- Tuesday, May 21, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, April 30, 2024:
Air India on Tuesday said it has extended the suspension of flights to and from Tel Aviv till May 15 amid tensions in the Middle East. On April 19, the airline said Tel Aviv flights will remain suspended till April 30. It operates four weekly flights between the national capital and the Israeli city. In view of the ongoing situation in parts of the Middle East, Air India said it has extended the temporary suspension of flights to and from Tel Aviv to May 15. “We are continuously monitoring the situation and are extending support to our passengers who have confirmed bookings for travel to and from Tel Aviv during this period, with a one-time waiver on rescheduling and cancellation charges,” the airline said in a statement.
Kotak Mahindra Bank on Tuesday announced that its joint managing director K V S Manian, a veteran at the private sector lender, has stepped down with immediate effect. Manian, who had been with the lender for nearly three decades, was elevated in a management rejig in January. The surprising news of the departure comes days after the RBI put severe business restrictions on the lender, including stopping it from selling new credit cards for shortcomings in its tech architecture. A statement from the bank said Manian, who has led various businesses including consumer, commercial, wholesale and private banking, has stepped down from his position with immediate effect.
Hyundai Motor Group has planned to launch its first hybrid cars in India as early as 2026, Reuters reported citing three sources, as the South Korean auto group shifts strategy to look beyond electric vehicles and boosts its presence in a key market. The group, housing Hyundai Motor and Kia Corp, is evaluating a hybrid sport-utility vehicle of size similar to its top-selling, mid-sized Creta SUV in India, said two of the sources with direct knowledge of the plans. Both Hyundai, which is India’s second-largest carmaker, and Kia are targeting the launch of hybrid SUVs in 2026 or 2027, the sources added. They said that their EV plans for India were also on track.
Leading India-focused private equity firm ChrysCapital on Tuesday announced a $700 million (£560 million) fund raise aimed at maintaining its ownership in the largest stock bourse NSE. It has raised $700 million in the ‘Continuation Fund’ anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures which has helped ensure that its investment in NSE stays intact. “The newly closed Continuation Fund has acquired a stake in the NSE. The stake originally belonged to ChrysCapital VI, LLC (Fund VI),” a statement said. The Fund VI had invested in NSE in 2016, the statement said, adding that ChrysCapital will continue as a significant, long-term shareholder in the company through the Continuation Fund.
India’s Adani Total Gas on Tuesday reported a 72 per cent rise in fourth-quarter profit, backed by strong demand in its compressed natural gas (CNG) segment. Consolidated profit rose to Rs 1.68 billion (£16.1 million) in the three months ended March 31 from Rs 979.1 million (£9.38 million) a year earlier, marking a fifth straight increase in quarterly profit for the Adani group company, Reuters reported. The piped gas distributor’s CNG sales volume, which accounts for more than half of its total sales volume, went up 23 per cent during the quarter, buoyed by the addition of 170 new stations across the country during the financial year.
Indian airline IndiGo has confirmed a firm order for 30 Airbus A350-900 wide-body aircraft. The airline’s chief executive officer (CEO), Pieter Elbers, announced on Tuesday that deliveries of these aircraft are slated to commence in 2027. The carrier’s order for the A350-900 comes with the flexibility to determine the exact configuration of the aircraft at a later stage. Deliveries are expected to begin in 2027, marking a significant milestone for the airline’s expansion plans. Additionally, IndiGo holds Purchase Rights for an additional 70 Airbus A350 family aircraft, providing the airline with the option to meet future needs under certain conditions. The Airbus A350-900 is equipped with the capability to operate long-haul routes, making it an ideal choice for expanding into markets like Europe and the US.
(With agencies)
