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New Delhi [India], July 11 (ANI): The State Bank of India (SBICAPS) report, titled "<keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian Economy</keyword>: Maintaining Momentum on a Deteriorating <keyword id="22369631" type="General" weightage="20" keywordseo="global-pitch" source="keywords">Global Pitch</keyword>," highlights an <keyword id="20055731" type="General" weightage="20" keywordseo="optimistic-outlook" source="keywords">optimistic outlook</keyword> across several sectors of the Indian economy. The report highlights a positive outlook for most of the sectors. In the power sector, the report says persistent heat waves have led to high power demand. "Persisting heatwaves have led to record high power demand in the Northern region. Considering this, the Union has urged power companies to import equipment worth USD 33 bn to add 31 GW worth of capacity in the next 5-6 years, and there are talks that the National Electricity Plan could be revised to account for greater power demand." It says that revenue collections from FASTag have shown a continued momentum and collections are up 11.2 per cent on a June 24(YoY) basis. The growth was driven by increased traffic and a 5 per cent upward revision of toll charges. The report however says road construction pace has slowed down in the first two months of FY25. "Awarding pace is yet to pick up in FY25, while construction pace lags levels seen last fiscal. The NHAI has set its construction target for FY25 at 5,000 km (actual achievement of 762 km in 2MFY25), 22 per cent lower than FY24". Awarding contracts may have been slowed down in April-May 2024, because of elections and the imposition of the code of conduct. However, the report is optimistic about growth in manufacturing and other Industrial activities as credit to Industry is showing healthy growth. "Industry credit surged 8.9 per cent y/y in May'24 with the broad-based offtake. Higher capacity utilisation leading to capex, pick-up in MSME credit, and increased infrastructure activity are expected to boost industry segment, potentially achieving high single-digit growth in FY25." The report also acknowledges robust loan growth in the services sector, although the Reserve Bank of India's (RBI) crackdown has slowed loans to Non-Banking Financial Companies (NBFCs). But despite this, credit to areas such as trade, aviation, and commercial real estate has picked up. Personal loans, however, are not growing as quickly due to past high growth rates and increased caution around unsecured loans. Nevertheless, other types of personal loans continue to grow strongly. Overall, the report predicts credit growth to outpace overall economic growth in FY 2025 "Credit growth is expected to exceed nominal GDP growth in FY25, growing at 13-15 per cent amplified by secular long-term drivers such as buoyant economic growth, accompanied by formalisation, digitalisation, and premiumisation." The report highlights that structural changes in savings patterns are impacting the quality and quantity of deposits to sustain credit growth. Bank deposit growth has slowed down from the decadal highs of FY24. Household savings are moving towards other avenues like mutual funds and life insurance schemes. Margins of banks are getting squeezed because of a decrease in deposit growth and the recent hike in deposit rates. However, the SBICAPS report is optimistic that banks will manage and maintain their net interest margins (NIMs) nearly as strong as in FY 2024 as they were in FY 2023. In FY 2025, NIMs are expected to remain steady, with overall profits likely to be strong despite a slight moderation in return ratios. (ANI)

SBI Caps report highlights optimistic outlook for the Indian economy, despite deteriorating global pitch

<ul><li>Low-cost airline <keyword id="11252024" type="General" weightage="20" keywordseo="Go-first" source="Orion">Go First</keyword>’s insolvency proceedings have plunged shares of Central Bank of India, Bank of Baroda and IDBI Bank, with their combined market capitalisation declining by over ₹7,500 crore. </li><li>According to ratings agency Acuite, these three banks have a cumulative exposure of ₹3,051 crore to Go First. </li><li>On the other hand, stocks of rivals <keyword id="2351966" type="General" weightage="20" keywordseo="Interglobe-aviation" source="Orion">InterGlobe Aviation</keyword> (<keyword id="6354706" type="General" weightage="20" keywordseo="Indigo" source="Orion">IndiGo</keyword>), <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> and Jet Airways soared in morning trade on Wednesday. </li></ul>Low-cost airline Go First’s insolvency proceedings have plunged shares of Central Bank of India, Bank of Baroda and IDBI Bank, all of which have a cumulative exposure of ₹3,051 crore to the troubled airline. The three stocks fell by as much as 7% in morning trade on Wednesday, with their combined market capitalisation declining by over ₹7,500 crore. