Singapore Airlines’ deal with Tata Sons (Tata) will inject a further SGD 360 million ($267 million) into Air India. It will give SIA a 25.1 per cent stake in the enlarged Air India group following its takeover by Tata and merger with Vistara Airlines. The November 2022 deal between Singapore Airlines and Tata Sons to further inject $267 million into Air India is one of the key strategic initiatives for future growth mentioned in the quarterly financial report. This agreement is still subject to regulatory approval. SIA in the statement said, “The merged entity will be four to five times larger in scale compared to Vistara, with a strong presence in all key airline segments in India.
Posts tagged Rediff
These 3 companies get Sebi nod to float IPOs (28-02-2023)
Three companies — FirstMeridian Business Services Ltd, IRM Energy Ltd and Lohia Corp — have received capital markets regulator Sebi’s go-ahead to raise funds through initial public offerings (IPOs). These firms, which filed their preliminary IPO papers with the markets regulator between September 2022 and January 2023, obtained the observation letters during February 21-24, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi parlance, observation implies go-ahead to the company to float the initial share-sale.
Banks forced to offer inflation-beating FD rates (28-02-2023)
As banks’ chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab and Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
Good upside seen in Oil India stock (28-02-2023)
Notwithstanding the windfall tax placing a cap on profits, oil and gas producers like Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) have done well in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23). ONGC faces the drag of poor results from its subsidiary Hindustan Petroleum Corporation, and in comparative terms, OIL is better off. Standalone net sales in Q3FY23 stood at Rs 5,900 crore – up 57 per cent year-on-year (YoY), up 2 per cent quarter-on-quarter (QoQ).
As USD retreats, rupee rises 11 paise to 82.68 (28-02-2023)
The rupee gained 11 paise to 82.68 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Forex traders said sustained foreign fund outflows weighed on the local unit and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar and marginally rose to 82.68, registering a rise of 11 paise over its previous close amid a positive trend in domestic equities.
Markets in bear hug; Sensex ends down 326 points (28-02-2023)
From the Sensex pack, Reliance Industries fell the most by 2 per cent. Tata Steel, Bajaj Finserv, ITC, NTPC, Bharti Airtel, Tech Mahindra, Titan, Axis Bank and Bajaj Finance were among the other major laggards.
Negligence Of Cybersecurity May Spoil The Party (28-02-2023)
‘As long as businesses do not consider cyber recovery an integral part of their enterprise IT, they remain greatly vulnerable.’
‘No need to raise capital for Citi deal’ (28-02-2023)
‘Citibank customers will migrate to the Axis Bank platform over 18 months.’
Are markets being ‘blind’ to inflation risks? (28-02-2023)
Elevated food price-led inflation could become a sore point for markets, which they seem to be ignoring at current levels, observe analysts. Retail inflation in India – as measured by the Consumer Price Index (CPI) – came in at a three-month high of 6.52 per cent in January 2023, compared with 5.72 per cent in December and 5.88 per cent in November 2022. The inflation print for February, according to Madan Sabnavis, chief economist at Bank of Baroda, will be critical for the Reserve Bank of India’s monetary policy committee.
What Went Wrong For Adani Stocks (28-02-2023)
The ‘sudden volatility’ in Adani stocks is entirely due to a series of events that was extreme and unique, and played out in too short a period. Investors and regulators pretended that it wasn’t so. But then, along came Hindenburg, which forced some eyes to open, points out Debashis Basu.