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SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

<keyword id="46894" type="General" weightage="20" keywordseo="Tata-Sons" source="Orion">Tata Sons</keyword> has submitted a financial bid for <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword>, among other bidders. "Tatas have submitted a financial bid for Air India," a Tata Sons spokesperson said. Taking to Twitter, DIPAM Secretary, Tuhin Kanta Pandey said that the disinvestment process now moves to the concluding stage. "Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," he posted. Though Tatas have confirmed their particiupation in the financial bid, sources said that the promoter of domestic carrier SpiceJet, <keyword id="6357826" type="General" weightage="20" keywordseo="Ajay-Singh" source="Orion">Ajay Singh</keyword> may also have placed the bids for the debt-ridden carrier. The Tatas bid was much-anticipated as its name of had been doing the rounds for some time now. The government has off late taken several steps to fast-track the much-delayed privatisation of the national carrier. Recently, the government decided to waive taxes on the transfer of assets from the national carrier to Air India Assets Holding Ltd, a special purpose vehicle (SPV). "The <keyword id="6357307" type="General" weightage="20" keywordseo="central-government" source="Orion">Central Government</keyword> hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the <keyword id="334559" type="General" weightage="20" keywordseo="air-india-ltd" source="Orion">Air India Ltd</keyword> for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Government," said a notification. Further, the CBDT also allowed new owners of erstwhile public sector companies to carry forward losses and set these off against future profits, in a bid to raise more interest for the proposed privatisation processes. During the Budget speech for FY22, Finance Minister Nirmala Sitharaman had said that all the proposed privatisation process would be completed by the end of the fiscal, including the much-delayed strategic disinvestment of Air India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-isnt-just-consuming-energy-its-also-generating-272-grams-of-e-waste-with-every-transaction/articleshow/86228818.cms">Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-rewarded-investors-with-12288-profit-on-the-second-day-of-listing/articleshow/86228819.cms">Investors who had put money in this IPO made over ₹12,000 profit in 2 days</a>

Tata Sons submits financial bid for Air India, SpiceJet's Ajay Singh still in the race

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced measures that will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group.</li><li>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding. </li><li>Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul.</li></ul>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding, and ease taxation as well as restrictions on maintenance and repair to bring down costs for aviation firms. These reforms announced by Finance Minister Nirmala Sitharaman will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group. <div type="image" title="indigo." msid="75775924" hostid="261"></div> <div type="image" title="spicejet." msid="75775928" hostid="261"></div> The government estimates airlines will save about ₹1,000 crore a year by flying shorter routes. “60% of the Indian airspace is freely available, because it is fairly restricted for civil and defence purposes, so we have been taking longer routes. This has to be rationalised for optimum utilization of time and fuel. Customers can get to their destinations quicker and cheaper,” Sitharaman said. More airport projects up for grabs The second step taken was that six more airports will be put up for auction by the Airports Authority of India and will be built on public private spaces. “Additional investments will be made by private players in 12 airports where investments are already present. The financial implications will be on the AAI. The first and second round of investments to get ₹13,000 crore,” said Sitharaman. India currently has several airport projects under construction – the Jewar international airport in Greater Noida, the Mopa Airport in Goa, Navi Mumbai international airport in Maharashtra, Sabarimala airport in Kerala among others. In April 2020, GMR got the go-ahead for the Bhogapuram airport in Andhra Pradesh. In February 2019, the Adani Group won a tender to operate all six government-owned Indian airports located in Ahmedabad, Jaipur, Mangaluru, Trivandrum (Thiruvananthapuram), Lucknow, and Guwahati. Making India an airline maintenance hub Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul. “Most Indian aircrafts go abroad for their repair works and spend there. But India has all the capacity – manpower and soft skills to set up an MRO hub here. India can be the centre for many of the flights for South East Asia as well as westwards,” she said. This will be a major step that we want to make sure India benefits from, she added. Not just the civil sector but defence aircrafts will also benefit from it. Through this, maintenance will also be cheaper for the aviation sector. The issue the MRO industry used to face because of the aircraft used to fly to other countries for repair. "In India we have a promising civil aviation sector, so we want the MRO sector to be located in India and much of the repair work should be done here. The problem they used to face was competitiveness was in GST. GST rate used to be 18%, so the meeting held in March the rate has been brought down to 5% with full input tax credit and that is something that will make the MRO industry very competitive," said the government. The coronavirus pandemic has left the Indian airlines sector stranded on the runway. All domestic and international flights have been suspended ever since the lockdown. “It will take 2-3 years for air travel to return to 2019 levels and a few more years to return to long-term growth trends according to Boeing,” said a Centrum Broking report last week. The <keyword id="34987" type="ORGANIZATION" weightage="20" keywordseo="aviation-industry">aviation industry</keyword> is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter. As and when operations resume, overall operational capacity will hover at 50-60% for the rest of the fiscal. Consequently, mergers and acquisitions of airlines, and relook at expansion plans of private and upcoming greenfield airports would be possibilities," <a href="https://www.livemint.com/news/india/covid-19-impact-indian-aviation-may-incur-rs-25-000-crore-losses-says-crisil-11588838896045.html">said Jagannarayan Padmanabhan</a>, director and practice leader, transport &amp; logistics, Crisil Infrastructure Advisory. <a href="https://www.thehindu.com/opinion/op-ed/will-the-aviation-industry-recover-from-the-pandemic/article31359708.ece">Globally</a>, the industry’s revenues could be cut by $252 billion in 2020.

Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for

<ul><li>India’s major airlines Indigo, <keyword id="959120" type="PERSON" weightage="20" keywordseo="SpiceJet-shares">SpiceJet shares</keyword> fell by nearly 5% in early trade on May 18. </li><li>This came after the Ministry of Home Affairs said that all domestic and international air travel of passengers would be prohibited, except for domestic medical services.</li><li>Finance Minister Nirmala Sitharaman on Saturday in her relief package announced to open up more of its airspace for airlines to ply. </li></ul>A day after Indian government extended flight suspension till May 31 in the wake of coronavirus lockdown airline stocks crashed. The shares of India’s major airlines Indigo and SpiceJet fell by nearly 5% in early trade on May 18. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2445791" data-url="https://flo.uri.sh/visualisation/2445791/embed"></div>]]></cdata></div> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2445817" data-url="https://flo.uri.sh/visualisation/2445817/embed"></div>]]></cdata></div> Under India’s new lockdown extension to which netizens are calling Lockdown 4.0, the Directorate General of Civil Aviation (DGCA) extended the prohibition on scheduled domestic and international passenger flights till May 31. This came after the Ministry of Home Affairs in its new guidelines for Lockdown 4.0 said that all domestic and international air travel of passengers would be prohibited, except for domestic medical services, domestic air ambulance and for security purposes. Shorter route and cheaper fuel fails to woo investors <div type="Article" hostid="261" msid="75786721" title="Goldman Sachs’s China recovery data can spark hope for HUL and D-Mart, and make Maruti, Tata Motors and IndiGo more anxious" mstype="2" mssubtype="0"></div> Finance Minister Nirmala Sitharaman on Saturday in her relief package to cushion the doomed economic sector announced to open up more of India’s airspace for airlines to ply. She also said the sector would be provided with ease in taxation as well as restrictions to bring down costs for aviation firms. “60% of the Indian airspace is freely available because it is fairly restricted for civil and defence purposes, so we have been taking longer routes. This has to be rationalised for optimum utilisation of time and fuel. Customers can get to their destinations quicker and cheaper,” FM Sitharaman said. However, the aviation industry experts were disappointed as no direct benefits were announced. “The measures announced on Saturday are all long term. The industry at large needed immediate direct benefit to survive from the impact of COVID-19 pandemic. Some of the airlines are on the verge of going bankrupt. We really expect the government to come up with a second round of measures,” a senior executive of a private carrier requesting anonymity told <a href="https://www.newindianexpress.com/business/2020/may/16/covid-19-relief-package-aviation-industry-disappointed-as-no-direct-benefits-announced-2144232.html">TNIE</a>. The aviation industry is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter. As and when operations resume, overall operational capacity will hover at 50-60% for the rest of the fiscal. Consequently, mergers and acquisitions of airlines, and relook at expansion plans of private and upcoming greenfield airports would be possibilities," <a href="https://www.livemint.com/news/india/covid-19-impact-indian-aviation-may-incur-rs-25-000-crore-losses-says-crisil-11588838896045.html">said Jagannarayan Padmanabhan</a>, director and practice leader, transport &amp; logistics, Crisil Infrastructure Advisory. <a href="https://www.thehindu.com/opinion/op-ed/will-the-aviation-industry-recover-from-the-pandemic/article31359708.ece">Globally</a>, the industry’s revenues could be cut by $252 billion in 2020. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-adani-gmr-gvk-share-price-may-gain-after-civil-aviation-reforms/articleshow/75775888.cms" data-type="tilCustomLink">Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for</a> <a href="https://www.businessinsider.in/business/news/indigo-share-price-jump-after-airline-denies-interest-in-virgin-australia/articleshow/75688856.cms" data-type="tilCustomLink">IndiGo shares take off after airline denies interest in Virgin Australia</a>

