Mumbai: One of the key accused in the PNB fraud case, Mehul Choksi, on Friday moved a fresh application in a special Prevention of Money Laundering Act (PMLA) court in Mumbai seeking cancellation of a non-bailable warrant against him. His application came three days after his nephew Nirav Modi, another key accused in the Rs […]
Category: Business
SpiceJet gains 26% in 4 days as Jet struggles
Mumbai: As problems in cash strapped Jet Airways deepens, investors are favouring stocks of its competitors — SpiceJet and IndiGo — betting that they will have a larger market share. Accordingly, stocks of SpiceJet rose over 14 per cent on Friday and have been rising for the last four sessions gaining 25.93 per cent. Similarly, […]
Lenders to take over Jet Airways: Ministry sources
New Delhi: Lenders of cash-strapped Jet Airways are in the process of securing “substantial stake” in the ailing airline to try and revive it to a manageable state before selling it to new promoters, a senior Finance Ministry source said on Friday. “Only after securing substantial stake in the airline, the lenders are planning to […]
Jet needs around Rs 10,000 cr worth of infusion: Industry insiders
New Delhi/Mumbai: A proposed infusion of Rs 1,000 crore into Jet Airways may prove to be “too little too late” to save the airline as it might require at least Rs 10,000 crore to stay afloat, industry observers said on Friday. According to industry estimates, Jet’s total debt of Rs 8,000 crore in addition to […]
Fitch cuts India’s 2019-20 GDP forecast to 6.8%
Mumbai: Fitch Ratings on Friday cut India’s GDP growth rate projection for the next financial year to 6.8 per cent, from its previous estimate of 7 per cent, on account of weaker-than-expected growth momentum. The US rating agency said it has also changed outlook on the Reserve Bank of India’s monetary policy review, projecting another […]
Petrol price down 7 paise, diesel dips 8 paise
New Delhi: Petrol prices declined by 7 paise across the metropolitan cities on Thursday after remaining unchanged for the last two days, data from the Indian Oil Corp’s website showed. In the national capital, petrol was priced at Rs 72.71 per litre, down from Rs 72.78 on Wednesday. In Kolkata, Mumbai and Chennai, price of […]
PNB stocks surge over 4% after Nirav Modi’s arrest
Mumbai: The Punjab National Bank (PNB) stock surged over 4 per cent on Wednesday following the arrest in the UK of Nirav Modi, who is accused in the Rs 13,500- crore PNB fraud case reported last year. After rising over 4 per cent in afternoon trade, the PNB stock closed on Wednesday at Rs 93.55 […]
Jet’s lessors offer 50 grounded aircraft to SpiceJet
New Delhi/Mumbai: Financially beleaguered Jet Airways faces another crisis as lessors are offering 50 of its Boeing aircraft to SpiceJet. According to industry insiders, at least 50 aircraft are on offer under dry lease terms from Jet’s lessors. These lessors have been able to get their aircraft grounded as dues were not paid to them, […]
Jet has only 41 aircraft for flights: DGCA
New Delhi: Aviation regular DGCA on Tuesday said that Jet Airways only has 41 aircraft in its fleet for operations and that there may be further attrition in the fleet size and flights ahead. The Directorate-General of Civil Aviation (DGCA) made the disclosure after meeting Jet Airways’ representatives here. “DGCA reviewed the performance of Jet […]
Anil thanks Mukesh, Nita as RCOM’s dues to Ericsson cleared
Mumbai: Anil D. Ambani, Chairman of Reliance Communications, has thanked Reliance Industries Chairman, Mukesh Ambani and Nita Ambani for their support regarding payment of dues to Ericsson as all the RCOM’s outstanding to the Swedish company stand cleared. “The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in […]