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Tag: India news Indian Express

  • India’s foreign exchange reserves proceed to fall, drop by $3.85 billion

    India’s foreign exchange reserves dropped by USD 3.847 billion to USD 524.52 billion for the week ended October 21, the RBI mentioned on Friday.

    The total reserves had dropped by USD 4.50 billion to USD 528.37 billion within the earlier reporting week, and have been declining for a lot of months now.

    In October 2021, the nation’s foreign exchange kitty had reached an all-time excessive of USD 645 billion. The reserves have been declining because the central financial institution deploys the kitty to defend the rupee amid pressures triggered majorly by international developments.

    Foreign forex property (FCA), a serious part of the general reserves, noticed a drop of USD 3.593 billion to USD 465.075 billion through the week to October 21, based on the Weekly Statistical Supplement launched by the RBI on Friday.

    Expressed in greenback phrases, the international forex property embody the impact of appreciation or depreciation of non-US items just like the euro, pound and yen held within the international change reserves.

    Gold reserves noticed a decline of USD 247 million in worth to USD 37.206 billion, it mentioned.

    The Special Drawing Rights (SDRs) have been up by USD 7 million to USD 17.44 billion, the apex financial institution mentioned.
    The nation’s reserve place with the IMF was down by USD 14 million to USD 4.799 billion within the reporting week, the central financial institution information confirmed.

  • Air India to develop fleet with 30 Boeing and Airbus jets

    Tata Group-owned Air India mentioned on Monday that it’ll lease 30 Boeing and Airbus plane, increasing its fleet by greater than 25%.

    Air India’s new proprietor, the autos-to-steel conglomerate Tata Group, faces an uphill process to improve the provider’s ageing fleet and switch round its financials and repair ranges.

    “After a long time without significant growth, Air India is delighted to resume expanding its fleet and global footprint,” mentioned Air India Chief Executive Campbell Wilson.

    “These new aircraft, together with existing aircraft being returned to service, address an immediate need for more capacity and connectivity and mark a strong step forward.”

    The newest offers comprise the leasing of 21 Airbus A320neos, 4 Airbus A321neos and 5 Boeing B777-200LRs.

    The Airbus jets will start becoming a member of the fleet within the first quarter of subsequent yr and are anticipated to be deployed on home and short-haul worldwide routes.

    The B777-200LRs will be part of the fleet between December and March, with deployment prone to be on routes from Indian cities to the United States.

    The airline at present has 54 narrow-body plane and 33 wide-body plane operational, it mentioned in a press release, including that extra are anticipated to be in service quickly.

  • Oil costs at seven-month low however no change in petrol, diesel costs in India

    International oil costs have hit a seven-month low however there isn’t a change in retail promoting worth of petrol and diesel in India as state-owned gasoline retailers recoup losses incurred for holding charges for a document 5 months regardless of rising value.

    International benchmark Brent crude fell under USD 90 per barrel final week for the primary time since early February as recession fears weigh on demand. It has since recovered and is buying and selling at USD 92.84 per barrel, the bottom in six months.

    Prices fell regardless of bullish developments, together with Russia maintaining the North Stream pipeline offline and producers cartel OPEC and its allies (OPEC+) reducing manufacturing.

    But this has not led to any revision in retail petrol and diesel costs in India they usually proceed to be on freeze for a record-setting 158 days.

    Responding to reporters’ questions on no change in gasoline costs, oil minister Hardeep Singh Puri had on Friday sought to hyperlink the no revision to losses state-owned gasoline retailers incurred in maintaining charges unchanged when worldwide oil costs surged to multi-year excessive.

    “When (international oil) prices were high, our (petrol and diesel) prices were already low,” he had stated. “Have we recouped all our losses?” he went on to ask.

    He nevertheless didn’t elaborate on the losses incurred on maintaining charges regular since April 6.

    The basket of crude oil that India imports averaged USD 88 per barrel on September 8. It had averaged USD 102.97 in April, earlier than rising to USD 109.51 within the following month and USD 116.01 in June. Prices began to fall in July when the Indian basket averaged USD 105.49 a barrel. It averaged USD 97.40 in August and USD 92.87 in September thus far.

    State-owned gasoline retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven’t exercised their proper to regulate the retail promoting worth of petrol and diesel according to the worldwide prices for over 5 months now to assist the federal government handle runaway inflation.

    At one level, they had been shedding Rs 20-25 per litre on diesel and Rs 14-18 a litre on petrol as worldwide oil costs soared. These losses have been trimmed with the autumn in oil costs.

    “There are no under-recovery (losses) on petrol now. For diesel, it will take some time to reach that level,” an official stated.

    But that is unlikely to translate into a direct discount in charges as oil corporations will likely be allowed to recoup losses they’d gathered on promoting gasoline at under value within the final 5 months, one other official stated.