Indigo, SpiceJet shares crash in morning trade after India keeps flights grounded till May 31

<ul><li>RBI’s growth optimism is driving markets to fresh highs in trade today </li><li>Sensex scaled 45,000 mark for the first time ever, and the Nifty 50 too hit a fresh high at 13,222.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indexes have hit a fresh on Friday, after the Reserve Bank of India revised the GDP growth outlook for the second half of the year. Sensex scaled 45,000 mark for the first time ever, and the Nifty 50 added 0.68% to a fresh high of 13,222. RBI has <a href="https://www.businessinsider.in/policy/economy/news/rbi-governor-shaktikanta-das-believes-that-inflation-is-likely-to-remain-elevated-in-the-winter-months/articleshow/79559454.cms">raised </a>the growth outlook, sees 7.5% GDP contraction for FY21. RBI Governor Shaktikanta Das said the growth will enter the positive territory in the third quarter of current fiscal with a projection that GDP may grow at 0.1% and the growth will further improve in Q4 to 0.7%. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UltraTech Cement </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;">RIL </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;">Hindalco </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;">Dr Reddy </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;">Grasim </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;">HCL Tech </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;">Airtel </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;">Asian Paint </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td></tr></tbody></table>*as of December 4, 10:51 am These are the top stocks in news today. Bharti Airtel shares trade 2% higher, Vodafone-Idea down over 2% The shares of telecom giant Bharti Airtel gained over 2% after it added 3.77 million <a href="https://www.businessinsider.in/business/telecom/news/airtel-added-3-77-million-and-jio-added-1-46-million-new-subscribers-in-september-month/articleshow/79558962.cms">new customers</a> in September, which is more than twice of what Reliance Jio added. However, the shares of Vodafone-Idea were down 2% as the company lost nearly 4.65 million subscribers. SpiceJet trades 10% higher, IndiGo up nearly 5% The shares of IndiGo and SpiceJet zoomed during the early trading hours on Friday. The rally came after the civil aviation ministry increased the cap on domestic flight capacity of airlines from 70% to <a href="https://www.businessinsider.in/india/news/india-allows-domestic-airlines-to-operate-at-80-of-pre-covid-capacity/articleshow/79546855.cms">80% of pre-Covid levels</a>. NCC zooms over 6% The shares of construction and engineering company, NCC zoomed nearly 6% after Rakesh Jhunjhunwala and family has increased stake in the company to 13.7% from 12.14% as of September 2020. Tata Power shares gain over 4% The shares of Tata Power gained over 4% after the <a href="https://www.livemint.com/news/india/tata-power-places-winning-bids-for-odisha-s-wesco-and-soutco-discoms-11606994438126.html">news reports</a> surfaced that the company has emerged as the winner in bids for two electricity distribution companies (discoms) in Odisha—the Western Electricity Supply Utility of Odisha Ltd (WESCO) and the Southern Electricity Supply Utility of Odisha Ltd (SOUTCO). Granules India trades 2% higher The shares of drug firm Granules India gained over 2% after its wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc, has received approval from the US health regulator for its abbreviated new drug application (ANDA) for Penicillamine capsules USP, 250 mg. The drug is used for the treatment of Wilson’s disease and cystinuria. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/a-coordinated-global-network-of-hackers-tried-to-break-into-the-covid-19-cold-chain-which-transports-vaccines-at-94-degrees-fahrenheit/articleshow/79549902.cms" data-type="tilCustomLink">A coordinated, global network of hackers tried to break into the COVID-19 'cold chain,' which transports vaccines at -94 degrees Fahrenheit</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms" data-type="tilCustomLink">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

