statement. "SpiceJet had already deposited $5 million on the direction of the Hon'ble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company." SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

SpiceJet settles $24 million financial dispute with Credit Suisse

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> announced a 20 per cent salary hike for pilots from October onwards. This follows last month's 6 per cent hike in salaries. Sources said that while the first tranche of Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected shortly. Moreover, the company will be depositing <keyword id="17506" type="General" weightage="50" keywordseo="tds" source="Orion">TDS</keyword> of all employees in the next two-three weeks. And, a significant portion of the PF will also be credited. According to an internal mail to all the pilots, senior VP, <keyword id="9138754" type="General" weightage="50" keywordseo="gurcharan-arora" source="Orion">Gurcharan Arora</keyword> said that the Spicejet has received the approval for a loan under the government's ECLGS scheme. "The first tranche of the payment has already been received and the second trancher is expected very soon. Our management is working to raise an additional 200 million dollars." The mail also talked about resumption of normalcy in the aviation sector and said that the airline is flying towards growth and sustainability. On Tuesday, in a temporary measure to rationalise cost, SpiceJet decided to place some pilots on leave without pay for a period of three months. The airline said that it will be inducting <keyword id="26842" type="General" weightage="50" keywordseo="max" source="Orion">MAX</keyword> aircraft shortly and these pilots will be back in service as the induction begins. During the <keyword id="9580222" type="General" weightage="50" keywordseo="lwp" source="Orion">LWP</keyword> period, pilots will remain eligible for all other employee benefits as applicable i.e. all opted insurance benefits and employee leave travel. SpiceJet airline had earlier reported a net loss of Rs 789 crore (Rs 420 crore, excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as the business was severely impacted by record high fuel prices and a depreciating <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">Rupee</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-transmission-to-become-net-zero-by-2050/articleshow/94371480.cms">Adani Transmission to become net-zero by 2050</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-pune-girl-who-self-made-it-to-the-india-rich-list/articleshow/94368050.cms">The Pune girl who self-made it to the India rich list</a>

SpiceJet announces 20% salary hike for pilots, says will bring back those put on leave without pay

<ul><li>At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50. On Monday, the US stocks ended in positive territory as the head of the White House’s Operation Warp Speed said some Americans would be able to receive coronavirus vaccinations by mid-December. The Dow Jones Industrial Average closed 327 points higher, and the S&amp;P 500 was up 0.56%. These are the stocks to watch out for during the trading session today: Oil, paint, aviation stocks in focus Oil, paint and aviation stocks will be in focus during the trade as the<a href="https://www.businessinsider.in/stock-market/news/oil-jumps-to-highest-since-early-september-on-latest-sign-of-vaccine-progress/articleshow/79372419.cms"> crude oil prices </a>continue to rise. Crude oil climbed to its highest price since September 1 on Monday after AstraZeneca announced an encouraging update to the development of its coronavirus vaccine. Crude oil is a key component for manufacturing of paint and turbine fuel. Watch out for the likes of BPCL, HPCL, IOC, Asian Paints, Berger Paints, IndiGo, and others in these sectors. SpiceJet SpiceHealth, a company founded by SpiceJet promoters, has launched a budget Covid test. The company will conduct the Real-Time Polymerase Chain Reaction (RT-PCR) test for COVID-19 starting at ₹499. This will drastically reduce the price of the RT-PCR test which ordinally costs ₹3500. The shares of SpiceJet ended 3% lower on Monday. Ingersoll Rand India The promoter Ingersoll Rand Inc will sell up to 4.52% stake through an Offer for Sale (OFS) at a floor price of ₹578.6/share. The offer opens for non-retail investors today and tomorrow for retail investors. The shares of Ingersoll Rand India ended 3% higher on Monday. Coal India Four trade unions have served a one-day strike notice to the company and its arms on November 26; the company informed investors. Efforts would be made to avert the strike and conciliatory process is going on, it said, without giving out further details. Also, Coal India has raised non-coking coal prices by ₹10 per ton for regulated and non-regulated sectors The shares of Coal India ended 1% higher on Monday. GHCL The stock exchanges have given a no-objection letter for the demerger of the company’s textile business into GHCL Textiles. The shares of GHCL ended 2% higher on Monday. Muthoot Finance Gold loan NBFC Muthoot Finance has tied up with Bajaj Allianz General Insurance to provide insurance on gold jewellery as part of their new initiative - “Muthoot Gold Shield”, which is backed and powered by insurer’s Group Affinity All Risk policy. The policy is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of a gold loan and the release of gold ornaments. The shares of Muthoot Finance ended 3% lower on Monday. PVR Gemasia has acquired 4.25 lakh shares or 0.77% stake in PVR at ₹1,265.67 per share. The shares of PVR ended 4% higher on Monday. GMR Infra A step-down subsidiary of GMR Infra, GMR Kamalanga Energy is required to pay claims of ₹1,005 crore to SEPCO Electric Power Construction Corporation towards project payments, prolongation costs, as confirmed by the arbitration tribunal. The shares of GMR Infra ended 6% higher on Monday. Jubilant Industries Jubilant Industries to transfer its liquor license and will not manufacture India Made Foreign Liquor hereon. The shares of Jubilant Industries ended 10% higher on Monday. Trigyn Technologies Trigyn Technologies has extended its contract with the United Nations for the provision of I.T. staffing support service till December 2021. The shares of Trigyn Technologies ended 10% higher on Monday. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/biden-will-pick-former-federal-reserve-chair-janet-yellen-to-head-the-treasury-department/articleshow/79378968.cms" data-type="tilCustomLink">Biden will pick former Federal Reserve Chair Janet Yellen to head the Treasury Department</a> <a href="https://www.businessinsider.in/politics/world/news/boris-johnson-to-relax-the-national-coronavirus-lockdown-and-allow-households-to-celebrate-together-over-christmas/articleshow/79368293.cms" data-type="tilCustomLink">Boris Johnson relaxes the national coronavirus lockdown and says families can meet to celebrate Christmas</a>

