BQuick On Oct. 19: Top 10 Stories In Under 10 Minutes
This is a roundup of the day’s top stories in brief.
1. Will Jet Airways Ever Fly Again?
After a resolution process lasting nearly 16 months, insolvent Jet Airways (India) Ltd. has found a buyer.
Over the weekend, a consortium of U.K.-based Kalrock Capital Partners and Murari Lal Jalan was selected as winning bidders for the airline under the Insolvency and Bankruptcy Code, Jet Airways informed exchanges.
Neither Kalrock Capital nor Jalan have exposure to aviation sector companies.
Here’s how much the new owners may have to spend to restore airline operations and making Jet Airways relevant again.
2. Doubling Down On Air India Divestment
India is ready to sweeten the deal for the sale of Air India Ltd., the loss-making state-owned carrier.
The government is considering allowing potential suitors for Air India decide how much of the flag carrier’s debt they want to take on as part of the deal, Disinvestment Secretary Tuhin Kanta Pandey told Bloomberg News.
The bid date is also likely to be extended beyond Oct. 30 to give investors time to make an offer, he said.
“We will remove the constraints that the current structure of the transaction poses for investors.”
3. How Britannia And HDFC Life Fared In Q2
Britannia Industries Ltd.’s quarterly profit and revenue rose, aided by increased sales at a time when the economy was opened up in phases following a series of lockdowns imposed in the aftermath of the Covid-19 outbreak.
Net profit rose 23% year-on-year to Rs 494.93 crore.
Revenue rose 12% to Rs 3,419.11 crore.
Operating margin expanded to 19.8% from 16.1%.
Find out how Britannia focused on high-volume products to beat the pandemic impact.
HDFC Life Insurance Co.’s quarterly net profit rose, aided by cost cuts.
Profit increased 6% year-on-year to Rs 326 crore.
Gross premium rose 35% to Rs 10,183 crore.
Annualised premium, however, fell 4% to Rs 3,334 crore.
Get more details and management commentary here.
4. Nifty Slams A Century; Gold Rallies
Indian equity markets began the new trading week on a positive note, notching up their second straight day of gains.
The S&P BSE Sensex ended 1.1% or 449 points higher at 40,431
The NSE Nifty 50 index ended 0.9% or 124 points higher at 11,873.
Banking stocks were the top performers in today's session.
Follow the day’s trading action here.