    Puri had on Friday acknowledged that worldwide oil costs want to remain at USD 88 per barrel or fall under to carry some aid.

    India is 85 per cent depending on imports for assembly its oil wants and so retail pump charges are immediately depending on happenings within the world markets.

    IOC, BPCL and HPCL are speculated to revise the retail worth of petrol and diesel day by day according to value. But they froze charges for a document 137 days starting November 4, 2021, simply as states like Uttar Pradesh went to polls.

    That freeze ended on March 22 this yr and charges went up by Rs 10 per litre every in simply over a fortnight earlier than a brand new freeze got here into impact from April 7.

    Petrol at present prices Rs 96.72 a litre and diesel Rs 89.62 within the nationwide capital. This is down from Rs 105.41 a litre worth on April 6 for petrol and Rs 96.67 a litre for diesel as the federal government lower excise responsibility to chill charges.

    The Rs 10 a litre enhance, effected between March 22 and April 6, wasn’t ample to cowl the associated fee and the brand new freeze meant accumulation of extra losses, officers stated.

    Oil corporations didn’t revise charges to assist the federal government handle inflation which had already peaked to a multi-year excessive. It would have additional spiked if petrol and diesel costs had been elevated according to value.

    The freeze meant that the three retailers posted a mixed web lack of Rs 18,480 crore in June quarter.

    Petrol was deregulated in June 2010 and diesel in November 2014. Since then, the federal government doesn’t pay oil corporations any subsidy to compensate them for losses they could incur on promoting gasoline at charges under value.

    So, the oil corporations recoup losses when enter prices fall, the primary official defined.

    Russia’s February 24 invasion of Ukraine despatched shock waves via world power markets. Initial worth spikes changed into lingering worth rises as the worldwide group imposed sanctions on Russia’s key exports. Brent was at USD 90.21 per barrel earlier than the invasion and rose to a 14-year excessive of USD 140 on March 6.

    Some of the warmth has come out of oil markets in current weeks on fears of a recession snipping away demand. China has seen crude oil imports fall 9 per cent final month because the nation’s zero-Covid coverage has led to full or partial lockdowns in additional than 70 cities since late August.

  • NDTV’s single-largest FPI shareholder is fund dominated by Adani shares

    WITH the Adani Group set to launch its open supply for NDTV Ltd on October 17, its bid to accumulate 26 per cent extra within the tv firm will depend upon current buyers tendering their shares at Rs 294 a chunk. The inventory closed at Rs 515.1 on the Bombay Stock Exchange Friday.

    The single-largest shareholder of NDTV, in addition to promoters Prannoy Roy and Radhika Roy (32.26%) and the Adani Group (29.18%), is Mauritius-registered overseas portfolio investor (FPI) LTS Investment Fund Ltd with a 9.75% stake. It purchased this stake within the quarter ending September 2016.

    An evaluation of  LTS Investment Fund Ltd’s portfolio reveals that of the Rs 20,710.2 crore worth of its shareholding as on June-end 2022 — the newest quarter for which knowledge is obtainable — 97.78 per cent comes from Adani Group corporations.

    The break-up of LTS portfolio, as of Saturday:

    🔴 Adani Power Ltd: Rs 1,692.3 crore

    🔴 Adani Enterprises Ltd: Rs 6,475.1 crore

    🔴 Adani Transmission Ltd: Rs 7,010.7 crore

    🔴 Adani Total Gas Ltd: Rs 5,073.9 crore

    🔴 NDTV Ltd: Rs 326.7 crore

    🔴 Others: Rs 131.5 crore

    The subsequent huge FPI shareholder in NDTV is Mauritius-based Vikasa India EIF I Fund with a 4.42% stake in NDTV it acquired within the quarter ending September 2021.

    While LTS Investment purchased NDTV’s 9.75% from Oswal Greentech, Vikasa India  EIF I Fund acquired 4.42 per cent in NDTV from Mauritius-registered Eriska Investment Fund Ltd which, in flip, had purchased it from Oswal Greentech within the quarter-ended September 2016.

    In different phrases, the 14.17 per cent stake in NDTV that Oswal Greentech purchased within the quarter-ended December 2011 is now held by LTS Investment Fund and Vikasa India EIF I Fund.

    Around the identical time that LTS Investment Fund entered NDTV, Kolkata-based GRD Securities purchased 3.47 per cent in NDTV within the quarter-ended March 2016.

    Later, different entities with director linkages to GRD Securities additionally picked up NDTV shares. As on June 30, 2022, these 4 corporations, GRD Securities (2.8 per cent in NDTV), Drolia Agencies (1.48 per cent), Adesh Broking (1.5 per cent) and Confirm Real Build (1.33 per cent), cumulatively maintain 7.11 per cent in NDTV.