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

<ul><li>At 8:00 am, the SGX Nifty was trading 0.54% lower, indicating a weak start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open in the red. At 8:00 am, the SGX Nifty was down 0.54%, tracking weak global cues from US markets as well as Asian peers. On Wednesday, the Dow Jones Industrial Average closed 0.13% higher and S&amp;P was down 0.46% as tech shares’ weakness outweighed the Fed’s commentary. US’ Federal Reserve has pledged to keep monetary support intact in the near future and indicated that the <a href="https://www.businessinsider.in/stock-market/news/fed-signals-near-zero-rates-will-last-through-2023-to-lift-economy-from-coronavirus-recession/articleshow/78156062.cms">near-zero rates</a> could last through 2023. Here’s a list of stocks to watch for in trade on September 17: Happiest Minds Tech After a bumper subscription in its ₹702 crore IPO last week, the company is geared up to list on stock exchanges today. The grey market premium shows an <a href="https://ipocentral.in/happiest-minds-ipo-gmp-grey-market-premium-trend/">upside of ₹145</a>. The issue was oversubscribed 151 times on the last day of IPO. HCL Tech The tech giant, HCL Tech today <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/a393df27-d142-4bcc-be72-ea6071e6cacc.pdf">announced the expansion </a>of its strategic partnership with Google Cloud to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud. The share price of HCL Tech closed 0.54% lower yesterday. IndiGo and SpiceJet Airlines have sought relief from the government by asking banks and financial institutions to defer repayments of loans to the aviation industry by six months, Puri said in his written reply to a question in the Rajya Sabha. The share price of IndiGo and SpiceJet closed nearly 2% lower on Wednesday. Infosys Despite an uncertain business environment, Infosys CEO Salil Parekh told <a href="https://economictimes.indiatimes.com/tech/ites/hikes-hirings-and-a-visa-workaround-three-cheers-for-infosys-amid-covid-gloom/articleshow/78145983.cms">ET Now</a> that the company has begun to get things moving on salary hikes and promotions. Plans are also afoot to start massive recruitments in many parts of the world including in India soon, he said. The share price of Infosys closed nearly 2% higher on Wednesday. Bharat Petroleum Corporation Ltd According to <a href="https://www.livemint.com/companies/news/bpcl-may-buy-oman-oil-s-share-in-bina-refinery-11600256462193.html">news reports</a>, state-owned BPCL may acquire its peer Oman Oil Company Ltd's stake in the joint venture Bharat Oman Refineries Ltd (BORL). "We will acquire Oman Oil's stake if they are willing to offer. So far there has been on such communication from Oman Oil," said N Vijayagopal, director finance, BPCL told <a href="https://www.livemint.com/companies/news/bpcl-may-buy-oman-oil-s-share-in-bina-refinery-11600256462193.html">Mint</a>. The share price of BPCL closed flat on Tuesday. Hindustan Petroleum The chairman, Mukesh K. Surana at the 68th annual general meeting of state-owned Hindustan Petroleum Corp, said the company would invest over ₹60,000 crore in the next five years to build infrastructure. The share price of HPCL closed nearly 2% lower yesterday. ICICI Bank The board of ICICI Bank has passed a proposal to resume seeking approval from the central bank for the appointment of Sandeep Batra as its whole-time director for five years. The share price of ICICI Bank closed nearly 1% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/fed-signals-near-zero-rates-will-last-through-2023-to-lift-economy-from-coronavirus-recession/articleshow/78156062.cms" data-type="tilCustomLink">Fed signals near-zero rates will last through 2023 to lift economy from coronavirus recession</a> <a href="https://www.businessinsider.in/defense/news/pictures-of-special-indian-army-ambulance-helicopters-trucks-and-tanks-as-soldiers-prepare-for-winter-at-the-india-china-border/slidelist/78149159.cms" data-type="tilCustomLink">IN PICS: Special Indian Army ambulance, helicopters, trucks and tanks as soldiers prepare for winter at the India-China border</a>

Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more

<ul><li>Sensex was trading 0.26% lower; while the Nifty slipped 25.80 points.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex dropped over 100 points in early trade on Monday tracking weak cues from global equities. Sensex was trading 0.26% lower; while the Nifty slipped 25.80 points. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr></tbody></table>*as of September 7, 10:10 am These are the top stocks that are buzzing in trade today Tata Motors DVR shares gains 8% The shares of Tata Motors DVR gained 8% after the promoter Tata Sons bought nearly 5.3 million of its DVR 'A' ordinary shares for ₹30 crore on Friday. According to the NSE bulk deal data, Tata Sons acquired 1.04% of its total paid-up equity at an average price of ₹56.02 per share. Vodafone Idea shares gain 7% Vodafone Idea shares jumped 7% ahead of the company's strategic announcement. <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/vodafone-idea-may-relaunch-brand-identity-on-monday/articleshow/77965943.cms?from=mdr">Media reports </a>indicate that the company may announce a combined brand identity as presently; the organization has been advertising the two brands separately. Vodafone Idea’s board has also approved a fundraising plan on Friday to raise ₹25,000 crore. Bharti Infratel shares up over 4% Bharti Infratel shares gain for the third session in a row after the company received an approval from the board for Indus Tower merger. Repco Home Finance shares locked at 5% upper circuit The shares of Repco Home Finance locked in a 5% upper circuit post the robust Q1 earnings. The company reported a 3% jump in its net profit to ₹64 crore for the first quarter ended June 30. The company's overall loan book rose 6% to ₹11,979.5 crore as of June 2020. Future Retail shares locked in a 5% lower circuit The shares of Future Retail were locked in a 5% lower circuit post-fourth-quarter earnings. The company reported a consolidated net loss of ₹477.63 crore for the fourth quarter ended March 31. The revenue from operations plummeted 17.75% to ₹4,492.36 crore during the quarter. Maruti, Tata Motors, TVS, Hero MotoCorp and other auto stocks gain The announcement on the much-awaited vehicle scrappage policy by the road transport and highways minister Nitin Gadkari on Saturday has led to a rally in most auto stocks. The minister said the policy is in its final stages of approval and will be rolled out by the end of this month. M&amp;M shares lost 4% The shares of Mahindra and Mahindra lost 4% during the early trading hours on September 7 after the company entered into a share purchase agreement for further investment in Carnot Technologies. By this move, <a href="https://www.indiainfoline.com/article/news-sector-automobiles-ancillaries/m-m-enters-in-a-share-purchase-agreement-with-carnot-technologies-to-raise-holding-by-9-12-120090400789_1.html">M&amp;M plans to increase its stake by 9.12%</a> in Carnot with the transaction value being ₹12 crore. IndiGo and SpiceJet shares lost 2% The shares of India private airlines IndiGo and SpiceJet were trading 2% lower after the civil aviation regulator DGCA told the Supreme Court that the airlines should provide a full refund immediately for the tickets booked during the COVID-19 lockdown. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-technologies-ipo-opens-today-grey-market-offering-over-60-premium/articleshow/77970729.cms" data-type="tilCustomLink">Happiest Minds Technologies IPO opens today — grey market offering over 60% premium</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-ideas-big-strategic-announcement-how-to-watch-the-webcast/articleshow/77970433.cms" data-type="tilCustomLink">Vodafone Idea to make big strategic announcement today, share price jumps by 6%</a>

