by Editor | Aug 30, 2024 | Business, News, Politics
New Delhi: Leading budget carrier IndiGo on Friday said it will resume operations from Terminal 1 at the Delhi Airport from September 2.
Flight operations were suspended at Terminal 1, which is used for domestic flights, in June till further notice after a roof collapse, leaving one dead and eight injured.
IndiGo said in a statement that it will operate 35 departures daily from Terminal 1 from the effective date.
“IndiGo remains committed to providing an affordable, on-time, courteous and hassle-free travel experience across an unparalleled network,” the airlines said.
According to the aviation major, proactive measures have been taken to ensure that passengers are well-informed about this transition.
“Domestic flight with flight numbers 2000-2999 will operate from Terminal 2, flight numbers from 5000-5999 will operate from Terminal 3 and rest all flights will operate from Terminal 1,” it informed.
Earlier this month, Delhi International Airport Limited (DIAL), a GMR Airport Infrastructure consortium that operates and manages Delhi Airport, announced that the newly-expanded Terminal 1 will be operational from August 17.
DIAL worked with IndiGo and SpiceJet to make necessary preparations for shifting of flight operations from T2 and T3 to T1.
On June 28, a part of the metal canopy over Terminal 1 collapsed due to heavy rainfall, killing one person and injuring eight others. After the incident, IndiGo and SpiceJet, which majorly used T-1, shifted their flight operations to Terminals 2 and 3.
by Editor | Aug 30, 2024 | Business, Economy, News
Singapore: Singapore Airlines on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of Vistara with Air India, a deal that will create one of the world’s largest airline groups.
With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year.
Air India is owned by Tata Group and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines.
In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger.
“The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and regulatory approvals received to-date, represent a significant development towards the completion of the proposed merger,” the airline said in the filing to the Singapore Stock Exchange.
The airline also said the completion of the merger continues to be subject to compliance by the parties with applicable Indian laws, which is currently expected to be completed in the next few months.
“At this juncture, completion of the proposed merger is anticipated to occur by the end of 2024,” it added.
According to Singapore Airlines, the parties are in discussions to extend the long stop date for the completion of the merger. Earlier, it was expected to be October 31, 2024.
by Editor | Aug 30, 2024 | Business, Economy, News
Mumbai: Quick e-commerce platform Zepto on Friday said it has secured $340 million in a follow-on financing round, taking the company’s valuation to $5 billion after its previous fundraise in June.
General Catalyst led the round, with Dragon Fund, and Epiq Capital joining as new investors. Existing investors such as StepStone, Lightspeed, DST, and Contrary also increased their stakes, the company said in a statement.
Aadit Palicha, Co-founder and CEO at Zepto, said the rationale behind the follow-on financing was twofold.
“First, the opportunity to bring onboard a lead investor of Neeraj Arora’s calibre from General Catalyst was one we couldn’t pass on. Second, strengthening our balance sheet is a strategic move, particularly as the company continues to deliver robust growth and operating leverage,” he mentioned.
Founded in 2021 by Stanford University dropouts Palicha and Kaivalya Vohra, Zepto became one of India’s fastest-growing consumer internet companies.
Headquartered in Mumbai, Zepto delivers over 10,000 products, ranging across categories in 10 minutes through a network of delivery hubs across the country.
by Editor | Aug 30, 2024 | Business, Economy, News
Mumbai: Indian equity indices were trading higher after opening at a fresh record high on Friday, following positive cues from Asian peers.
At 9:37 a.m., Sensex was up 221 points or 0.27 per cent at 82,355 and Nifty was up 66 points or 0.26 per cent at 25,217.
At the beginning of the trading session, Sensex and Nifty made a new all-time high of 82,637 and 25,249 respectively.
The market trend remains positive. On the National Stock Exchange (NSE) 1,276 shares are in the green and 888 shares in the red.
Almost all indices are trading in the green. PSU Bank, fin service, FMCGm Pharma, energy and pvt bank are major gainers.
In the Sensex pack, Bajaj Finance, Bajaj Finserv, HDFC Bank, NTPC, Power Grid, L&T, Titan, M&M, Asian Paints and Reliance are the top gainers. Tata Motors, Tech Mahindra, Wipro, TCS, Sun Pharma and HCL Tech are the top losers.
Along with largecaps, there is a bullish trend in midcaps and smallcaps also. The Nifty Midcap 100 index is at 59,139, up 255 points or 0.45 per cent, and the Nifty Smallcap 100 index is at 19,292, up 79 points or 0.41 per cent.
According to market experts: “This near-term trend in the market is likely to continue. A breakout from the present can happen if the banking stocks witness big buying. However, the struggle for deposits experienced by the banking system and the consequent feared pressure on margins are keeping the demand for banking stocks depressed despite attractive valuations. Largecaps are outperforming the broader market now. This is a healthy trend.”
Almost all Asian markets are bullish. Tokyo, Seoul, Jakarta and Bangkok are trading with a gain of about half a percent. US markets closed mixed on Thursday.
by Editor | Aug 29, 2024 | News, Politics
NEW DELHI – The Uttar Pradesh government, facing flak over its new social media policy, came under attack from Congress General Secretary Priyanka Gandhi Vadra on Thursday, as she mocked the scheme as a ‘regressive and self-eulogizing’ move.
Priyanka Gandhi, taking to X, shared a satirical post, saying “You will say what you like. If you call day as night, it will be night.” Firing a volley of questions, she questioned the state government on ensuring the security of women and also asked what steps it has taken to resolve the recruitment reservation case, concerning 69,000 teachers.
“In which category will the voices of women seeking justice fall in the social media policy of the Uttar Pradesh government? In which category will the questions raised in the 69000 teacher recruitment reservation scam fall? In which category would exposing the BJP government by BJP leaders and MLAs fall?” asked Priyanka Gandhi.
Notably, two girls were found hanging from a tree in Farrukhabad district on Wednesday, sending shockwaves in the city and leaving the state administration searching for answers. The Congress leader further accused the Yogi Adityanath government of stifling the freedom of speech and suppressing the truth by issuing such ‘diktats’.
