New Delhi, Nov 17 () With strong fundamentals, India's civil aviation sector is in its "golden age" and there is also healthy competition among domestic carriers, IndiGo CEO Ronojoy Dutta has said.
 Interestingly, the country's civil aviation sector has been experiencing lower growth in traffic compared to previous years and there has also been softness in fares in October, according to industry experts.
 The traffic grew just 1.18 per cent in September, as per the latest available official data.
 IndiGo, owned by InterGlobe Aviation, is the country's largest airline with a market share of 48.2 per cent in September.
 While acknowledging that there are problems, including high taxes on jet fuel, Dutta said there are huge opportunities going forward.
 "We are in the golden age of Indian aviation and there are huge opportunities going forward... There are always problems, there are always issues and economic cycles. (But) The fundamentals are strong," he told in an interview.
 According to him, tax on aviation turbine fuel (ATF) is 30 per cent higher than rest of the world.
 Bringing ATF under the Goods and Services Tax (GST) has been a long pending demand of the airline industry.
 "Then there are throughput charges for which we should be getting credit for taxes paid," he added.
 IndiGo has been aggressively expanding its operations and has started 11 overseas routes in the last one year. Recently, it placed an order for 300 more planes from Airbus and is also considering wide-body aircraft for long haul routes.
 On whether there is healthy competition among local carriers, Dutta replied in the affirmative.
 "We have a commonality of interests. Airlines around the world have commonality (of interests). It extends to ATF taxes, infrastructure issues. In terms of who gets which rights and who flies where, it is all fierce competition," he noted.
 He also made it clear that there are no plans for a loyalty programme for passengers.
 "We have studied it. We have rejected that option... It is too expensive. We are a low cost carrier and we have to keep our costs low," Dutta said.
 When asked whether passenger volumes could balance the costs arising out of a loyalty programme, the IndiGo chief replied in the negative.
 "We have the volumes already. The question is will the incremental volumes pay for it. Given the cost, the incremental volumes do not pay it," he noted.
 In September, the carrier flew 55.59 lakh passengers. RAM ABM
ABM

'Golden age' for Indian aviation sector; fundamentals strong: IndiGo chief

<ul><li>The shares of <keyword id="6354706" type="COMPANY" weightage="20" keywordseo="IndiGo">IndiGo</keyword> fell by over 3% on Tuesday. </li><li>IndiGo currently runs two daily flights to China, which has seen cancellations reported PTI. </li><li>The <keyword id="44023" type="ORGANIZATION" weightage="20" keywordseo="airlines">airlines</keyword> parent company <keyword id="2351966" type="ORGANIZATION" weightage="20" keywordseo="InterGlobe-Aviation">InterGlobe Aviation</keyword> saw a twofold jump in profits of ₹496 crore.</li></ul>The <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> outbreak in China has spread panic across the world with hundreds and thousands of people delaying their trips. Indian airlines IndiGo has been at the receiving end of these cancellations. IndiGo currently runs two daily flights to China, which are on the receiving end of cancellations, reported PTI. The Coronavirus broke out in Wuhan, which is a big business centre in China. The shares of IndiGo fell by over 3% to trade at ₹1448.3 on Tuesday. This is in spite of the fact that the company reported good earnings for the third quarter, a day before. The airlines parent company InterGlobe Aviation saw a twofold jump in profits to ₹496 crore. In the same quarter the previous year, the company’ profits stood at ₹185.2 crore. "We started operations in 7 new international routes and 17 new domestic routes and operated a peak of 1,634 daily departures during the quarter. I am very enthusiastic about the way we have been developing our network, connecting cities large and small to provide more choice to our customers," IndiGo CEO Ronojoy Dutta said. However, IndiGo is not the only one to be facing issues as airlines across the world are offering free cancellations to trips to China. See Also: <a href="https://www.businessinsider.in/business/news/air-india-may-opt-for-a-bsnl-like-voluntary-retirement-scheme-to-shed-employee-cost-along-with-debt/articleshow/73692818.cms?src=hp_wh">Air India may opt for a BSNL-like voluntary retirement scheme to shed employee cost along with debt</a>

Coronavirus takes the wind out of IndiGo – shares tumble despite a 200% jump in profits