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CMP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mcap change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹180.55 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹3,904 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹53.15 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹1,828 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹28.15 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹1,780 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹7,512 crore </td></tr></tbody></table> Source: NSE, as on May 3, 2023 / Market capitalisation change compared to May 2, 2023 According to ratings agency Acuite, these three banks have a cumulative exposure of ₹3,051 crore to Go First. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,562 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,430 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deutsche Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,320 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank Ltd. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹59 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,600 crore </td></tr></tbody></table> Source: Acuite Ratings &amp; Research The Wadia-group owned Go First had cancelled flights scheduled on May 3 and May 4 after the company filed an application for voluntary insolvency. It blamed faulty engines from US aircraft manufacturer Pratt &amp; Whitney that led to grounding of half of its fleet. The manufacturer hit back, stating that Go First has a “lengthy history of missing its financial obligations”. According to Go First’s filing with the National Company Law Tribunal (NCLT), the airline has financial liabilities amounting to ₹6,521 crore as of April 28, 2023. <cmsannotation type="cmsannotation" annotationid="IndiGo, SpiceJet and Jet Airways stocks soar on Go First’s troubles" comment="subhead" text="IndiGo, SpiceJet and Jet Airways stocks soar on Go First’s troubles">IndiGo, SpiceJet and Jet Airways stocks soar on Go First’s troubles</cmsannotation> Go First’s peers InterGlobe Aviation (IndiGo), SpiceJet and Jet Airways’ stocks rallied in morning trade on Wednesday. IndiGo’s shares touched a new 52-week high, with all the three stocks rising by 5%. SpiceJet has already begun efforts to cash in on Go First’s troubles – the airline has kicked off efforts to bring 25 aircraft back into service, tapping into the government’s Emergency Credit Line Guarantee Scheme (ECLGS). “We are meticulously working towards return to service of our grounded fleet back in the air soon. Majority of the ECLGS funding received by the airline would be utilized for the same, which will help us capitalise and make the most of the upcoming peak travel season,” said Ajay Singh, Chairman and MD, SpiceJet. Existing players in the Indian aviation sector are expected to benefit in case Go First is grounded, according to Jefferies’ analyst Prateek Kumar. “If the exit of GoFirst does happen, this would be at the margin positive for sector consolidation as this would mean one less player in the market,” Kumar said. While SpiceJet itself is facing severe financial troubles with a negative net worth of ₹4,340 crore, its board had approved a restructuring of over $100 million in dues last month. It remains to be seen if Ajay Singh’s latest attempt to turnaround the carrier will pay off amidst Go First’s troubles. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-total-gas-reports-8-rise-in-fy23-net-profit-to-546-croreannounces-plans-to-expand-ev-charging-points-to-3000/articleshow/99936234.cms">Adani Total Gas reports 8% rise in FY23 net profit to ₹546 crore, announces plans to expand EV charging points to 3,000</a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-maruti-suzuki-flags-decline-in-bookings-in-april-electric-two-wheelers-lose-momentum-due-to-fame-ii-irregularities/articleshow/99927888.cms">April Auto Sales: Maruti Suzuki flags decline in bookings in April, electric two-wheelers lose momentum due to FAME-II irregularities</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-pump-11631-crore-in-indian-equities-in-april-rupee-appreciation-gives-a-boost/articleshow/99901465.cms">FPIs pump ₹11,631 crore in Indian equities in April, rupee appreciation gives a boost</a>

Go First Impact: Market capitalisation of 3 PSU Banks down by ₹7,500 crore as investors fret over their exposure to ailing airline

