Lendingkart Mumbai International Airport Unced Fundraising of ~7,600 Cent Stake for ~1,248 Crore
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2 COMPANIES MUMBAI | THURSDAY, 7 NOVEMBER 2019 > Titan Company > Aurobindo Pharma > DLF > GE T&D India >Bajaj Electricals STOCKS Revised jewellery sales USFDA issues four Finance minister hints Q2 net loss at ~81 crore Q2 operational revenue IN THE NEWS guidance to 11-13% observations for at new measures for against profit of ~51 crore falls 31.5% to ~1,096 crore from 20% for H2FY20 Hyderabad facilities real estate sector in the year-ago quarter ~1,156.00 CLOSE ~450.75 CLOSE ~191.60 CLOSE ~170.55 CLOSE ~353.15 CLOSE 9.96 DOWN* * OVER PREVIOUS CLOSE 4.80% DOWN* 4.07% UP* 12.04% DOWN* 7.54% DOWN* > . IN BRIEF N AVIATION UNDER SPOTLIGHT N Cairn gets 10-year extension for Ravva block in Andhra Boeing in talks with DGCA Indian skies Anil Agarwal-led Cairn Oil and Gas, a vertical of Vedanta, has got a 10-year extension for its fall short on production sharing contract (PSC) for Ravva block in Andhra Pradesh from the Directorate General of Hydrocarbons. The extension will enable the for return of 737 MAX joint venture partners to recover 13 million barrels of oil jumbo jets equivalent (mboe). With this extension, the PSC is now valid Regulator demanding simulator training centres for pilots effective 28 October 2019, for the next 10 years. Ravva, the SURAJEET DAS GUPTA The industry needs to add oldest producing asset in India for Cairn, becomes the first New Delhi, 6 November 80 more wide-bodied aircraft large field to get PSC Extension under the “policy for the grant to reach the global average. In of extension to the production sharing contracts signed by The aviation industry is exp- India, in 2018-19, there were 344 government awarding small, medium sized, and discovered anding but the number of million passengers, of which fields to private joint ventures”. Cairn and its partners will wide-bodied aircraft has shr- 68-70 million were outbound, invest ~550 crore ($78 million) to drill seven wells under unk from 63 out of a total air- which is 20 per cent, say es- Revised Field Development Plan (RFDP) targeting additional craft strength of 614 in 2018 to timates. Without a sufficient reserves of 11.7 million barrels of oil equivalent. BS REPORTER< 43 — a development, which number of such planes for the- experts say, is out of sync with se medium- and long-haul flig- the global norm in which wide- hts, Indian carriers are being Sterlite Power TVS Motor Chairman bodied planes make up 20 per displaced by global carriers wh- inks pact to sell Venu Srinivasan cent of an airline’s fleet. ose share of outbound interna- In India, the share of these tional traffic on the medium Arcoverde project bags Deming Prize planes is only 7 per cent, down and long-haul routes is going Sterlite Power on Wednesday from over 10 per cent in the up. It is estimated the US and said it has signed the sale beginning of this year. Without UK together constituted for ov- agreement for its first power these planes, which have more er 7 per cent of outbound inter- transmission asset operating space and can carry more fuel, national traffic and if the whole in Brazil — the Arcoverde airlines cannot offer a comfort- of Europe is added, this share Project. The project is able experience on medium- or goes up to around 15 per cent. responsible for expanding the long-haul flights or carry a larg- The Centre for Asia Pacific flow of renewable energy in The aircraft, which has been grounded since March following two fatal crashes that killed 346 on board, is crucial to Indian er number of passengers. Aviation in a report said in FY 19, the countryside region of low-cost airline SpiceJet’s fortune, which has up to 205 aircraft on order PHOTO: REUTERS The collapse of Jet Airways the total number of seats in Pernambuco, the company has everything to do with the Europe and India grew to 5.1 said. PTI< Venu Srinivasan, chairman of ARINDAM MAJUMDER “Boeing is providing regulators around falling number of wide-bodied million, an increase of 13 per TVS Motor Company and New Delhi, 6 November India will need 2,400 the world, including the DGCA, with aircraft. “You cannot have a cent, primarily led by Jet. After Sundaram Clayton, was detailed information regarding the 737 shrinking wide-bodied market its collapse, analysts say the Nokia partners conferred with the Deming oeing has started negotiations with new aircraft in 20 MAX,” said Salil Gupte, president at in a country where aviation is bulk of the seats went to foreign Flipkart to launch ‘distinguished service award the Directorate General of Civil years, says Boeing Boeing