<ul><li>Several users who had booked tickets after the relaxations of unlock 1.0, took to Twitter to complain about the cancellation of flights. </li><li>People with tickets from Mumbai, Chennai took to Twitter and <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">Spicejet</keyword> replied to all with the same message.</li><li>Maharashtra Chief Minister Uddhav Thackeray had on Friday said that there would be no further lockdowns in the state due to coronavirus. </li></ul>Spicejet is cancelling tickets from several cities citing government imposed restrictions. Several users who had booked tickets after the relaxations of unlock 1.0, took to Twitter to complain about the cancellation of flights. Business Insider reached out to Komal Nathani, whose tickets were cancelled from Mumbai to Kanpur. Nathani was confused as the government of Maharashtra had announced no such measures. <div type="image" title="IMG-20200613-WA0033" msid="76360156" hostid="261"></div> Several other users with tickets from Mumbai, Chennai took to Twitter and Spicejet replied to all with the same message. <div type="twitter" handle="flyspicejet" handlename="SpiceJet" image="http://pbs.twimg.com/profile_images/1270711586638839808/2HUXWsMc_normal.jpg" favoritecount="0" retweetcount="0" status="@PRASHAN66888867 We regret any inconvenience. Due to the restrictions imposed by the State Government, the flight has been cancelled." createdat="1592052476000" id="1271786382185431042"></div> "The Ministry of Civil Aviation had initially allowed each airline to operate 33% flights as per the approved summer schedule when it announced a resumption of operations in May. SpiceJet, like other airlines, started the sale of tickets as per the government orders. However, at the last minute due to reservations expressed by multiple state governments the flight schedule had to be further truncated resulting in many flights being cancelled," said a statement from Spicejet. IndiGo too faced a similar brunt from consumers across the country. IndiGo CEO Ronojoy Dutta in an interview to PTI said that the government should allow flights to operate at 50% of pre-covid times right now, while being hopeful of running 70% of flights by December. Dutta also believes that the government should resume international flights by July. Earlier, online travel agencies (OTA) had stopped selling GoAir tickets after numerous complaints of flight cancellations, refund and no response from the customer care team of the airline, according to <a href="https://www.thehindu.com/news/cities/mumbai/goair-travellers-fret-over-cancellations/article31718587.ece">reports</a>. According to reports, the customers said they were never informed about the cancelled flights until they tried to complete their web check-ins. “We decided to stop selling GoAir tickets from Monday because of customer flak due to a high number of cancellations, the airline being slow on refunds and not responding to complaints. One is not receiving the right kind of support that one needs as an OTA to service our customers. We are taking a cautious approach. There have been a very large number of cancellations in the past two to three days,” a spokesperson of a leading OTA told <a href="https://www.thehindu.com/business/Industry/online-travel-agencies-caution-against-booking-goair-flights/article31789537.ece">The Hindu</a> on the condition of anonymity as the airline is one of its key clients. But the unavailability of flights yet the availability of booking tickets worries consumers who have to wait till the end to know that their flight was cancelled. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

India's airlines are cancelling tickets across the country citing government restrictions - and that's not the worst part

<ul><li>The India government removed the COVID cap on airfares allowing a rise between 10% and 30%, depending on the duration.</li><li>The investors cheered the fare cap revision as IndiGo and SpiceJet's stocks jumped nearly 3% and 5%, respectively, on Friday (February 12).</li><li>The fuel prices that account for nearly 70% of the airlines' cost crossed the $60 per barrel mark earlier this week, adding to the airlines' operator's woes.</li></ul>In a big relief to bleeding airlines, the government on Thursday eased caps on airfares. The Indian air regulator extended the curbs on setting fares till March 31 but said the airlines could charge as much as 30% more of the earlier limit. The rise in fares will depend on the distance covered and duration of the flight. For example, any flight between 90 minutes to 2 hours could cost as much as ₹13,000 compared to a maximum of ₹10,000 earlier. Airlines, and their shareholders, like this move. The likes of IndiGo and SpiceJet saw their shares spike by at least 3% on Friday (Feb 12). Low fares and high fuel cost had choked and bled these airlines in the past 4 quarters. <div type="image" title="Airlines" msid="80873871" hostid="261"></div> After the new revision, the airfare will now rise between 10% and 30%, the passenger fares, depending on the flight duration, the civil aviation ministry said in an order. Here’s the new airfare breakup <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;">Flight time </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;">Old price cap </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;">New price cap </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;">40-60 minutes </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;">₹2,500- ₹7,500 </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;">₹2,800- ₹9,800 </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;">60-90 minutes </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;">₹3,000- ₹9,000 </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;">₹3,300- ₹11,700 </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;">90-120 minutes </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;">₹3,500- ₹10,000 </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;">₹3,900- ₹13,000 </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;">120-150 minutes </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;">₹4,500- ₹13,000 </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;">₹5,000- ₹16,900 </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;">150-180 minutes </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;">₹5,500- ₹15,700 </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;">₹6,100- ₹20,400 </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;">180-210 minutes </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;">₹6,500- ₹18,600 </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;">₹7,200- ₹24,200 </td></tr></tbody></table> While this may not fully compensate for the increased fuel costs, which have nearly doubled since the pandemic broke, it is more likely to improve airlines' financials walloped by the pandemic. The fuel prices that account for nearly 70% of the airlines' cost crossed the $60 per barrel mark earlier this week, adding to the airlines' operator's woes. The Indian airlines have been demanding that the restrictions on setting fares be lifted, for a long time. "Fares are lower than they should be at this point and again it is because we are not getting enough of our booking period," Ronojoy Dutta, CEO of IndiGo, said during an investor call, adding that it was hard for the airline to make money with rising cost and low occupancy. The curbs will be lifted soon Emphasising that capping of airfares was an "extraordinary measure", Union Minister Hardeep Singh Puri said the price bands are expected to be done away with once flight services reach pre-COVID-19 levels. <div type="image" title="domestic air traffic (1)" msid="80873890" hostid="261"></div> Puri said the floor and the ceiling price on airfares were extraordinary measures that were necessitated by an extraordinary situation. It was designed to ensure that airlines, in a situation of limited availability, did not charge an exorbitant price, he said. The order for capping of fare is valid up to March 31, 2021. The domestic scheduled operations at present have been opened up to 80 per cent of the pre-covid level. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-railways-will-open-819-crore-ipo-of-railtel-will-open-next-week/articleshow/80840447.cms" data-type="tilCustomLink">The ₹819 crore IPO from RailTel owned by Indian Railways will open next week — grey market suggests a 34% premium at ₹93-94 a share</a> <a href="https://www.businessinsider.in/defense/news/indias-disengagement-plan-looks-a-lot-like-chinas-1959-claim-on-the-lac-according-to-indian-army-veteran-h-s-panag/articleshow/80850208.cms" data-type="tilCustomLink">India's disengagement plan looks a lot like China's 1959 claim on the LAC, according to Indian Army veteran H.S. Panag</a>

