A debt fund managed by SREI Infrastructure Finance has bought about Rs 400 crore worth of debt of Kingfisher Airlines from ICICI Bank.
Rupee depreciated by 25 paise to 56.40 as against the US dollar, the BSE Sensex and the NSE Nifty nudge lower in early minutes of trade on the back of weakness in select index heavyweights such as RIL and SBI.
Not only the Prime Minister but the DGGA too has warned airlines warned against hiking fares beyond their band, saying the cost of operation has not undergone any major change over the past two months.
The proposals of individual airlines would be considered by RBI under the approval route which is based on factors like cash flows and repayment capacity of the company.
The Nifty loses all of its per-opening gains and settles with a flat opening, while the Sensex opens up around 20 points.
Cabinet Committee on Economic Affairs (CCEA) has okayed the restructuring plan of Air India which has been approved by State Bank of India-led consortium last month
In an exclusive interview with CNBC-TV18, civil aviation minister Ajit Singh today said that Kingfisher has submitted a new flight schedule to the regulator
Kingfisher's continuing troubles are having at least one good effect on the sector - they're reducing over-capacity and improving yields for other airlines.
The BSE Sensex opened 58 points higher at 17,734 while Nifty is up 20 points at 5,400.
United Spirits continued its north ward journey as its stock rose by 3.4 percent to Rs 601 per share on the exchange today. The money raised is expected to help the company reduce its humongous debt.
Given the changing political equations because of the UP election results, which further weaken an already weak central government, it remains to be seen whether reforms such as allowing foreign airlines to invest up to 49 percent in local carriers will actually be passed.
The FII inflows-driven stock rally may be raising all.
Kingfisher has informed the Directorate General of Civil Aviation that it will make 16 more aircraft operational next week, taking its fleet size to 44