Sensex hits 45,000 and Nifty scales fresh high as RBI revises growth outlook — these are the top movers in trade

<ul><li>The 30-share BSE index opened 176.87 points higher, and the NSE Nifty was up 0.45% at 13,172.80.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indexes rallied in early trade to hit a fresh intraday record on Thursday, tracking gains in index majors HDFC Bank, Reliance Industries and Maruti amid largely positive cues from global markets. The 30-share BSE index opened 176.87 points higher, and the NSE Nifty was up 0.45% at 13,172.80. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki India </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;">SBI Life </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;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </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;">Bajaj Auto </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;">SBI </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;">Infosys </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;">GAIL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr></tbody></table>*as of December 3, 10:00 am These are the top stocks in news today. HDFC Life gains nearly 2% The shares of HDFC Life gained nearly 2% after<a href="https://economictimes.indiatimes.com/markets/stocks/news/standard-life-to-sell-27-8-million-shares-of-hdfc-life-on-thursday/articleshow/79533414.cms"> media reports claimed</a> that Standard Life is looking to sell up to 2.78 crore shares of HDFC Life through a block deal today to raise up to ₹1,770 crore. The sale price has been fixed at ₹605-636.50 apiece. Wipro opens a percent higher The shares of Wipro opened over a percent higher after the company bagged a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings. IndiGo trades 2% higher The shares of India’s largest private airline IndiGo gained over 2% after the company said it has reached 70% of its pre-Covid capacity and is operating 1,000 daily international and domestic flights. DHFL locked in 5% upper circuit The shares of cash-strapped DHFL were locked in a 5% upper circuit after the Committee of Creditors for cash-strapped DHFL had voted in favour of inviting revised bids. And, December 14 has been set as the new deadline to submit bids. Tata Chemicals gained over 6% The shares of Tata Chemicals gained over 6% after Tata Sons bought shares worth ₹76 crore in the company. RIL and Future Retail trade in green The share of RIL and Future Retail were trading in the green territory after the Indian market regulator <a href="https://www.livemint.com/news/india/sebi-asks-bse-to-clarify-on-noc-to-ril-future-deal-11606901705869.html">SEBI has asked the BSE</a> to clarify on the no-objection-certificate (NOC) given by the exchange to the Future Group for amalgamation of some of its business as part of the ₹24,713 crore deal by Reliance Industries’ retail arm. SpiceJet gains over 2% The shares of India’s largest cargo operator gained over 2% after the company expressed it intends to expand the cargo business considerably over the next two years, after great success during the pandemic. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

