SpiceJet Archives - gamemmm12

Tag: <span>SpiceJet</span>

‘SpiceJet Rs 3,000-cr QIP oversubscribed; airline to get funding…

18 September 2024
by admin

NEW DELHI: SpiceJet is now looking at a lifeline with its crucial fundraising exercise learnt to be finding favour with investors. The airline’s Rs 3,000-crore qualified institutional placement (QIP) has been oversubscribed, say sources. The likely investors include institutional funds like Tata Mutual Fund, Bandhan Bank, Discovery Fund, Plutus, Jupiter Fund Management and Think Investments.Family offices of ace investor Madhu Kela, Akash Bhanshali, Sanjay Dangi and Rohit Kothari are also learnt to have subscribed to the QIP.
“This demonstrates strong investor confidence in the airline and in its growth potential. The QIP received an overwhelming response from investors and was significantly oversubscribed on its first day. The total offers received exceed Rs 3,000 crore. This support shows the belief in the airline’s ability to capitalise on India’s growing aviation market and achieve sustained growth,” say sources.
The airline could soon get funds and will then unground its fleet apart from paying employees’ PF and TDS dues, sources say.

Science & Environment

Flight cancelled, protest at IGI – Times of India

14 September 2024
by admin

NEW DELHI: SpiceJet on Saturday cancelled its flight from Delhi to Darbhanga, triggering protests by passengers at IGI airport. A video of passengers protesting and shouting slogans at the airport was shared on social media. In a statement, an airline spokesperson said its flight SG 495 from Delhi to Darbhanga was cancelled due to unforeseen operational reasons and apologised for the inconvenience caused.The airline has offered passengers the option of a full refund or alternative flight arrangements to Darbhanga on the following day.

Science & Environment

SpiceJet Says Carlyle Aviation To Write Off Lease Arrears…

10 September 2024
by admin

New Delhi: SpiceJet on Tuesday said Carlyle Aviation will write off aircraft lease arrears worth USD 40.17 million as part of a settlement agreement that will also result in the entity hiking stake in the struggling airline.

Facing multiple headwinds, the budget carrier is working on ways to raise funds to the tune of Rs 3,200 crore, including infusion of money by the promoter.

On Friday, SpiceJet had mentioned about the settlement pact with Carlyle Aviation, which had earlier also restructured certain debt with the airline.

In a release on Tuesday, the airline said there is a significant debt relief and Carlyle Aviation will write off USD 40.17 million in lease arrears.

Besides, the entity will convert USD 30 million in lease arrears into SpiceJet equity at Rs 100 per share, following which its stake in the airline will increase significantly.

Currently, Carlyle Aviation has around 6 per cent stake in the company. According to the release, Carlyle Aviation will also convert USD 20 million in lease arrears into compulsorily convertible debentures of SpiceXpress & Logistics Pvt Ltd.

SpiceJet, which had a fleet of 74 planes in 2019, is operating around 20 aircraft. The outstanding liabilities include statutory dues worth Rs 650 crore. On Tuesday, shares of the airline rose 2.47 per cent to Rs 65.57 apiece.

Science & Environment

SpiceJet’s Ajay Singh may sell over 10 pc stake…

8 September 2024
by admin

NEW DELHI: SpiceJet promoter and chairman Ajay Singh may offload more than 10 per cent stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources. The budget carrier — which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft — is looking to raise money that will help it meet various obligations.
One of the sources said that Singh could offload up to a 15 per cent stake in the airline if certain conditions are conducive.
Singh, who is the Chairman and Managing Director, would be offloading around 10 per cent shareholding in the airline and the quantum could go up, the second source said.
For the proposed QIP (Qualified Institutional Placement), there is already a commitment for up to Rs 2,000 crore and the airline is in discussions with potential investors. Meetings with investors have been held in India and overseas, the sources in the know said.
There was no official comment from SpiceJet.
The funding round is expected to be completed by the end of September.
At the end of June 2024, the promoter group had a little over 47 per cent stake in the carrier, as per data available on the BSE.
SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft.
On Friday, the airline said it plans to mop up Rs 3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday.
The funds will be utilised to take back the grounded fleet in operations, liability settlement, new fleet induction and other general purposes.
“Spicejet plans to raise Rs 2,500 crore through QIP and Rs 736 crore through previous warrants and promoter infusion, the airline said in an investor presentation,” it had said in the presentation to investors.
In January, SpiceJet could raise only Rs 1,060 crore through preferential issues against its Rs 2,250 crore funding plan that was announced in December 2023.

Science & Environment

Stocks To Watch: SpiceJet, CDSL, RIL, LIC, NTPC, Indigo,…

30 August 2024
by admin

Stocks To Watch On August 30: Equity indices Sensex and Nifty hit their all-time high levels on Thursday, driven by a fag-end rally in index majors. In today’s trade, shares of SpiceJet, CDSL, RIL, LIC, Shipping Corp, NTPC among others will be in focus due to various news developments.

NTPC: The company’s step-down subsidiary NTPC REL has started commercial operations from the first part of the 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan, with a capacity of 160 MW. The total installed capacity of the NTPC group has now reached 76,294 MW after this development.