Top stock movers — Future Retail, Tata Motors DVR, Maruti, M&M, TVS, IndiGo, SpiceJet and more

(Eds: Combining related stories) New Delhi, Mar 31 () Seeking to ease hardships faced by people during the ongoing lockdown, several banks on Tuesday initiated steps to effect the RBI-suggested moratorium on loans taken by their customers and e-retailers began deliveries, but job losses and pay cuts continued to haunt many even as authorities promised special facilities, including for migrant labourers. As the 21-day nationwide lockdown entered its seventh day, the Centre also asked all states and Union Territories to ensure normal functioning of banks and ATMs during the lockdown period and said the Rs 27,500-crore financial package under the Prime Minister Garib Kalyan Yojana will be disbursed in coming days. Separately, several public sector banks said they have started sensitising their branches about three months' moratorium on all term loans, including home, auto and crop loans, to help customers in overcoming financial difficulties due to the coronavirus outbreak and the subsequent nation-wide lockdown. Similar steps are expected from the private sector banks also. The Retailers Association of India, however, complained that banks are unwilling to extend the three-month moratorium to borrowers even after four days of it being announced. It sought the RBI's intervention in the matter. Some telecom companies also announced free talk time and free SMSes for a limited period, especially for the low-income group customers and those distressed during nationwide COVID-19 lockdown. Ride-hailing platform Ola said it will offer interest-free credit of up to Rs 3,600 to driver-partners to help them meet immediate household expenses amid the coronavirus pandemic. E-commerce companies like Amazon and Grofers are also gradually resuming services across various cities they operate in but it will still be at least a week or so before they can clear the pending orders, according to industry executives. However, job losses remained the biggest worry for many, for those working in the services sector as well as the contract labourers in the manufacturing plants most of which have been shut due to the pandemic. Besides, the Union Home Ministry said over 21,000 relief camps have been made operational in the country where more than 6.6 lakh destitute people and those stranded because of the COVID-19 lockdown are sheltered as of now. Punya Salila Srivastava, a joint secretary in the ministry, told reporters during a daily briefing on the coronavirus and lockdown situation that over 23 lakh people are also being provided food at these camps and other locations. Separately, the Supreme Court asked the government to prevent migration of people due to coronavirus and said "panic will destroy more lives than the virus". It asked the Centre to get trained counsellors and community leaders of all faiths to calm down the migrants kept in shelter homes across the country. The court said these shelters should be run by volunteers and not the police, and there should be no use of force and intimidation. Experts, meanwhile, said domestic violence cases in India have increased since the lockdown began with husbands venting their frustration on wives, who have no escape from their abusers. India has been under a three-week lockdown since March 24 with its 1.3 billion people instructed to stay home in view of the coronavirus outbreak, which has claimed 32 lives and infected over 1,200 people in the country. The National Commission for Women (NCW), for instance, received 58 complaints from March 23 to March 30. Many of these complaints have come from north India, particularly Punjab, said NCW chairperson Rekha Sharma. In Kerala, the state government has decided that special passes will be issued for tipplers to buy liquor but on doctor's prescription that they are showing withdrawal symptoms due to non-availability of alcohol in view of the coronavirus lockdown. At least three men in Kerala have committed suicide after allegedly showing alcohol withdrawal symptoms within days after liquor stores shut the doors. Similar incidents have been reported in other parts of the country including in neighbouring Telangana and Karnataka. Kerala has the highest per capita consumption of alcohol in the country. The sale of liquor in the state has continued on an upward spiral despite the prohibitive tax on legal alcohol and the many dry days. At the same time, more companies announced pay cuts for their staff, while a large number of people, including the contract workers and daily wagers, have already been rendered jobless. Budget carrier SpiceJet has decided to cut up to 30 per cent salary of its employees in March, though the company told its staff that Chairman Ajay Singh has opted for the highest 30 per cent cut in compensation. In the US also, foreign IT professionals, a majority of them Indians with H-1B visas, have urged the Trump administration to extend their permissible stay from 60 to 180 days after job loss, amidst the massive layoffs in America due to the coronavirus pandemic. The H-1B visa, most sought after among the Indian IT professionals, is a non-immigrant visa that allows the US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. A record 3.3 million Americans have filed initial jobless claims for the week ending March 21. TEAM BJBJ