  • Boeing sees Indian airways elevating capability by 25% over subsequent 12 months

    Planemaker Boeing Co expects Indian airways to spice up their capability by at the very least 25% over the following 12 months as demand rebounds shortly on this planet’s fastest-growing main market, an government stated on Thursday.

    “We are forecasting airlines to rebound quickly and add 25-plus percent annual seats back into the market,” Dave Schulte, the managing director for regional advertising at Boeing Commercial Airplanes, informed reporters.

    In the long run, Boeing expects an annual capability enhance of seven% in India, outpacing different prime high-growth markets, he added.

    Indian skies are dominated by low-cost carriers (LCCs) together with IndiGo, SpiceJet, GoFirst and AirAsia India, with nearly all of them working Airbus narrowbody planes.

    Boeing dominates India’s widebody market however fare wars and excessive prices have led to casualties amongst full-service carriers, together with Kingfisher Airlines in 2012 and Jet Airways in 2019, making LCCs and Airbus much more dominant.

    But India’s latest finances service Akasa Air and new homeowners Tata and Sons at Air India and the Jalan-Kalrock consortium at Jet Airways are giving the U.S. planemaker hope of clawing again share within the Indian market as they eye extra aircraft orders.

    Akasa has 72 Boeing 737 MAX planes on order.

    Boeing’s greatest buyer in India, SpiceJet, stated on Wednesday it plans to induct extra MAX planes in its fleet even because it struggles to make well timed funds to distributors and lessors, prompting a few of them to deregister and take again planes.

    The loss-making airline has 155 MAX jets on order however has been sluggish in including planes to its fleet even after the plane was cleared for flying by the nation’s aviation regulator final 12 months following a worldwide ban sparked by two lethal crashes.

  • NDTV says stake sale to Adani wants nod from tax authorities

    New Delhi Television Ltd mentioned a significant stake sale by its founders to Adani group would require clearance from tax authorities, including one other hurdle to the conglomerate’s bid to take management of the favored information community.

    The revenue tax division in 2017 provisionally barred the founders – Prannoy and Radhika Roy – from promoting part of their stake as a part of a reassessment of their taxes, NDTV mentioned in an change submitting late on Wednesday.

    NDTV and Adani have locked horns in public after the conglomerate, run by nation’s richest man Gautam Adani, final week unveiled plans to manage a majority stake within the information community.

    Adani has tried to execute the takeover plan by buying a little-known Indian firm, which gave 4 billion rupees ($50 million) in loans to NDTV’s founders greater than a decade in the past in change for warrants that allowed it to purchase a stake within the information group at any time.

    Adani Group mentioned final week it had exercised these rights, which NDTV mentioned was finished with out its consent.

    NDTV mentioned on Wednesday tax authorities have been already reviewing whether or not the loans gave rise to an estimated capital beneficial properties tax of 1.75 billion rupees primarily based on allegations that they amounted to a switch of the controlling curiosity within the community.

    NDTV mentioned it had invited the Adani group’s firm to hitch its utility to the tax authorities for clarification. Tax authorities and the Adani group didn’t instantly reply to requests for remark.

  • NDTV promoters search regulatory clarification on VCPL deal

    New Delhi Television stated early Monday that its promoter group has written to the market regulator asking it to make clear whether or not the regulator’s order in 2020 restricts conversion of warrants issued to Vishvapradhan Commercial Pvt Ltd (VCPL) into fairness shares.

    Billionaire Gautam Adani’s conglomerate final week stated it was in search of to manage a majority stake in NDTV.

     

  • SpiceJet reaches settlement with plane lessor, will get two extra Boeing 737 Max planes

    Domestic airline SpiceJet Tuesday mentioned it had reached a settlement with plane lessor Goshawk Aviation Limited, following which two Boeing 737 Max plane might be added to its fleet.

    According to an official assertion, the settlement was reached with Goshawk Aviation Limited and its affiliated leasing entities Wilmington Trust SP Services (Dublin) Limited, Sabarmati Aviation Leasing Limited and Falgu Aviation Leasing Limited associated to 2 Boeing 737 MAX plane and one Boeing 737-800 NG plane.

    “The parties have agreed to settle all their disputes under and related to the aircraft lease agreements for three aircraft,” the assertion mentioned.

    Goshawk is among the principal lessors of MAX plane of SpiceJet. The dispute between SpiceJet and Goshawk was associated to pending dues with SpiceJet, for which Gishawk approached Delhi High Court final yr.

    “The agreement, the terms of which are confidential, ends all litigation proceedings between the parties. All proceedings, including before the UK Court and Execution Proceedings before the Delhi High Court will be withdrawn accordingly,” SpiceJet mentioned.