SpiceJet and IndiGo stocks take off as a 2-hour flight could now cost up to ₹13,000

<ul><li>The company in an <a target="_blank" href="https://www.moneycontrol.com/news/india/indigo-starts-layoffs-also-extends-leave-without-pay-and-pay-cuts-5481691.html" class="_e75a791d-denali-editor-page-rtfLink">email sent to the staff</a> said it would add another 5.5 days of additional LWP to a total of 10 days for all employees. </li><li>These changes will be effective from July 1.</li><li>“It will be reviewed on the basis of changes in our operational capacity,” the company told Business Insider. </li></ul>India’s largest low-cost-carrier <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">IndiGo</keyword> has announced a further extension of <keyword id="7490126" type="UNKNOWN" weightage="20" keywordseo="leave-without-pay">Leave Without Pay</keyword> (LWP) for its employees. The company in an <a target="_blank" href="https://www.moneycontrol.com/news/india/indigo-starts-layoffs-also-extends-leave-without-pay-and-pay-cuts-5481691.html" class="_e75a791d-denali-editor-page-rtfLink">email sent to the staff</a> said it would add another 5.5 days of additional LWP to a total of 10 days for all employees, which will be effective from July 1. “Given the current capacity utilization, we have had to announce further leave without pay for <keyword id="47674" type="PERSON" weightage="20" keywordseo="Pilots">pilots</keyword>, which is a temporary measure. It will be reviewed on the basis of changes in our operational capacity,” the company told Business Insider. The company’s email also said that there will be a salary revision for under training transition captains and transition first officers “At a time when <keyword id="44023" type="ORGANIZATION" weightage="20" keywordseo="airlines">airlines</keyword> are operating at a limited capacity, reducing pilots <keyword id="6402851" type="UNKNOWN" weightage="20" keywordseo="salaries">salaries</keyword> is one of the ways to bring down costs. All airlines are looking at different ways to bring down all their cost components,” an airline official told <a href="https://www.livemint.com/">LiveMint</a>. According to other <a href="https://www.moneycontrol.com/news/india/indigo-starts-layoffs-also-extends-leave-without-pay-and-pay-cuts-5481691.html">media reports</a>, the company has also laid off several employees and declined to renew any contracts. Sources told Moneycontrol that some of the ground staff have also lost jobs and it was presently not renewing contracts of some of its cabin crew staff members, adding that it will take a look at the same going forward. However, the company did not confirm any of the claims in its official statement. Due to the government mandate currently, airlines are only allowed to operate domestic routes with up to 45% of their total capacity, and the international flights are suspended till Jul 15. International flights bring in a larger chunk of revenue for airlines like IndiGo. And, previously highlighting the same fact, IndiGo CEO Ronojoy Dutta <a href="https://www.livemint.com/news/india/interview-hope-to-achieve-85-capacity-by-june-2021-indigo-ceo-ronojoy-dutta-11593343367372.html">told Minit that he is expecting the </a>government to resume international operations soon in a phased manner. According to an aviation consultancy CAPA India report, the Indian <a href="https://www.businessinsider.in/business/news/indian-aviation-sector-may-incur-3-3-3-6-bn-loss-in-jun-quarter-capa-india/articleshow/74812379.cms">aviation sector is projected to incur a staggering $3.3-$3.6 </a>billion loss in the first quarter due to the restrictions and diminishing travel appetite of air passengers. SEE ALSO: <a href="https://www.businessinsider.in/india/news/all-international-flight-to-india-will-remain-suspended-till-15-july-says-ministry-of-civil-aviation/articleshow/76644584.cms" data-type="tilCustomLink">All international flights to remain suspended till July 15 but govt might allow certain flights on select routes</a> <a href="https://www.businessinsider.in/business/news/indian-aviation-sector-may-incur-3-3-3-6-bn-loss-in-jun-quarter-capa-india/articleshow/74812379.cms" data-type="tilCustomLink">Indian aviation sector may incur $3.3-3.6 bn loss in Jun quarter: CAPA India</a>