<ul><li>The <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 0.07% or 44 points higher at 61,319 on Thursday while the <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> crossed the 18,000-level to end 0.11% higher at 18,036.</li><li>The US markets also ended higher on Wednesday with tech heavy Nasdaq Composite 0.92% higher, S&amp;P 500 up 0.28% and Dow Jones Industrial Average up 0.11%.</li><li>Global markets were mostly higher after US retail sales data for January came in stronger than expected.</li></ul>India’s benchmark indices Sensex and Nifty50 ended Thursday slightly higher taking cues from positive global markets. IT, metals and realty stocks led the gains. The Sensex closed 0.07% or 44 points higher at 61,319 on Thursday while the Nifty50 crossed the 18,000-level to end 0.11% higher at 18,036. “The domestic market absorbed the buoyancy in the global market, led by IT stocks, while upstream oil companies gained as a result of the slash in windfall tax. After robust jobs data, strong retail sales numbers in the US showed proof of resilience in the US economy amidst concerns over elevated inflation numbers. However, the gains were capped by worries that a stronger economy would attract a tighter monetary policy,” said Vinod Nair, head of research at Geojit Financial Services. ONGC was the top gainer on the Nifty50, rising nearly 6%, after the government cut the windfall profit tax on domestically produced crude oil from ₹5,050 per tonne to ₹4,350 per tonne. Nestle India was among the top gainers on the 50-stock index after the Maggi and KitKat maker <a href="https://www.businessinsider.in/business/corporates/news/maggi-kitkat-maker-nestle-india-reports-highest-domestic-growth-in-a-decade-in-fy22/articleshow/97974283.cms">reported the highest domestic growth </a>in a decade. For the fourth quarter ended December, it said net profit surged 66% year-on-year to ₹628 crore, beating analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/nestle-india-q4-preview-profit-can-rise-nearly-50-yoy-margins-to-contract/articleshow/97945641.cms">expectations</a>. Top movers on the Nifty50 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.69% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.24% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.08% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.39% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.91% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.72% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.89% </td></tr></tbody><tbody></tbody></table>Most <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> group stocks also ended higher on Thursday. Index provider <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-surge-after-msci-delays-its-decision-to-may/articleshow/97969092.cms">MSCI delayed its decision </a>to make changes to the weightage of <keyword id="2687606" type="General" weightage="20" keywordseo="adani-transmission" source="Orion">Adani Transmission</keyword> and Adani Total Gas, to May. Moreover, renewed interest of foreign institutional investors (FIIs) in Indian equity markets is another reason for cheer. Most Asian markets ended higher with Hang Seng gaining 0.8%, Taiwan TSEC 50 Index rising 0.76% and Nikkei 225 up by 0.71% while the Shanghai SE Composite Index was down 0.96%. This comes after US retail sales data for January came in stronger than expected despite elevated inflation but also raising the probability of further rate hikes. The US markets also ended higher on Wednesday with tech-heavy Nasdaq Composite up 0.92%, S&amp;P 500 up 0.28% and Dow Jones Industrial Average up 0.11%. Brent crude oil prices were trading flat at $85.34 per barrel. Meanwhile, the rupee appreciated 13 paise to 82.70 against the US dollar on Thursday led by positive gains in domestic equity markets. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Sectoral indices </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">% change </th></tr></thead><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Metal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Energy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty FMCG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.09% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pvt Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty PSU Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Fin Service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.26% </td></tr></tbody><tbody></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupee-headed-for-83-and-beyond-as-rate-hike-fears-persist/articleshow/97950536.cms">Rupee headed for 83 and beyond, as rate hike fears persist</a> <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-four-out-of-nine-adani-group-stocks-hit-lower-circuits-as-sell-off-continues/articleshow/97945852.cms">Hindenburg Effect: Four out of nine Adani group stocks hit lower circuits as sell-off continues</a> <a href="https://www.businessinsider.in/stock-market/news/mutual-fund-assets-under-management-decline-for-second-straight-month-in-january-amid-market-turmoil/articleshow/97943294.cms">Mutual fund assets under management decline for second straight month in January amid market turmoil</a>

Nifty50 ends above 18k tracking positive global cues - IT, metals, realty top gainers