    Earlier this month, SpiceJet mentioned it has entered into an settlement with the Airports Authority of India (AAI) and cleared all excellent principal dues of the airport operator.

    “With this, SpiceJet will no longer remain on ‘cash and carry’ at AAI-run airports across the country and will revert to advance payment mechanism for daily flight operations,” the airline’s mentioned.

    Last month, aviation regulator Directorate General of Civil Aviation (DGCA) ordered SpiceJet to function solely 50 per cent of its flights for eight weeks to make sure the airline sustains its “efforts for safe and reliable air transport service”.

    The order got here in opposition to the backdrop of a spate of safety-related incidents reported on its planes.

    According to a report from information company PTI, SpiceJet has been making losses for the final 4 years. It incurred internet losses of Rs 316 crore, Rs 934 crore and Rs 998 crore in 2018-19, 2019-20 and 2020-21, respectively.

    In the April-December interval of 2021, the airline posted a internet lack of Rs 1,248 crore.

  • Jet gasoline value minimize by 12%: Here’s what it prices now

    The value of aviation turbine gasoline (ATF) or jet gasoline was lowered by 12 per cent on Monday, August 1, 2022. This is the second time in a forthnight that jet gasoline costs have been minimize amid softening of world crude oil charges.

    According to Indian Oil Corporation’s (IOC) knowledge, the worth of the ATF within the nationwide capital was Rs 1,21,915.57 per kilolitre, down Rs 16,232.36  or 11.75 per cent from Rs 1,38,147.93 per kl.

    Among different metros, ATF now prices Rs 1,28,425.21 per kl in Kolkata, Rs 1,20,875.86 in Mumbai and Rs 1,26,516.29 in Chennai.

    The jet gasoline costs are revised on the first and sixteenth of each month, primarily based on charges of benchmark worldwide oil charges within the earlier fortnight. On July 16, the ATF costs have been lowered by Rs 3,084.94 per kl, or 2.2 per cent to Rs 1,38,147.93 per kl after peaking at Rs 1,41,232.87 per kl in June.

    The jet gasoline costs had risen in India on account of a spike in international crude costs following disruptions in provide chains as a result of ongoing Russia-Ukraine warfare and the weakening of the rupee towards the US greenback, making imports costlier.

    Meanwhile, the worth of liquefied petroleum gasoline (LPG) utilized in industrial cylinders was minimize by Rs 36 per cylinder Monday.

    Following the discount, the worth of the 19-kg industrial cylinder will now price Rs 1976.50 in Delhi, down from Rs 2012.50 earlier, knowledge accessible on the IOC web site confirmed.

    Among different metros, industrial LPG cylinder value in Kolkata stands at Rs 2095.50, Rs 1936.50 in Mumbai and Rs 2141.00 in Chennai, the info confirmed.

  • DGCA didn’t discover ‘any major significant finding or safety violation’: SpiceJet

    Domestic airline SpiceJet Tuesday mentioned aviation security regulator Directorate General of Civil Aviation (DGCA) carried out a collection of spot checks on all of its working plane and didn’t discover “any major significant finding or safety violation”.

    In an official launch, SpiceJet mentioned the Ministry of Civil Aviation has additionally knowledgeable Parliament in regards to the spot checks and findings.

    “A series of spot checks were carried out recently on all operating aircraft of M/s Spicejet from 9th July 2022 to 13th July 2022. A total of 53 spot checks were carried out on 48 aircraft which did not find any major significant finding or safety violation,(sic),” SpiceJet quoted the aviation ministry as saying in a reply to a query in Rajya Sabha.

    This comes after a collection of technical glitches had been reported in SpiceJet aircarfts since over a month. On July 5, a Dubai-bound airplane of SpiceJet from Delhi was diverted to Karachi in Pakistan after the pilots seen an uncommon gasoline discount in one of many gasoline tanks of the airplane. Later, it was discovered that an indicator mild was malfunctioning.

    In one other incident, an airplane flying from Kandla to Mumbai, made a precedence touchdown after the outer pane of its windshield cracked at 23,000 ft.

    The SpiceJet mentioned the civil aviation ministry, over a query on flight diversion to Karachi, mentioned,  “Cabin crew did not declare an emergency. Post landing check and inspection at Karachi did not reveal fuel leak.”

    The airways claimed that 10 defects or malfunctions had been recognized by the DGCA and all the problems have been rectified.

    “I am happy that the findings of the various checks carried out by the DGCA on our fleet have been made public by the government,” Ajay Singh, chairman and managing director of SpiceJet was quoted within the launch as saying.

    Spicejet shares have witnessed a steep decline of over 30 per cent thus far on this monetary yr.