IndiGo's cost cutting continues, employees to go on additional leave without pay days

<ul><li>At 8:45 am, SGX Nifty was up by 40 points, or 0.29%.</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 markets could extend their gains on Thursday after the Nifty regained the 13,600 level on Wednesday. At 8:45 am, SGX Nifty was up by 40 points, or 0.29%, suggesting that the Indian stock exchanges could have a positive start to the day. <a href="https://www.businessinsider.in/stock-market/news/us-stocks-gain-as-pelosi-pressures-republicans-to-pass-2000-stimulus-checks/articleshow/79931994.cms">US stocks had a mixed response</a> to the Trump administration’s proposal to increase stimulus relief cheques from $600 to $2,000. The Dow Jones closed up by 0.38%, while S&amp;P 500 was barely in the green, up by 0.07%. These are the stocks to watch out for during the trading session today: <cmsannotation type="cmsannotation" annotationid="Mrs Bectors Food Specialties" comment="subhead" text="Mrs Bectors Food Specialties"><keyword id="6797647" type="UNKNOWN" weightage="20" keywordseo="mrs-bectors">Mrs Bectors</keyword> Food Specialties</cmsannotation> After breaking all records of initial public offerings (IPO) this year, Mrs Bectors Food Specialties is all set to debut on the stock exchanges today. The final issue price is fixed at ₹288 per share, and it was oversubscribed by 198 times in total. <cmsannotation type="cmsannotation" annotationid="Reliance Industries" comment="subhead" text="Reliance Industries">Reliance Industries</cmsannotation> Reliance Industries’ telecom arm Jio added 2.23 million subscribers in October, picking up the slack when compared to its performance in the month before – it added only 1.46 million subscribers during September. <cmsannotation type="cmsannotation" annotationid="Bharti Airtel" comment="subhead" text="Bharti Airtel"><keyword id="6354287" type="DOMAIN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword></cmsannotation> Airtel continued to outperform Reliance Jio, adding 3.7 million subscribers in October as compared to 3.78 million in September. <cmsannotation type="cmsannotation" annotationid="Vodafone Idea" comment="subhead" text="Vodafone Idea"><keyword id="1553175" type="PERSON" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword></cmsannotation> Vodafone Idea’s troubles continue to mount as it continued to hemorrhage subscribers in October – it lost 2.66 million subscribers in October as compared to 4.65 million in September. <cmsannotation type="cmsannotation" annotationid="IL&amp;FS" comment="subhead" text="IL&amp;FS">IL&amp;FS</cmsannotation> The beleaguered Infrastructure Leasing &amp; Financial Services has reached an agreement to sell its Chinese road asset worth ₹2,074 crore, helping it resolve ₹2,500 crore worth of debt. <cmsannotation type="cmsannotation" annotationid="InterGlobe Aviation" comment="subhead" text="InterGlobe Aviation"><keyword id="2351966" type="ORGANIZATION" weightage="20" keywordseo="InterGlobe-Aviation">InterGlobe Aviation</keyword></cmsannotation> InterGlobe Aviation’s <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">IndiGo</keyword> may start rehiring slowly in the next three months as capacity rebuilds. The company’s CEO Ronojoy Dutta said “Doom and gloom is off the table and we are recovering pretty nicely, especially domestically,” in an interview with Bloomberg Television. <cmsannotation type="cmsannotation" annotationid="Future Group" comment="subhead" text="Future Group">Future Group</cmsannotation> The beleaguered retail giant’s lenders have agreed to restructure loans under the Reserve Bank of India’s scheme at a time when its deal with Reliance Industries remains entangled in a legal dispute with Amazon. However, in a <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/df0d2835-5bf7-4592-b5d2-2141ffba6fa8.pdf">statement to the bourses</a>, Future Retail said that the Delhi High Court verdict is a green light for the deal with Ambani-owned retail giant and that it will follow the direction of the Indian court, not the Singapore court which had sought to stop the deal process from proceeding further. <cmsannotation type="cmsannotation" annotationid="Deepak Nitrite" comment="subhead" text="Deepak Nitrite"><keyword id="222918" type="DOMAIN" weightage="20" keywordseo="Deepak-Nitrite">Deepak Nitrite</keyword></cmsannotation> The Indian government extended anti-dumping duty on phenol imports from South Africa for 5 years. Deepak Nitrite has the largest phenol plant in the country. <cmsannotation type="cmsannotation" annotationid="Jubilant FoodWorks" comment="subhead" text="Jubilant FoodWorks"><keyword id="95677" type="DOMAIN" weightage="20" keywordseo="Jubilant-FoodWorks">Jubilant FoodWorks</keyword></cmsannotation> The Maharashtra government has agreed to reduce excise license charges for restaurants by up to 50%, in addition to waiving off the 15% hike in excise renewal fee for the current financial year ending March 2021. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/us-stocks-gain-as-president-trump-asks-for-2000-stimulus-checks/articleshow/79926907.cms">US stocks gain as President Trump asks for $2,000 stimulus checks</a> <a href="https://www.businessinsider.in/stock-market/news/theres-good-chance-a-santa-claus-rally-will-drive-the-stock-market-higher-into-year-end-lpl-says/articleshow/79931931.cms">There's good chance a 'Santa Claus rally' will drive the stock market higher into year-end, LPL says</a> <a href="https://www.businessinsider.in/stock-market/news/heres-the-main-reason-why-apple-wants-to-get-into-the-low-profit-car-business-according-to-goldman-sachs/articleshow/79928664.cms">Here's the main reason why Apple wants to get into the low-profit car business, according to Goldman Sachs</a>

Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others

New Delhi, Jan 27 () "You don't see the board room issues impacting the performance of the airline," civil aviation minister Hardeep Singh Puri said on Monday over differences between promoters at IndiGo, which is the country's largest airline.
His remarks came during a briefing about Air India disinvestment in response to a query on whether sentiments could be impacted as the sale is also happening at a time when there is a possibility of a promoter exiting IndiGo.
"I see no difficulties...," the Minister of State for Civil Aviation said about the possible impact of IndiGo issue on Air India stake sale.
The government on Monday issued a Preliminary Information Memorandum (PIM) for 100 per cent stake sale in Air India.
The differences between co-founders and co-promoters -- Rakesh Gangwal and Rahul Bhatia -- came to the fore in July 2019 after Gangwal sought market regulator Sebi's intervention to address alleged corporate governance lapses at the company. In the wake of the feud, arbitration proceedings are also going overseas between the two promoters' sides.
"IndiGo is an internal matter. They will get it resolved... it is the largest domestic carrier, it has 300 aircraft on order, you don't see the board room issues impacting the performance of the airline," the minister said.
Responding to the query, Civil Aviation Secretary Pradeeh Singh Kharola said the impact of IndiGo is totally an internal thing.
"If you see, this has been going on for so many months... Performance of IndiGo has not been affected. It is purely an internal matter and they are handling it," he noted.
Against the backdrop of the feud between the promoters, InterGlobe Aviation will convene a meeting of shareholders on January 29, at the request of Gangwal, for removing various provisions in a key document of the company.
The extraordinary general meeting (EGM) would discuss deleting various Articles pertaining to transfer and acquisition of the company's shares, including 'Right of First Refusal' and ' Tag Along Right', in the company's Articles of Association (AoA).
In November 2019, IndiGo CEO Ronojoy Dutta in November 2019 said there was "zero impact" on the carrier right now as they are on the same page over the airline's strategic direction, while commenting on the differences between the promoters.
On Monday, IndiGo's parent InterGlobe Aviation reported a steep jump in profit after tax at Rs 496 crore in the three months ended December 2019.
In the year ago period, the same stood at Rs 185.2 crore.
Shares of the company closed marginally lower at Rs 1,492.85 on the BSE. RAM BAL