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<ul><li>The Indian stock markets could open on a negative note on September 20, snapping the upward trend from the previous week. </li><li>Trends on SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> showed a decrease of 113 points, suggesting that Nifty could open in the red amid negative cues in other Asian markets. </li><li>Wipro and <keyword id="2351966" type="General" weightage="20" keywordseo="interglobe-aviation" source="Orion">InterGlobe Aviation</keyword> could be among the top stocks to watch out for on September 20. </li></ul><cmsannotation type="cmsannotation" annotationid="Wipro" comment="subhead" text="Wipro">Wipro</cmsannotation> Announced setting up a new co-innovation space with Google Cloud. It will be based in Bengaluru and provide support to business customers looking to onboard to the cloud. <cmsannotation type="cmsannotation" annotationid="InterGlobe Aviation" comment="subhead" text="InterGlobe Aviation">InterGlobe Aviation</cmsannotation> The government has decided to increase domestic flight capacity to 85 percent from 72.5 percent with immediate effect. <cmsannotation type="cmsannotation" annotationid="Cadila Healthcare" comment="subhead" text="Cadila Healthcare">Cadila Healthcare</cmsannotation> Received US Food and Drug Administration (FDA) approval for Vortioxetine tablets used to treat depression. <cmsannotation type="cmsannotation" annotationid="Nazara Technologies" comment="subhead" text="Nazara Technologies">Nazara Technologies</cmsannotation> Its subsidiary, Nodwin Gaming, has acquired the gaming business and related IP of OML Entertainment for ₹73 crore. <cmsannotation type="cmsannotation" annotationid="Bajaj Holdings" comment="subhead" text="Bajaj Holdings">Bajaj Holdings</cmsannotation> Approved a dividend of ₹90 per share, with the record date being September 29, 2021. <cmsannotation type="cmsannotation" annotationid="Indian Oil" comment="subhead" text="Indian Oil">Indian Oil</cmsannotation> Efforts underway to restart the crude processing unit at its Barauni refinery after an incident on September 16 injured 19 people. <cmsannotation type="cmsannotation" annotationid="Adani Ports &amp; SEZ" comment="subhead" text="Adani Ports &amp; SEZ">Adani Ports &amp; SEZ</cmsannotation> Has approved the issuance of ₹1,000 crore worth debentures. <cmsannotation type="cmsannotation" annotationid="Rail Vikas Nigam" comment="subhead" text="Rail Vikas Nigam">Rail Vikas Nigam</cmsannotation> Bagged a ₹1,035 crore contract for the Indore Metro Rail Project. <cmsannotation type="cmsannotation" annotationid="Zee Entertainment" comment="subhead" text="Zee Entertainment">Zee Entertainment</cmsannotation> US equity giant BlackRock has increased its shareholding in the company to 5.01 percent by picking up over 3 lakh equity shares via the open market. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/chip-makers-like-nvidia-are-set-to-soar-as-semiconductor-sales-to-reach-544-billion-in-2021-bank-of-america-says/articleshow/86320628.cms">Chip makers like Nvidia are set to soar as semiconductor sales to reach $544 billion in 2021, Bank of America says</a> <a href="https://www.businessinsider.in/stock-market/news/from-tesla-to-netflix-these-are-the-companies-that-look-set-to-join-the-apos1-trillion-clubapos-in-the-next-5-years/slidelist/86319281.cms">From Tesla to Netflix: These are the companies that look set to join the '$1 trillion club' in the next 5 years</a>

Wipro, InterGlobe Aviation and other top stocks to watch out for on September 20

<ul><li>The <keyword id="69007" type="General" weightage="20" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword> has picked ten breakthrough technologies that show promise for the future. </li><li>Flexible batteries, <keyword id="15777223" type="General" weightage="20" keywordseo="generative-ai" source="Orion">generative AI</keyword>, <keyword id="7931350" type="General" weightage="20" keywordseo="sustainable-aviation-fuel" source="Orion">sustainable aviation fuel</keyword>, wearable sensors for plants and <keyword id="432748" type="General" weightage="20" keywordseo="green-computing" source="Orion">green computing</keyword> are some of them. </li><li>Many other biological breakthroughs like designer phages, metaverse for mental health, brain-machine interfaces and more have made it to the list. </li></ul>The world is changing fast with new dangers and permacrisis afoot. However, the good news is that a number of breakthrough new technologies are working to make it a better place. The World Economic Forum has picked ten such for 2023 — right from deep biology that can look into the cells to flexible batteries that can be twisted, bent and stretched. To make it to this coveted list, the technologies must offer promising major benefits to societies and economies, be disruptive, attractive to investors and researchers; and expected to have achieved considerable scale within five years. “New