Global News

[ad_1] New Delhi: The National Company Law Tribunal (NCLT) will hear cash-strapped carrier Go First's insolvency plea on Thursday (May 4). On Tuesday, the airline had said that it has filed for insolvency resolution as it can no longer continue to meet its financial obligations, blaming US company Pratt & Whitney's "faulty engines" for grounding of 50 per cent of its fleet. Go First had also announced suspension of all its flight operations from May 3 to May 5. Its CEO Kaushik Khona had confirmed on Tuesday that the airline has filed an application for voluntary insolvency resolution proceedings before the NCLT. Go First owes financial creditors Rs 6,521 crore, its bankruptcy filing showed. The voluntary bankruptcy petition filed by the Go Airlines will be impacting its lenders, i.e., banks. However, private lender Axis Bank said on Wednesday in a regulatory filing that it has no funded or non-funded exposure to the financially-troubled Go Airlines. Accord...

[ad_1] Pakistan International Airlines (PIA) has reaffirmed its commitment to Pakistan State Oil (PSO) by pledging to pay Rs1.35 billion for fuel supplies, which has enabled PSO to extend a credit facility of Rs500 million to facilitate PIA’s ongoing operations. Facing financial constraints and amid PIA’s default on payments, PSO has taken a pragmatic step to ensure that the national carrier continues its essential operations by increasing its credit limit for fuel supply from Rs15 billion to Rs15.5 billion, said sources. Sources familiar with the matter revealed to The Express Tribune that PIA had been making timely payments to international airports but had fallen behind on dues to PSO, leading to a concerning fuel supply crisis. As per a prior agreement between PSO and PIA, a credit facility of Rs15 billion had already been exhausted by the airline. To address the situation, both parties reached an agreement on October 16, stipulating that PIA would make daily pay...

[ad_1] Stocks to Watch on July 6:  Nifty futures traded 33 points, or 0.17 per cent, lower at 19,479, signaling that Dalal Street was headed for a negative start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons. Tata Power: Tata Power has received Letter of Award (LoA) to implement smart metering project in Chhattisgarh State Power Distribution Company. The value of project is Rs 1,744 crore, and the project will be spanned over a period of 10 years. Adani Enterprises: According to a report, Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The company redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining. JSW Steel, Zomato, JBM Auto: JSW Steel will replace Housing Development Finance Corporation (HDFC) in the S&P BSE Sensex effective from July 13. Moreover, JBM Auto Components will replace HDFC Ltd in S&P BSE 500 index;...

[ad_1] India's largest airline, IndiGo is on a massive international expansion spree as the air carrier announced direct flights to Kenya, Indonesia and Georgia in a past couple of days. With the recent announcement of direct flights to Tbilisi, Georgia, IndiGo Airline is now connected to 29 international destinations and 107th overall destination. The budget air carrier earlier announced to start direct flights to six new destinations in Africa and Central Asia, including to Nairobi, Tbilisi and Tashkent, this year. Once these routes are operational, the budget airline will be connecting a total of 32 international destinations compared to 26 before the announcement was made. The rapid expansion plan will also make Indigo the second biggest Indian airline to operate on international routes, just behind Air India, route wise. However, passenger capacity wise, IndiGo Airline is now the largest Indian airline operating international flights. In the domestic market, the airline...