Don't see board room issues impacting IndiGo's performance: Puri

New Delhi, Nov 14 () Pursuing aggressive expansion plans, low-cost carrier IndiGo is actively considering operating wide-body planes with business class seats for long haul routes like London and Tokyo, a senior official said on Thursday.
IndiGo CEO Ronojoy Dutta said the airline might also look at Boeing planes for long haul flights, those that are more than nine hours duration.
The airline, which started 11 new destinations in the last one year starting from October, recently placed a firm order for 300 aircraft from Airbus 320 neo family. Currently, it has a fleet of around 245 planes.
"We are studying about wide body (planes) but we have not made a decision. It is not imminent but it is on the drawing table... We are studying it actively," he told in an interview.
As the airline goes into wide-body planes, he said it could look at Boeing or Airbus.
IndiGo's latest order with Airbus comprises A320neos, A321neos and A321XLRs. Now, the carrier's total number of A320neo family aircraft order now stands at 730.
"In the last 12 months, from October to October, we grew our international operations 115 per cent... 11 new destinations. Clearly, international (operations) is very strong and we continue to grow. In the future, half the capacity will be domestic and half the capacity will be international. So, international is a big focus for us," Dutta said.
According to him, A320 and 321 planes have a range like six-and-a-half hours and is for destinations such as Istanbul and Hong Kong.
"Now, we have ordered XLR aircraft which can go up to nine hours. So, you can expect destinations like Seoul, Amsterdam, Bali, all that falls in the nine-hour range. You can expect us to go there when the XLR comes in. That is 2024.
"Then there is the question about wide-body planes going to London because XLR won't take us to London. We are looking at what we need for beyond nine hours like Tokyo and London," he said.
Noting that the airline is short of planes, Dutta said it would have announced a few more international flights in December but there is delay in deliveries from Airbus. "They are coming in February and March. So, we expect to announce more destinations then," he added.
Wide-body planes have around 350 seats and flying that many people with that much fuel burn is a risky proposition, he said, adding that there has to be a cautious approach in this regard.
"If we look at a Mumbai-London, we cannot fly all economy class and we need to have business class. So, when we do business class, we have to fill it. Unfortunately, a large part of demand for business class traffic in India comes from outside India. It comes from the US, the UK and so on. That is a challenge.
"Then, we have to fill up 350 seats and we have to do a lot of collecting traffic from Mumbai or Delhi. These are the two issues we are wrestling with. Let's not jump into it. Let's plan it methodically," the IndiGo CEO said.
Further, Dutta said if it operates wide-body planes to London, then those would have business class seats.
Regarding issues with Pratt &amp; Whitney engines, Dutta said there has been a long term decline in incidents.
Aviation regulator DGCA has asked IndiGo to have at least one LPT (lower pressure turbine) 3 modified engine on A320 neo planes that have one unmodified engines, which have flown more than 2,900 hours by November 19. Besides, the airline has been directed to have both engines with LPT 3 modifications in these aircraft by January 31, 2020.
"By November 19, we have to repair the engines. We are pretty confident of getting that and that is not an issue. The second one (January 31 deadline) is more challenging... both P&amp;W and Airbus are working furiously with us to make it happen but we need to see how it develops," he said.
When asked if the airline would seek a deadline extension, Dutta said that at this point, it was just trying to meet the deadline.
Currently, IndiGo has 98 A320 neo aircraft in its fleet.
IndiGo also planning to have more code share agreements. At present, it has such pacts with Turkish Airlines and Qatar Airways.
Code sharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.
"We will do more code shares. The idea is wherever we have a lot of flights, we want to do a code share to get traffic into that city... we could do code share in multiple cities with multiple airlines. And we working on that," Dutta noted. RAM BAL

IndiGo actively looking at wide-body planes, biz class on long haul routes

<ul><li>Higher operating costs drove <keyword id="6354706" type="COMPANY" weightage="20" keywordseo="IndiGo">Indigo</keyword> into the red for the second quarter as it declared a net loss of ₹1,064 crore. </li><li>The loss has widened from ₹651.5 crore it posted in the same quarter last year. </li><li>Ahead of its quarterly announcement, Indigo traded flat as it went up by 0.8% to ₹1,665, as per <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword> (BSE).</li></ul>Higher operating costs drove Indigo into the red for the second quarter as its debt also swelled over seven times to ₹19,841 crore in one year. In the same period last year, its debt was at ₹2,641 crore. This is due to increased operating leases and higher maintenance costs It also declared a net loss of ₹1,064 crore. The loss has widened from ₹651.5 crore it posted in the same quarter last year. And, this is in spite of the fact that its revenue increased by 31% to ₹8,105 crore. 
 
 
 
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 “In a historically weak quarter, we registered a negative profit before tax margin of 12.7% compared to 16% margin loss registered in the same quarter last year,” said CEO Ronojoy Dutta. Ahead of its quarterly announcement, Indigo traded flat as it went up by 0.8% to ₹1,665, as per Bombay Stock Exchange (BSE). The results were announced after the market was closed. The stock has been taking a beating for the last one month due to rising fuel prices and declining passenger traffic. 
 
 
 
 
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 Indigo had a fleet of 235 aircraft and operated 1,437 daily flights during the quarter to 70 destinations including 17 international cities. 
 
 
 
 
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 Interglobe Enterprises promoters — Rahul Bhatia and Rakesh Gangwal — hold 74.8% stake in the company.