Sensex, Nifty hit record high — these are the top movers in trade today

<ul><li>At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note on Wednesday, led by mixed cues from the global markets. At 7:50 am, the SGX Nifty was trading flat, indicating a slow start for Nifty50. However, on Wednesday, after an initial morning decline, <a href="https://www.businessinsider.in/stock-market/news/us-stocks-erase-losses-finish-higher-amid-renewed-stimulus-optimism/articleshow/79538793.cms">US stocks finished mostly higher as investors </a>latched onto hope that another round of fiscal stimulus to hasten the economic recovery is just around the corner. The Dow Jones Industrial Average closed 60 points higher, and the S&amp;P 500 was up 0.18%. These are the stocks to watch out for during the trading session today: RIL and Future Retail The Indian market regulator <a href="https://www.livemint.com/news/india/sebi-asks-bse-to-clarify-on-noc-to-ril-future-deal-11606901705869.html">SEBI has asked the BSE</a> to clarify on the no-objection-certificate (NOC) given by the exchange to the Future Group for amalgamation of some of its business as part of the ₹24,713 crore deal by Reliance Industries’ retail arm. The shares of RIL ended 0.21% higher on Wednesday, whereas Future Retail ended in red. Bharti Infratel and Bharti Airtel Bharti Airtel said its subsidiary Nettle Infrastructure Investments had acquired an additional 4.94% stake in Bharti Infratel for ₹2,882.32 crore. With this transaction, Bharti Airtel’s total stake in its mobile tower arm Infratel has increased to 41.66%. The shares of Bharti Infratel ended 4.40% higher on Wednesday, whereas Bharti Airtel ended in 1% higher. Wipro Wipro wins a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings. The company said it would develop new features, capabilities and interfaces for Verifone’s Cloud Services offerings, enabling seamless and flexible transaction processing for the company. The shares of Wipro ended 1.8% higher on Wednesday. Dabur The company has responded to a study by the Delhi-based NGO Centre for Science and Environment (CSE) and said that its honey had passed the Nuclear Magnetic Resonance (NMR) test in Germany and it is complying with 22 parameters mandated by FSSAI for testing honey. The CSE study shows that 10 of the 13 brands of honey sold in India, including Dabur had failed the NMR test. The shares of Dabur ended 0.61% lower on Wednesday. DHFL The Committee of Creditors for cash-strapped DHFL has voted in favour of inviting revised bids. And, December 14 has been set as the new deadline to submit bids. The shares of DHFL ended 5% higher on Wednesday. Raymond Raymond’s subsidiary Silver Spark Apparel has entered into a share transfer agreement to divest its entire stake in its subsidiary Dress Master Apparel for ₹19.07 crore. The shares of Raymond ended 0.36% lower on Wednesday. Tata Chemicals Tata Sons bought shares worth ₹76 crore in Tata Chemicals. The shares of Tata Chemicals ended 6% higher on Wednesday. SpiceJet SpiceJet intends to expand its cargo business considerably over the next two years, after great success during the pandemic, the company’s Chairman and Managing Director, Ajay Singh said in their annual report. The shares of SpiceJet ended 4% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

Top stocks to watch — Future Retail, RIL, Bharti Infratel, Airtel, Wipro, Dabur, DHFL, SpiceJet, and others

<ul><li>At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on positive note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. The US stocks also ended higher on Monday, fueled by a rebound in big tech names. The Dow Jones Industrial Average closed 1.18% higher, and the S&amp;P 500 rose 1.27%. Here’s a list of stocks to watch for in trade on September 15: Future Retail Future Retail reported a net loss of ₹242.2 crore for the quarter ended June 30. The company’s overall revenue was down 88.6% to ₹ 163.2 crore compared to the same period last year. The shares of Future Retail closed 5% lower yesterday. ICICI Bank ICICI Bank said the RBI had exempted it from provisions of the Banking Regulation Act 1949 relating to its investments in its insurance companies. A government notification exempts ICICI Bank from cutting stake to 30% in ICICI Lombard General Insurance and ICICI Prudential Life Insurance, for a period of three years. The shares of ICICI Bank closed 2% lower on Monday. Central Bank of India The Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10% from 7.15%, a release said. The shares of the Central Bank of India closed flat on Monday. PVR Limited PVR Limited reported a net loss of ₹225.6 crore for the quarter ended June 30. The company’s overall revenue was down 98.6% to ₹12.7 crore compared to the same period last year. The shares of PVR Limited closed 5% higher yesterday. Indiabulls Housing Finance Indiabulls Housing Finance raised about ₹1,205 crore over the last few days through its qualified institutional placement (QIP) and partial stake sale in UK-based OakNorth Bank Ltd. The non-banking finance company (NBFC) has raised ₹682.87 crore through the QIP and ₹522 crore from the partial stake sale. The shares of Indiabulls Housing Finance closed 5% higher on Monday. Raymond Limited Apparel maker Raymond reported a net loss of ₹247.6 crore compared to last year loss of ₹12.2 crore. The company’s consolidated revenue declined by 88.6% to ₹163.2 crore. The shares of Raymond Limited closed 3% higher on Monday. SAIL: Steel Authority of India Steel Authority of India reported a net loss of ₹1,226.5 crore for the quarter ended June 30. The company’s overall revenue was down 38.8% to ₹ 9,067.5 crore compared to the same period last year. The shares of SAIL closed 2% higher yesterday. Ashok Leyland Hinduja Group-owned Ashok Leyland launched a new light commercial vehicle (LCV) yesterday. Chairman Dheeraj Hinduja said the new LCV comes with the right and left-hand drive options, enabling the company to look at international markets. The shares of Ashok Leyland closed 10% higher yesterday. Allcargo Logistics, SpiceJet, Future Enterprises, and Zee Media Corporation These companies are slated to report their quarterly earnings to the stock exchanges today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-airlines-share-price-spikes-4-ahead-of-earnings-tomorrow/articleshow/78107627.cms" data-type="tilCustomLink">SpiceJet shares spike ahead of earnings— losses are certain, but cargo operations may hold some respite</a> <a href="https://www.businessinsider.in/tech/news/oracle-wins-bid-to-become-tiktoks-trusted-technology-provider-in-us/articleshow/78110292.cms" data-type="tilCustomLink">Oracle wins bid to become TikTok's 'trusted technology provider' in US</a>

