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[ad_1] With more than Rs 900 crore funding coming in this month, SpiceJet will focus on upgradation of its fleet and cost-cutting measures, as the no-frills airline works on ways to come out of turbulent times. In an internal note to the senior staff on Monday, the airline said it now has a substantial bank balance of more than Rs 900 crore, including Rs 160 crore received as an instalment under the government’s Emergency Credit Line Guarantee Scheme (ECLGS). The carrier, which had been facing multiple headwinds in recent months, has so far received around Rs 1,000 crore under the ECLGS. The latest instalment came recently after its Chairman and Managing Director Ajay Singh infused funds into the airline, according to an official in the know. Singh, who has been helming the no-frills carrier, has so far put in Rs 200 crore out of the Rs 500 crore fund infusion that he had announced last year. The official said the airline has garnered a total of more than Rs 1,100 crore funds in t

[ad_1] As per initial reports, a SpiceJet Q400 aircraft under maintenance at the Delhi Airport, while carrying out engine ground run at idle power at bay, caught fire. [ad_2] Source link https://worldnews2023.com/business/video-spicejet-aircraft-catches-fire-at-delhi-airport-during-engine-maintenance-work/?feed_id=183337&_unique_id=65611078acfcb

[ad_1] Last Updated: June 12, 2023, 08:44 IST Stocks to watch on June 12:  The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,684.50, up 74.5 points or 0.40% from the previous close. SpiceJet: Wilmington Trust, one of SpiceJet’s aircraft lessors, has moved the National Company Law Tribunal (NCLT) to initiate an insolvency process against the airline for non-payments of dues. The first hearing of this case will take place today. Go Fashion: The India arm of US venture capital firm Sequoia Capital plans to sell a 10 per cent stake in Go Fashion (India) worth Rs 625 crore. The transaction is likely to happen on Monday in block deals at a floor price of Rs 1,135 a share. Tata Motors: The company has fixed July 29 as the record date for determining the entitlement Of members to receive final dividend for FY23. Container Corporation of India (Concor): The disinvestment of state-run firm may be d

[ad_1] Last Updated: July 12, 2023, 08:29 IST Stocks to Watch on July 12:  Nifty futures traded 9 points, or 0.05 per cent, lower at 19,528, signaling that Dalal Street was headed for a negative start on Wednesday. Here’s a slew of stocks that will be in focus today for various reasons. Results today: 5Paisa, Hathway Cables, HCL Technologies, Steel Strips Wheels and TCS among 10 companies scheduled to announce June quarter earnings on Wednesday. TCS: Wage hikes to erode margin in Q1FY24; The weakness may come on account of a worsening demand environment, which is leading to cancellation and delay in projects, a longer sales cycle and slower revenue conversion. HCL Tech: The IT firm will likely report muted sequential growth in revenue for the June quarter (Q1FY24) amid a persistently weak global demand environment and weakness in the company’s engineering and R&D (ER&D) business, as per analysts. Delta Corp, Nazara Technologies: The Goods and Services Tax (GST) Council

[ad_1] Spicejet's board of directors, which met on July 12, 2023, considered options for raising fresh capital for the company. (Photo: IANS) Spicejet says the infusion of fresh capital will substantially strengthen the company's financial position Low-cost carrier SpiceJet on Wednesday said its promoter Ajay Singh has decided to infuse Rs 500 crore into the loss-making airline, by way of subscribing fresh equity shares and/or convertible instruments. “The infusion of fresh capital will substantially strengthen the company’s financial position and is a powerful vote of confidence in its future and long-term viability. It marks a pivotal moment in SpiceJet’s journey towards sustained growth and long-term success," Spicejet said in a statement. The company’s board of directors, which met on July 12, 2023, considered options for raising fresh capital for the Company where Ajay Singh, promoter of the company, in order to strengthen the financial position of the company, o

[ad_1] Spicejet's shares in the early morning trade started declining and fell as much as 11.13 per cent to Rs 26.50 apiece on the BSE. (Photo: IANS) DGCA has put Spicejet under 'enhanced surveillance' as the airline faces multiple financial headwinds in recent months, according to a report Shares of budget airline SpiceJet fell over 11 per cent during the intraday trade on Wednesday, after aviation watchdog DGCA put the company under “enhanced surveillance" as the airline faces multiple financial headwinds in recent months. The DGCA move also comes against the backdrop of various lessors seeking repossession of aircraft leased to SpiceJet and some of the cases have been settled by the airline. According to a PTI report quoting an official, the Directorate General of Civil Aviation (DGCA) has put SpiceJet under enhanced surveillance for more than three weeks now and it is an ongoing process. On Wednesday, July 12, the shares of Spicejet opened flat at Rs 29.85 ap

[ad_1] SpiceJets is confident of resolving this to the satisfaction of both sides, New Delhi: A day after the Supreme Court refused to give more time to SpiceJet in connection with interest payment related to an arbitral award, an airline official on Saturday said it is confident of resolving through talks the issues with Kalanidhi Maran and his Kal Airways. On Friday, the Supreme Court declined to extend the time for making payment to media baron Kalanithi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute. The case and the final order are still pending before the Delhi High Court, the official said, adding that Rs 380 crore is only the deposit amount. The official also claimed that the airline is engaged in talks with Kalanithi Maran and KAL Airways for a full and final settlement of the interest amount. The airline is confident of resolving this to the satisfaction of both sides, as done successfully with many of its