India. growing. We see a large oppor- carriers. GE’s Rai says he is in for dissemination and B Aviation (DGCA) for return of the Unlike normal circumstances, when tunity in this space where now talks with all major carriers to smart TVs in India promotion overseas’, at a grounded 737 MAX to service. Crucial India would need 2,400 aircraft in regulators across the world follow the lead we only have Air India operat- push them to buy wide-bodied After Motorola, Nokia has now ceremony in Tokyo on among them is a demand that the US- the next 20 years and around 85-90 by the regulator of the country where the ing,” says Vikram Rai, country aircraft. But it can take 24-36 partnered e-commerce major Wednesday. Srinivasan is the based plane maker provides simulator per cent of them would be narrow- aircraft is manufactured (in this case US head, GE Aviation in India wh- months for delivery of an air- Flipkart for launching smart first Indian industrialist to get training centre to pilots. body, a senior executive of Boeing aviation regulator Federal Aviation ich has virtual monopoly in the craft even if orders are given TVs in the Indian market, the award for his contrib- Additional but costly simulator training said on Wednesday. Indian airlines Administration (FAA), since Boeing is wide-bodied engine market. now. Most low-cost carriers pre- marking the smartphone utions in the field of Total for pilots may dent the cost benefit of the currently have around 600 aircraft in based out of US), regulators around the GE and CFM, which is a joint fer to use their narrow-bodied maker's foray into consumer Quality Management. aircraft as minimum hours of transition their fleet. While narrow-body world approve the grounded jet to fly at venture with Safran Aircraft En- aircraft to fly overseas. Vistara durables space. PTI< BS REPORTER< training (as low as one hour) for pilots was planes are smaller and used for their own pace instead of following the gines, has over 300 narrow-bod- has been the only firm which the main selling point among low-cost car- short-haul routes, wide-body American regulator. ied and 40 wide-bodied engines has ordered six wide-bodied air- riers across the world. aircraft are used to fly on medium DGCA officials had met Boeing and FAA in operation in India. It is a key craft powered by GE engines. “One of the key observations from and long-haul routes. “Based on executives during global aviation confer- player with current orders of As Rai points out, the bigger Indian aviation regulator is the pilots flying economic growth, evolving business ences at Kathmandu and Montreal where 800 narrow-bodied and six planes need not be confined to PAYTM, OLAMONEY IN the 737 MAX will require additional simu- models and the dynamics in the Boeing tried to impress upon DGCA about wide-bodied engines. medium- and long-haul flights, lator training. Ideally, airlines would want marketplace, India will need around the safety of the aircraft. “We will take our Despite the overall slow- they can also be used for dom- TOP 10 OF FINTECH 100 LIST the simulator to be based out of India, but 2,400 new aircraft deliveries in the own time. We want to be absolutely sure,” down, airlines are doing well estic flights. “We are explain- Eight Indian fintech firms were featured in the KPMG if not, SpiceJet will send its pilots to the next 20 years,” said Darren Hulst, said a senior DGCA official. with passenger growth in both ing to airlines where airports deputy vice-president of commercial and H2 Ventures' ‘Fintech100’ list, with Paytm and Singapore-based simulator for training,” The return of the 737 MAX is intricate- the domestic and international suffer from a shortage of slots said a person aware of the development. marketing, Boeing. PTI ly connected to Boeing’s fight of market market. The airlines have man- and where there is huge dem- OlaMoney making it to top 10. “In 2019, we have seen The aircraft, which has been grounded share with Airbus in India as its European aged, within a few months, to and, it makes economic sense. the emergence of India as a fintech force,” the report since March following two fatal crashes rival has left it behind in the race for single- add enough new capacity to Also, someone can have a low- said. The Fintech100 list comprises 27 payments and which killed 346 on board, is crucial to person aware of the development. aisle aircraft market, while Boeing still more than fill the void left by cost carrier of wide-bodied air- transaction firms, 19 wealth companies, 17 insurance Indian low-cost airline SpiceJet’s fortune, A top Boeing executive said the compa- maintains a grip over the wide-body mar- Jet’s extinction in April.