Top stocks to watch— Future Retail, PVR, Central Bank, ICICI Bank, SpiceJet, Indiabulls Housing Finance, Ashok Leyland and more

(Eds: Adding details) Mumbai, Mar 31 () Budget carrier SpiceJet has decided to cut up to 30 per cent salary of its employees in March with Chairman Ajay Singh opting for highest 30 per cent trimming in compensation, the airline said in an e-mail communication to the staff on Tuesday.Moreover, the employees will also be treated as "on leave without pay" for the March 25-31 phase due to the suspension of air passenger services during the period, said the airline, which offered its aircraft and crew to the government for any "humanitarian mission" last week.Significantly, the pay-cut announcement coincides with the termination of service contracts of over a dozen expat pilots with the airline, as per a source."These are extremely tough time and call for appropriate and exceptional measures to sale through the exceptional challenge. As tough as it seems, most Indian carriers have already announced a pay cut for their employees."Unfortunately SpiceJet is not too immune to the situation which has unquestionably affected the airlines in the most severe form across the globe. Therefore in our bid to stay lean, and under absolutely unavoidable circumstances, we have been forced to take certain bold decisions, which will help the SpiceJet family surmount these difficult times," Human Resource department of the airline told employees in the e-mail.SpiceJet management has decided to implement a pay cut between 10-30 per cent in March across our employee base. Our Chairman and Managing Director (Ajay Singh), in fact, has opted for the highest cut of 30 per cent in compensation, SpiceJet said.It, however, spared employees in the lowest pay grades from any pay cut.In an official statement later, the airline said it has implemented a 10-30 per cent pay cut for all its employees across top and mid-rung levels."The COVID-19 pandemic and the subsequent lockdown have forced us to take some tough measures to ensure that no one at SpiceJet is retrenched. What we are facing is a global phenomenon and no airline in the world is immune to the impact," Singh said in the statement.India's aviation industry, reeling under the impact of the global outbreak of COVID-19, is seeking help from the government to mitigate the financial impact of the pandemic, SpiceJet said.Coronavirus driven lockdown has adversely impacted the industry, leading to significant economic headwinds. Several airline companies, both in India and abroad, have been forced to undertake severe measures in their attempt to survive amidst tough market conditions, it said in the statement."There are a over a dozen expat captains on the Bombardier Q400 (regional jets) fleet who have been served the termination notice," an airline source privy to development told ."SpiceJet has not sacked any pilot. We have served a 'one-month notice' to 13 expat Q400 captains, as per their official contract. They have also been paid a month's salary as per their contract."We have accepted the resignation of 18 Boeing captains," a spokesperson of SpiceJet said in response to a query. Other budget carriers IndiGo and GoAir have already announced similar moves earlier.SpiceJet , in the e-mail, also said, "unfortunately due to the lockdown, we are forced to announce 'leave without pay for employees during March 25-31, the lockdown period during which all air passenger services remained shut".India is under a three-week lockdown starting March 25 to curb the the virus spread.Wadia Group-owned IndiGo was the first domestic carrier to announce a 25 per cent across-the-board pay cut on March 19, and it was followed by government-owned Air India, which affected a 10 per cent cut in employees allowance to deal with the precarious finances amid coronavirus pandemic.IndiGo's smaller rival GoAir also announced salary cut for all its employees in March. IAS KIS BALBAL