Indigo debt has swollen by seven times in one year

<ul><li>Prime Minister Narendra Modi spared a thought for those and requested people not to cut salaries of domestic help, or car cleaners. </li><li>“Please understand that they too have to run their families and keep them healthy too,” Modi said. </li><li>The White House said that it will pay the ‘hard working’ Americans as a lot of the companies have shut down — including bars and restaurants. </li><li>IndiGo today said that it would cut employee salaries by up to 25% starting from April 1, the airline’s CEO told employees in an email. </li></ul>As many middle class people are working from and not worried about salaries, the country also has a lot of workers in the unorganized sector like domestic help, daily wage workers and others who will lose pay as they stay home due to pandemic. In his long speech, Prime Minister Narendra Modi spared a thought for those and requested people not to cut salaries of those like maids, or car cleaners and others employed by citizens. “Please understand that they too have to run their families and keep them healthy too,” he said. Household help are the worst paid in the country In India, it is a popular practice amongst many households to cut pay for days of work missed. In fact, few domestic workers ever receive weekly holidays or even get any other benefits. The salaries of house help and other unorganized and unskilled workers are as badly paid as agricultural workers - who are the worst earners of the country, said an Oxfam study. Besides, their incomes barely ever increase. “The plight of wage earners in unorganized and unregistered enterprises, who account for 44.5% of the income in the economy but receive only 26.4% of the total wages, is quite similar to that of agricultural wage earners,” the study had said. White House says that it will pay the ‘hard working’ Americans While Modi’s appeal might strike a chord with households, there has been no announcement on a large scale handout to help those who will miss work and hence their daily bread. A few days ago, the <a href="https://techcrunch.com/2020/03/17/trump-mnuchin-cash-checks-covid-19-senate-democrats-ubi/">White House said</a> that it will pay the ‘hard working’ Americans as a lot of the companies have shut down — including bars and restaurants. “Americans need cash now and the president wants to get cash now. And I mean now in the next two weeks,” Treasury Secretary Steven Mnuchin said, adding that the amount of direct payment may be higher than $1,000. The payments are income capped to keep a check that high earners don’t receive additional payouts. Indian airlines cut pay and give mandatory paid leave <a href="https://www.businessinsider.in/india/news/indigo-cuts-employee-salary-by-25-after-goair-asks-them-to-go-on-unpaid-leave/articleshow/74712843.cms">IndiGo today announced </a>that it would cut employee salaries by up to 25% starting from April 1, the airline’s CEO told employees in an email. This pay cut also applies to CEO Ronojoy Dutta due to ‘precipitous drop in revenues’. The decision came after GoAir is packing off employees on unpaid leaves. On Tuesday (March 17), announced that it is suspending international operations and offering leave without pay programme for its staff on a rotational basis, amid "unprecedented" decline in air travel due to the coronavirus pandemic. The airline plans to keep as much as 35% of its workforce on leave without pay for a month, PTI reported citing sources. This would include staff at overseas airports. It also said the airline was planning a 20% pay cut for employees in a staggered manner. The cash-strapped national carrier Air India also announced cost-cutting measures, including allowances or suspending certain services that it pays to its executive pilots, cabin crew and ground staff. See also: <a href="https://www.businessinsider.in/india/news/top-highlights-from-prime-minister-narendra-modi-speech-on-coronavirus-news/articleshow/74715505.cms">Prime Minister Narendra Modi tells 1.3 billion Indians to impose a symbolic 'janata curfew' on March 22</a> <a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus+&amp;sortorder=score">Latest updates on coronavirus | Business Insider India </a>

Modi appeals people to not cut the pay of domestic help and others who can’t come to work