technologies have the power to disrupt industries, grow economies, improve lives and safeguard the planet – if designed, scaled and deployed responsibly,” said Jeremy Jurgens, Managing Director, World Economic Forum and Head of the Centre for the Fourth Industrial Revolution. In the past, the WEF has picked many such winners — like the genetic-engineering tool CRISPR-Cas9 which was featured in 2015, went on to win the Nobel Prize five years later. “It is now being used to create insect and drought-resistant crops in harsh growing conditions around the world,” said Jurgens. Messenger ribonucleic acid (mRNA) vaccines, earned their place in the 2017 report, became the technology underpinning the majority of Covid-19 vaccines protecting lives worldwide. AI-led molecular design made it onto the 2018 list. Since then, Deepmind’s AlphaFold predicted the structure of 200 million proteins, and the first AI-discovered drugs have entered clinical trials. Let’s look what technologies made it to this year’s list: Flexible batteries: Bend, twist &amp; stretch The world is going flex – with rollable computer screens to smart clothing. And the systems that power them should be so too. Flexible batteries, made of lightweight materials that can be easily twisted, bent or stretched, will soon hit the market and make standard rigid batteries a thing of the past. “The rapidly escalating development of wearable devices, flexible electronics and bendable displays demand power sources that match the agility of these systems,” the report says. One study forecasts that the global flexible battery market will grow by $240.47 million from 2022-2027, accelerating at a compound annual growth rate (CAGR) of 22.79%, says WEF. Several companies like LG Chem, Samsung SDI, Apple, Nokia are are actively developing and commercialising flexible battery technology. Generative AI: Sparring partner to conventional thinking Imagine an algorithm that can draw the image that a human holds in his mind? That’s one example of the boundless potential of generative AI which can design drugs, aid in architecture and engineering — in addition to what ChatGPT does. NASA engineers are working to use this technology to build lightweight spaceflight instruments. But this technology needs to build something more, trust. “To build public trust in generative AI, applications should meet agreed-upon professional and ethical standards. Care should be taken to mitigate AI bias based on training data, with a focus on including “outlier” data and novel societal conventions,” WEF says. It should also address copyright attribution and more. With correct controls, generative AI can demonstrate the boundaries of knowledge, and act as a sparring partner to challenge conventional thinking. Sustainable aviation fuel: Moving up, with challenges ahead The road-bound cousins of aeroplanes – cars, bikes and more are going green at a rapid pace. However, the cost of making the aviation sector, which contributes to 2-3% of CO2 emissions annually, is enormous. Enter sustainable aviation fuel (SAF) that’s produced from biomass, and non-biological resources. Now it makes up for 1% of the global jet fuel demand, but must rise to 13-15% by 2040, WEF says. “Such an increase will require the creation of 300-400 new SAF plants; and airlines, manufacturers and fuel companies are working around the clock to enable this level of scale,” the report says, adding that availability and collection of raw materials, along with the need for sustainably produced green hydrogen, remain major challenges. Designer Phages: Virus that carry ‘genetic scissors’ Viruses, as scary as they are, can be engineered to benefit humans. Key to this engineering are phages – viruses that selectively infect specific types of bacteria. Upon infection, a phage injects its genetic information into the bacterium. With ‘genetic scissors’, these phages can execute a set of instructions – they can change a bacterium’s functions. It can be made into a therapeutic molecule or to become sensitive to a certain drug and more. “Phages are also being designed as feed supplements to enhance the growth of livestock, treat certain plant diseases and eliminate dangerous bacteria in food supply chains,” WEF says. Locus Biosciences and Eligo Biosciences are using this approach to combat antibiotic-resistant bacteria. Metaverse for mental health: Augmenting connections The Covid-19 pandemic has pushed the mental health crisis to such an extent that the world is falling short of health providers. The conditions are ripe for metaverse-enabled mental health treatment, WEF says. “Maturing interface technologies could further augment social and emotional connections between distant participants,” the report says. Many players are already working on it with gamification and other ways which can also reduce the stigma attached with mental health. Noninvasive neurotechnologies can provide feedback attuned