SpiceJet to cut up to 30 pc salary of employees in March

<ul><li>No talks as of now to bid for Air India, India &amp; Nepal Vice President Esa Sulaiman Ahmad told Business Insider. </li><li>The United Arab Emirates (UAE) airline executive said the company is focussed on organic growth in India. </li><li>Emirates' code-share agreement with SpiceJet may roll-out by Diwali, which is in end-October.</li></ul>The Indian government is keen on selling its stake in Air India and <a href="https://www.businesstoday.in/sectors/aviation/air-india-disinvestment-deal-by-october/story/362506.html">the process may kick off by October</a>. Yet, suitors are not lining up for the debt-ridden airline even as government uncharacteristically relinquishing 100% of its control. Amidst hectic parleys in the corridors of power, Emirates, owned by the government in the United Arab Emirates (UAE), has ruled out the possibility of a bid for Air India. "We are not looking at it. We are more focussed on seeing how we can grow better organically," Essa Sulaiman Ahmad, the Vice President of India and Nepal, said in a conversation with Business Insider. There are heated debates underway in many forums on whether Air India should be fully privatised. Should the buyer for the national carrier should be Indian or foreign? A few sections of the Bharatiya Janata Party (BJP) government seem keen to find the best possible price for the ailing Air India, but the BJP's ideological parent, the Rashtriya Swayamsevak Sangh (RSS), has a clear stand against selling the airline to a foreign peer. Subramanian Swamy's latest tweet on the proposed privatisation of Air India 
	<div type="twitter" handle="Swamy39" handlename="Subramanian Swamy" image="http://pbs.twimg.com/profile_images/1069415134882230272/ATG6qpfq_normal.jpg" favoritecount="13454" retweetcount="2923" status="The Civil Aviation Minister Hardip Puri has been misled by foreign consultancy firms and corrupt bureaucrats on pri… https://t.co/2ApcCIxWKy" createdat="1567087085000" id="1167073942357475329"></div>



 Cashing out of Air India is important for the Narendra Modi government looking to <a href="https://www.livemint.com/companies/news/how-air-india-sale-can-spur-govt-s-divestment-agenda-1562613367526.html">garner enough money to invest in</a> more productive ventures that may speed up the economic growth, which recently hit a six-year low of 5% between April and June 2019. The fact that the debt-ridden airline-- ₹55 000 crore at last count-- <a href="https://www.financialexpress.com/industry/air-india-losses-to-end-maharaja-may-break-even-this-year-after-a-decade-disinvestment-may-get-easier/1693527/">may reportedly clock a profit</a>, for the first time in a decade, may have helped the sale after many failed attempts in the past. However, the sale of Air India has been a political and an emotional issue, which the Emirates has steered clear of. Emirates code-share agreement with SpiceJet Meanwhile, Ahamad is excited about the code share agreement with SpiceJet, a budget airline based in India. "We will gain six new destinations in India," he said adding that the process is in its final stages. "The two tech platforms have to talk to each other and that is taking a little time," he said. The roll-out is likely by Diwali (late October) this year. The two airlines <a href="https://www.emirates.com/media-centre/emirates-to-expand-reach-in-india-with-spicejet-codeshare-partnership#targetText=Monday%2C%20April%2022%2C%202019%20%E2%80%94,Europe%20and%20the%20Middle%20East.">reached an agreement in April this year </a>to ride on each other's strengths. With a 15% market share, Emirates is already the biggest player in international flights flying to and from India and now, it wants more. SpiceJet is a popular carrier especially in the southern part of India which has frequent fliers to the Gulf countries. Emirates' expansion in India will depend on the review of bilateral agreement between India and UAE The entry of Singapore Air-backed Vistara into international routes, particularly in the Middle East, is a challenge to the likes of Emirates. However, there is a likelihood of expansion for Emirates in India if the two countries decide to revisit the bilateral agreements. "The last one was signed in 2014. There is no specific timeline for a review," he said. The grounding of Jet Airways has been a shot in the arm for airlines in tightly fought market like India. The average number of annual passengers in India is expected to treble to 520 million by 2037, and at that point, it would be the third largest aviation market in the world. Emirates wants a chunkier slice of that pie. SEE ALSO: <a href="https://www.businessinsider.in/air-india-will-remain-with-an-indian-company-even-after-sale-says-minister/articleshow/70174990.cms" data-type="tilCustomLink" target="_blank">Air India will remain with an Indian company even after sale, says Minister</a>