New Delhi, Feb 26 () IndiGo on Wednesday said it has responded to all queries from markets regulator Sebi regarding related party transactions and asserted that they were entered into in the best interests of the company. InterGlobe Aviation, parent of the country's largest airline IndiGo, also said it has strong processes for ensuring arm's length dealings with related parties. On Tuesday, sources told that a preliminary probe by Sebi has suggested prima-facie violations of corporate governance and listing disclosure norms in certain related party transactions involving InterGlobe Aviation. In a statement, IndiGo Whole Time Director and CEO Ronojoy Dutta said it has not received any communication from Sebi regarding any outcome of any preliminary enquiry by the regulator. "Further, IndiGo strongly denies any allegations of wrongdoing or avoidance of processes. It reiterates that it has strong processes for ensuring arm's length dealings with related parties and that such transactions were entered into in the ordinary course of business and were in the best interests of IndiGo," he said. According to him, IndiGo has responded to all queries from Sebi regarding these matters and remains confident that its position would be accepted. "If and when Sebi conveys to IndiGo any outcome of an enquiry, IndiGo being confident of its compliance record, will deal with it appropriately," he added. IndiGo has been facing a probe by the Securities and Exchange Board of India (Sebi) ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters. The watchdog has been conducting a thorough probe into the IndiGo matter. All agreements between the two warring founders as well as those between the company and its various investors and associates, including related parties, are being looked into by the regulator. The probe has suggested that some of the related party transactions could have been significant and required detailed disclosures and greater vetting by board committees comprising of independent directors, the sources had said. The differences between co-founders and co-promoters -- Rakesh Gangwal and Rahul Bhatia -- came to the fore in July 2019 after Gangwal sought market regulator Sebi's intervention to address alleged corporate governance lapses at the company. Bhatia has denied any wrongdoing. In the wake of the feud, arbitration proceedings are also going overseas between the two promoters' sides. Rakesh Gangwal (RG) Group and related entities together hold 36.64 per cent stake while Bhatia and affiliates -- InterGlobe Enterprises (IGE) Group -- have around 38 per cent shareholding in the company. Last month, InterGlobe Aviation's shareholders rejected a proposal of Rakesh Gangwal to amend the company's Articles of Association (AoA). Generally, an AoA provides the regulations for operating a company. After falling nearly 2 per cent during the day, shares of IndiGo managed to recoup the loss and closed with a gain of over 1 per cent on Wednesday. On the BSE, the scrip declined 1.74 per cent to Rs 1,352.65 in early trade and later settle 1.49 per cent higher at Rs 1,397.25. RAM MRMR

IndiGo says have responded to all Sebi queries on related party transactions

<ul><li><keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword>’s shares fell by nearly 4% within the first hour of trading today on reports that the founders of India’s largest airline were clashing over its future. </li><li>A report by ET found that the airline’s two founders - Rahul Bhatia and Rakesh Gangwal - were having serious disagreements over their visions for Indigo, and that there was a possibility that the <keyword id="45001" type="PERSON" weightage="20" keywordseo="dispute">dispute</keyword> would end up affecting the airline’s operations. </li><li>For its part, Indigo has dismissed the reports as “speculation”. </li></ul> Indigo’s shares <a href="https://www.google.com/search?q=indigo+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=indigo+share+pri&amp;aqs=chrome.0.0j69i57j0l4.5257j1j4&amp;sourceid=chrome&amp;ie=UTF-8">fell by nearly 4% </a>within the first hour of trading today on reports that the founders of India’s largest airline were clashing over its future. A report by <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/trouble-erupts-in-indigo-cockpit-over-flight-path/articleshow/69350649.cms">ET</a> found that the airline’s two founders - Rahul Bhatia and Rakesh Gangwal - were having serious disagreements over their visions for Indigo, and that there was a possibility that the dispute would end up affecting the airline’s operations. While there are said to be a number of issues that Bhatia and Gangwal disagree over, the primary sticking point related to specific clauses in the shareholders’ agreement. The dispute, which has escalated since the beginning of the month, is said to be in its early stages, although both founders have reportedly <a href="https://timesofindia.indiatimes.com/business/india-business/indigo-co-founders-in-dispute-hire-law-firms/articleshow/69350903.cms?from=mdr">hired law firms</a>. For its part, Indigo has dismissed the reports as <a href="https://www.business-standard.com/article/news-ians/report-of-rift-between-indigo-s-pormoters-surfaces-airline-calls-it-speculation-119051501552_1.html">“speculation”</a>. In an email to employees, Ronojoy Dutta, the CEO of Indigo's parent Interglobe <keyword id="31907" type="COMPANY" weightage="20" keywordseo="Aviation">Aviation</keyword>, reportedly said that Indigo's growth plans would be unchanged and that Indigo's management had the support of the governing board. That being said, Gangwal and Bhatia have had their differences over the years. Gangwal, a veteran of the US aviation market, has been the driving force behind Indigo’s expansion and international ambitions, which have translated into significant cash burn and unprecedented levels of plane orders. This has led to differences with the airline’s senior management, including President Aditya Ghosh, who<a href="https://www.business-standard.com/article/companies/why-indigo-s-aditya-ghosh-had-to-quit-firm-he-nurtured-for-almost-a-decade-118042900213_1.html"> left last year </a>after a turbulent set of final months. Bhatia, meanwhile, has spearheaded Indigo’s domestic operations, employing a more cautious growth plan. The next few months will be crucial for the airline. The suspension of <keyword id="6355247" type="UNKNOWN" weightage="20" keywordseo="jet">Jet</keyword>’s operations and Air India’s financial problems have left a sizeable chunk of the Indian aviation market up for grabs. SEE ALSO: <a href="https://www.businessinsider.in/as-jets-woes-mount-rival-airlines-cash-in-on-the-gap-in-indias-aviation-market/articleshow/68903591.cms">As Jet’s woes mount, rival airlines cash in on the gaps in India’s aviation market</a>

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