to a user’s emotional state. For example, Neurable headsets use electrodes to measure emotion and can adjust music accordingly. Eventually, the metaverse will also connect to therapeutic neurotechnologies, such as direct brain stimulation to treat intractable depression,” WEF adds. Wearable plant sensors: The new frontier Traditionally, crops have been monitored via soil testing and visual inspections, both of which are expensive and time-consuming. Recent tech advancements have been monitoring crop health via low-resolution satellite data, which has gone on to sensor equipped drones and tractors which provide information. The next frontier is monitoring individual plants – with wearables. “These sensors are small, non-invasive devices that can be attached to crop plants for continuous monitoring of temperature, humidity, moisture and nutrient levels,” the report says. Growvera and Phytech have developed micro-sized needle sensors that insert into a plant’s leaves or stems to measure changes in electrical resistance, but challenges remain in terms of expense and the reading of the data might need specialised expertise. It needs data analytics tools that can help farmers ‘read it’ and make informed decisions. Spatial omics: Unravelling evolutionary secrets Humans are made of millions of cells —- but what happens inside them? Spatial omics might actually help us ‘see’ the biological processes, how they work in detail that was unprecedented before. A spatial omics study of samples from people who died from Covid-19 revealed that SARS-CoV-2 causes widespread disruption of cellular pathways across all tissues. Scientists have also identified a set of neurons that help paralysed mice walk, sooner. But this technology needs to be democratised, WEF believes. It had a total market value of $232.6 million in 2021 and an estimated revenue of $587.2 million in 2030. While academic and translational research centres made up 89% of the market in 2020, the market is dramatically expanding to include pharmaceutical and biotech industries. Flexible neural electronics: Biocompatible now Brain-machine interfaces (BMIs) allow electrical signals the brain produces to be captured by sensor hardware – and are already being used for patients with epilepsy, and create prosthetic limbs connected to the nervous system. But the current implants are made of hard material like chips, which can scar humans and cause substantial discomfort. They cannot bend or adapt to brain movements so, over time, they “drift” in position, decreasing the accuracy. But now researchers developed these circuits on biocompatible materials that are soft and flexible. It can deepen understanding of conditions like dementia and autism; and can also be used to develop cardiac pacemakers and more. But eventually, it holds the potential to true human-AI interfacing – but since the data from the brain is sensitive, privacy and ethical use guidelines must be established. Sustainable computing: Optimism ahead Every time we search on Google, send email or use any form of AI, we are connecting to data centres — which consume an estimated 1% of the electricity produced globally. And, this will only grow. There is no single “green data” magic bullet, but the coming decade will see strides toward net-zero-energy data centres. The first is to use cooling systems to dissipate the heat. Stockholm is using heat from data centres to heat homes. Then, AI itself can come with a solution for the heat it is generating, but analysing and optimising energy use in real-time. DeepMind has successfully demonstrated the potential of AI-powered energy management, achieving up to a 40% reduction in energy consumption at Google’s data centres. Crusoe Energy instals its modular data centres at sites where methane flaring occurs to enable cloud computing infrastructure to be powered by methane gas that would otherwise have been released directly into the atmosphere. “Given the wave of innovation and investment in this area, there is reason to be optimistic about the years ahead,” WEF says. AI-facilitated healthcare: Easing access Ever since the pandemic governments and academic teams alike have been using AI and ML models to improve access to patient care – to cut down the long delays many patients experience. This can aid developing nations in particular. India, for example, has a widely dispersed population of over 1.4 billion and has embraced an AI-based approach to enhance medical outreach. “The Indian government has enabled physicians to engage remote communities through assistive technologies, with requisite privacy safeguards in place,” the report says. However, hurdles to this system remain like patient compliance and national security concerns. “Moreover, any system that curates personal data on the health and welfare of a vast population must function within the bounds of a carefully crafted legal and ethical framework,” WEF says.