Emirates is not interested in Air India but is excited about its code share with SpiceJet

Mumbai, Mar 31 () Budget carrier SpiceJet has decided to cut 10-30 per cent salary of all its employees in March, with Chairman Ajay Singh opting for highest 30 per cent trimming in compensation, the airline said in an e-mail communication to the staff on Tuesday."SpiceJet management has decided to implement a pay cut between 10-30 per cent in March across our employee base. Our Chairman and Managing Director (Ajay singh), in fact, has opted for the highest cut of 30 per cent in compensation," the airline said in the communication.Other budget carriers IndiGo and GoAir have already announced similar move earlier."These are extremely tough time and call for appropriate and exceptional measures to sale through the exceptional challenge," it said.As tough as it seems, most Indian carriers have already announced a pay cut for their employees, SpiceJet said."Unfortunately SpiceJet is not too immune to the situation which has unquestionably affected the airlines in the most severe form across the globe. "Therefore in our bid to stay lean, and under absolutely unavoidable circumstances, we have been forced to take certain bold decisions, which will help the SpiceJet family surmount these difficult times," the letter said. IAS BAL

SpiceJet to cut 10-30 pc salary of all employees in March

New Delhi, The Centre has expanded its <keyword id="10476381" type="UNKNOWN" weightage="20" keywordseo="strategic-disinvestment-plan">strategic disinvestment plan</keyword> for <keyword id="10476379" type="UNKNOWN" weightage="20" keywordseo="current-fiscal-initiating">current fiscal initiating</keyword> the sell-off plan for <keyword id="782091" type="DOMAIN" weightage="20" keywordseo="Shipping-Corporation-Of-India-Ltd">Shipping Corporation of India Ltd</keyword> (SCI) by inviting expression of interest from potential interested parties. The <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The proposed initiation of strategic sale plan for SCI is the second big initiative by the Centre after two of its entities - Air India and BPCL have reached advanced stages of bidding to sell the entire government equity. For the strategic disinvestment of Shipping Corporation of India (SCIL) EoI and PIM (preliminary information memorandum) have been published, DIPAM Secretary Tuhin Kanta Pandey said in a tweet. Interested players have to submit initial bids by February 13, 2021, said a preliminary information memorandum document. <keyword id="10476380" type="COMPANY" weightage="20" keywordseo="rbsa-capital-advisors">RBSA Capital Advisors</keyword> is the transaction advisor to the disinvestment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Government invites bids for selling its stake in Shipping Corporation of India

<ul><li><keyword id="6380241" type="UNKNOWN" weightage="20" keywordseo="jet-airways-employees">Jet Airways employees</keyword> have reportedly met with Maharashtra Chief Minister Devendra Fadnavis, urging him to intervene. </li><li>An estimated 22,000 Jet employees were left without work after the airline suspended operations last month </li></ul>As the troubled Jet Airways prepares for a <a href="https://www.livemint.com/companies/news/jet-airways-employees-bid-may-be-heard-as-others-waver-1557465393596.html">bidding </a>process from potential investors, a group of the airline’s staff have reportedly met with Maharashtra Chief Minister Devendra Fadnavis, urging him to intervene. According to an ANI report, the group said, "We're ready to work for less salary, but we want Jet Airways to come back”.The CM has assured them the government will step in, added the report. An estimated 22,000 Jet employees were left without work after the airline suspended operations last month following an extended period of cash flow and debt problems. Some of them have been subsequently offered jobs by rival airlines like SpiceJet and Air India, but many are still unemployed. A number of bids are expected this week from potential investors including Etihad Airways PJSC, India’s National Investment and Infrastructure Fund and private equity firms TPG Capital and Indigo Partners, Mint <a href="https://www.livemint.com/companies/news/jet-airways-employees-bid-may-be-heard-as-others-waver-1557465393596.html">reported. </a> Separately, some Jet airways employees are also planning to submit their own bid to rescue the airline.

You Searched For "spicejet bid" and got 13 results

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SpiceJet to cut up to 30 pc salary of employees in March

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SpiceJet to cut 10-30 pc salary of all employees in March

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Government invites bids for selling its stake in Shipping Corporation of India

IANS

Jet Airways staff in Mumbai says they’re willing to work for less salary

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