Lockdown Day 7: Banks begin loan moratorium measures, but concerns mount over job losses and pay cuts

The reports of <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">Spicejet</keyword>’s anticipated demise are swarming around. Many believe that this low-cost carrier too will be a case of ‘history repeats itself’. While general public, who have bought the airline’s tickets during the periodic flash sales are worried about the future of their flights, many others are busy spotting similarities between Vijay Mallaya’s defunct Kingfisher Airline and <keyword id="144015" type="PERSON" weightage="20" keywordseo="Kalanithi-Maran">Kalanithi Maran</keyword>’s beleaguered carrier Spicejet over cups of coffee. 
	 
	However, the greater concern here is what would be the repercussions on the entire aviation industry in India if the carrier shuts its shops. “The investors’ confidence is already shaky as far as the aviation industry is concerned,” said aviation expert and editor of aviation journal Bangalore Aviation, Devesh Agarwal. 
	 
	Another airline going kaput only spells bad news for the industry. After all, there are several stakeholders involved in this sector. Not just the lenders and the creditors but also trade partners such as the aircraft manufacturer, airport operators, caterers, cabin crew companies among others. 
	 
	“Lenders are the worst hit since they may have to take a significant write-down of the loans that have gone bad. Creditors like oil companies, airport companies, service providers and employees may also have to forego their dues,” said an industry expert on the condition of anonymity. 
	 
	Besides, the airline has over 5,000 employees on its payroll. Imagine what their plight would be if the airline shuts down. The economy definitely cannot afford to see another bunch of unemployed workforce. According to a news report, the 5,300 employees of the airline are now panicking ever since they have heard of the financial crisis that their company is going through. 
	 
	"Over 130 pilots have put in their papers. The airline had 33 Boeing 737s some months back and now it has only 20 of those planes flying. Of these also, at least five may be taken back. The airline's daily flights are down from 332 in summer to less than 230 (on paper, at least) now. So, even if it does survive by a miracle, it will not need as many people," said the report quoted a distressed employee. 
	 
	Apart from pilots and engineers, the junior rung of employees will get badly hit. “Pilots and aircraft maintenance engineers can still land a job in other airlines but it is the junior staff like the ground staff that will be hit hard,” explained Agarwal. 
	 
	Nevertheless, while these may be some of the implications of an anticipated scenario, however, the ultimate and the biggest victim of another collapse, if there would be one, would be the end customers or the passengers. 
	 
	The prices will rise exponentially and the industry that is still pegged to be one of the fastest growing markets across the globe, will soon lose out a large chunk of its potential revenues—thus, causing a ripple effect on the entire industry. 
	 
	Image: Indiatimes.com

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SpiceJet settles $24 million financial dispute with Credit Suisse

IANS

SpiceJet announces 20% salary hike for pilots, says will bring back those put on leave without pay

IANS

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

Navdeep Yadav

Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more

Navdeep Yadav

Top stock movers — Future Retail, Tata Motors DVR, Maruti, M&M, TVS, IndiGo, SpiceJet and more

Navdeep Yadav

Lockdown Day 7: Banks begin loan moratorium measures, but concerns mount over job losses and pay cuts

PTI

Why Spicejet Crisis Is A Bad News For The Industry?

Purba Das

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