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<ul class="summary-list"><li><keyword id="14384444" type="UNKNOWN" weightage="60" keywordseo="srilankan-airlines" source="Orion">SriLankan Airlines</keyword> may cancel a host of <keyword id="6367662" type="UNKNOWN" weightage="60" keywordseo="flights" source="Orion">flights</keyword> this month, the Sri Lankan Daily Mirror reported.</li><li>The country ran out of jet fuel last week, per the outlet.</li></ul>SriLankan <keyword id="11898285" type="UNKNOWN" weightage="100" keywordseo="airlines" source="Orion">Airlines</keyword> is preparing to cancel a host of flights after fuel supplies ran out due to the country's economic crisis, the <a href="https://www.dailymirror.lk/business-news/SriLankan-braces-for-potential-flight-cancellations-amid-jet-fuel-shortage/273-240269">Sri Lankan Daily Mirror reported.</a>The airline announced that flights would likely be disrupted until July 18 after it ran out of jet fuel last week, the outlet reported, citing an internal company memo.Energy minister Kanchana Wijesekera said on Sunday that Sri Lanka had <a href="https://markets.businessinsider.com/news/commodities/bankrupt-sri-lanka-seeks-cheap-russia-oil-economic-crisis-2022-7">less than a day's worth of fuel left</a>, while prime minister Ranil Wickremesinghe declared the country "bankrupt" on Tuesday. Sri Lankans have been queueing for gas for days and the government has encouraged working from home to save fuel, <a href="https://www.businessinsider.com/sri-lanka-says-bankrupt-financial-crisis-ravages-country-debts-default-2022-7?r=US&amp;IR=T">Insider has previously reported. </a>The airline is now making alternative arrangements to keep some routes open, including stopping for fuel at airports in southern India airports, the Daily Mirror reported.The airline also plans to bring in jet fuel on a dedicated plane from India, the newspaper added.Sri Lanka's foreign currency reserves have been exhausted after it defaulted on its debts for the first time in May. That meant the state-owned oil and gas company was unable to import more fuel and prompted the Civil <keyword id="12018329" type="UNKNOWN" weightage="60" keywordseo="aviation" source="Orion">Aviation</keyword> Authority to tell airlines to carry enough fuel for their return journeys, per the Daily Mirror.SriLankan Airlines – a member of the OneWorld alliance – did not immediately respond to Insider's request for comment.Warnings of cancellations come amid ongoing flight disruption as airlines struggle to recruit enough staff to meet surging demand for travel.Thousands of <a href="https://www.businessinsider.com/more-than-1000-flights-canceled-across-fourth-of-july-weekend-2022-7">flights were canceled</a> over the Fourth of July weekend in the US.<a href="https://www.businessinsider.com/pilot-strike-forces-scandinavian-airlines-to-cancel-half-its-flights-2022-7?r=US&amp;IR=T">Scandinavian Airlines</a> was forced to cancel hundreds of flights on Monday after pilots went on strike and it has now filed for bankruptcy protection.Meanwhile, British Airways cancelled <a href="https://www.theguardian.com/business/2022/jul/05/ba-cancels-flights-summer-heathrow-gatwick-holiday-malaga-palma-faro">1,000 more flights</a> for the summer period on Tuesday.Heathrow, the UK's largest airport, <a href="https://www.businessinsider.com/heathrow-airport-cancels-flights-airlines-too-many-passengers-2022-6?r=US&amp;IR=T">asked airlines to cut flights on Thursday</a> amid fears it did not have the capacity to handle surging passenger numbers. <a href="https://www.businessinsider.com/british-airways-wait-days-bags-heathrow-luggage-mountain-2022-7?r=US&amp;IR=T">Piles of suitcases </a>mounted at the airport in the wake of cancellations.

SriLankan Airlines set to cancel flights as 'bankrupt' country runs out of fuel, report says

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