NEW DELHI: Shares of Jet AirwaysNSE 0.70 % jumped 3 per cent in early trade on Friday after reports appeared that the State Bank of IndiaNSE 0.60 % and Punjab National BankNSE 0.14 % have agreed to provide Rs 500-crore emergency funding to the beleagured airline. With this, the stock extended its winning streak on […]
Category: The Economic Times
Economictimes
This Indian airline rescue is touch-and-go
For Jet AirwaysNSE 0.70 % India Ltd., it’s always only about one rupee. As I wrote last month, the troubled full-service carrier needed to garner an additional 1 rupee (1.4 cents) per available seat kilometer to make up for its cost disadvantage against no-frills rivals. Cutthroat price competition denied it that opportunity, and now banks […]
Lessors doubt Jet Airways rescue plan, pull out more planes: Sources
SINGAPORE/BENGALURU: International lessors have grounded more Jet AirwaysNSE 1.02 % planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources familiar with the matter said. The troubles at India’s Jet, which is saddled with a billion dollars in debt, […]
Suresh Prabhu wanted compulsory in-flight announcements in local language, ministry said ‘not feasible’
Civil Aviation Minister Suresh Prabhu had asked his ministry officials to make it compulsory for airlines to use local languages for in-flight announcements besides Hindi and English but was told that this measure was “practically not feasible”. On December 26, his private secretary Rohit Yadav wrote a note to the civil aviation ministry, stating that […]
Jet Airways offers up to 50% discount on domestic and international flight tickets
Jet AirwaysNSE 1.02 % is offering up to 50 per cent discount on domestic and international flight tickets under its special promotional sale scheme ‘Love-A-Fare’, as stated by the airline in a press release on Thursday. The offer begins today and it is valid till February 25, 2019. It is applicable on base fare in […]
Jet Airways expects lenders’ nod for resolution plan next month
Jet AirwaysNSE 1.02 % expects to start getting approvals from lenders for its resolution plan from next month, a senior executive said Thursday. The executive spoke on the sidelines of an extraordinary general meeting called to seek shareholder approval for enhancing the airline’s share capital, nominate board members from lenders and convert debt into equity, […]
Adani Group in race to buy 23.5% in Mumbai Airport
MUMBAI | NEW DELHI: The Adani Group has made a formal offer to buy out the 23.5% held by two South African firms in Mumbai airport, setting the stage for a battle with the GVK Group which has also shown interest in increasing its stake. The Adani Group has sought to buy the stakes of […]
SBI, PNB ready to pump in emergency funding for Jet Airways
MUMBAI: Government-owned State Bank of India (SBINSE 0.45 %) and Punjab National Bank (PNBNSE -0.14 %) have agreed to provide Rs 500 crore emergency funding for Jet AirwaysNSE 1.00 %, subject to others in the consortium of lenders not objecting, said people with knowledge of the matter. This money will allow the airline to continue […]
India’s coal power plants ‘unhealthiest’ in world: Study
GENEVA: China and the US may be the largest producers of coal power, but power plants in India take the highest toll in the world when it comes to health, a global study claims. Coal-fired power plants produce more than just carbon dioxide, which contributes to global warming, said researchers from ETH Zurich in Switzerland. […]
Government asks ONGC, OIL to sell out 66 fields to private firms
The government has asked state-owned Oil and Natural Gas CorporationNSE 1.57 % (ONGC) and Oil IndiaNSE 1.91 % Ltd (OIL) to sell out 66 of their small oil and gas fields to private firms as it brought in a new policy to boost domestic production and cut imports, Petroleum Minister Dharmendra Pradhan said Thursday. To […]
Government offers royalty sops to boost oil & gas output
New Delhi: The government has rolled out major incentives in royalty rates to attract investments into the oil and gas exploration and maximise production. The government has given its go ahead to concessional royalty if production commences before four years for onland/shallow water blocks and before five years for deepwater/ultra deepwater blocks from the effective […]
You need not pay your power bill. Here’s how
NEW DELHI: How would you like not paying your electricity bill at all? That’s possible. No, it’s not about an election-time promise by a political party. It’s about the new technology which is now commercially available — the solar power. It’s environment friendly as well as cost effective. It can cut your electricity bill by […]