InterGlobe Aviation: Promoter entity The Chinkerpoo Family Trust (whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware) sold a 5.24 per cent stake in IndiGo, for a total amount of Rs 9,549 crore. Morgan Stanley Asia (Singapore) Pte bought a 0.74 per cent stake in the company at an average price of Rs 4,714.9 per share, for a total of Rs 1,345.6 crore.

Shipping Corporation of India: The company has received a tax demand order of Rs 160.37 crore from the Department of Goods and Services Tax, Maharashtra, for FY20. The company said it is in the process of filing an appeal before the Joint Commissioner of State Tax.

Rail Vikas Nigam Limited: The company has signed a memorandm of understanding with Patel Engineering for hydro and other infrastructure projects in India and overseas.

3M India: The National Company Law Tribunal’s (NCLT) Bengaluru bench has approved the Scheme of Amalgamation of 3M Electro and Communication India with 3M India.

Sugar stocks: The government has removed the cap on sugar diversion for ethanol production for ESY (Ethanol Supply Year – December to November) 2024-25. According to the government’s notification, sugar mills and distilleries can produce ethanol from sugarcane juice/sugar syrup, B-Heavy molasses, as well as C-Heavy molasses, during ESY2024-25 as per their agreements with oil marketing companies.

RIL: Shares of RIL will be in focus today after the annual general meeting on Thursday, where Mukesh Ambani said the conglomerate will soon become one of the world’s 30 most valuable companies.

SpiceJet: Aviation regulator Directorate General of Civil Aviation (DGCA) has placed the budget carrier under ‘enhanced surveillance’ with immediate effect. This entails an increase in the number of spot checks and night surveillance to ensure the safety of operations. DGCA conducted a special audit of SpiceJet’s engineering facilities in August.

ITI: The telecom equipment manufacturing company has secured an order to supply 500 sets of electronic voting machines (EVM) from the State Election Commission of West Bengal. This is the first order for EVMs for the company.

Life Insurance Corporation of India: The company has received a tax demand order of Rs 605.6 crore, which includes the GST, interest and penalty, from Maharashtra for FY20.

CDSL: Markets regulator Securities and Exchange Board of India (SEBI) has approved CDSL’s proposal to appoint Nehal Vora as the managing director and chief executive officer of the company.

Tata Steel: The Tata group company has acquired 13,000 equity shares, equivalent to a 26 per cent equity stake, in TP Parivart, which is a subsidiary of Tata Power Renewable Energy, for Rs 1.3 lakh.

Rallis India: The company announced that Bhaskar Bhat, serving as the Director and Chairman of the company, has vacated his position effective from August 30.

Jai Corp: The company’s board of directors has approved the buyback of up to 29.44 lakh shares, equivalent to 1.65 per cent of the total equity of the company, for up to Rs 177.8 crore, at a price of Rs 400 per share. The record date for the buyback has been set as September 10.

PB Fintech: Tencent Cloud Europe BV sold a 2.12 per cent stake in the company at an average price of Rs 1,719.75 per share, while Europacific Growth Fund bought 0.54 per cent shares at the same price.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More

Science & Environment

Microsoft Outage: IndiGo Issues Handwritten Boarding Passes, Passenger’s Post…

19 July 2024
by admin

New Delhi: After a global outage affecting Microsoft’s cloud services, airports across India are facing unexpected flight delays. Passengers have taken to social media to share their experiences, posting images of handwritten boarding passes being issued due to the disruption. This unforeseen issue has caused several inconveniences for travellers nationwide.

In response to the outage, IndiGo has started using handwritten boarding passes to keep flights running smoothly. Akshay Kothari, a passenger at Hyderabad’s Rajiv Gandhi International Airport, shared his experience on X (formerly Twitter).

The Microsoft / CrowdStrike outage has taken down most airports in India. I got my first hand-written boarding pass today pic.twitter.com/xsdnq1Pgjr
— Akshay Kothari (@akothari) July 19, 2024

“The Microsoft/CrowdStrike outage has taken down most airports in India. I got my first handwritten boarding pass today,” he shared a photo of his manually issued boarding pass along with his post.

The switch from digital systems sparked a variety of responses on social media. One comment noted, “Wow back to pen paper.” Another remarked, “Sometimes, the old-school way is still the best when technology lets us down.”

Indigo’s Response

#6ETravelAdvisory : As systems are impacted globally due to ongoing issues with Microsoft Azure, we kindly request you to refrain from making multiple booking attempts during this time. We are working closely with Microsoft to resolve the issue and appreciate your patience.
— IndiGo (@IndiGo6E) July 19, 2024

Hi, we’re facing a network-wide issue with Microsoft Azure, causing delays at airports. Check-ins may be slower and queues longer. Our Digital team is working with Microsoft to resolve this swiftly. For assistance, please reach out to our on-ground team. Thanks for your patience.
— IndiGo (@IndiGo6E) July 19, 2024

IndiGo issued a statement addressing the widespread disruption. “Our systems across the network are impacted by an ongoing issue with Microsoft Azure, resulting in increased wait times at our contact centres and airports,” the airline said. They advised passengers to expect slower check-ins and longer queues and urged those travelling within the next 24 hours to contact them only if necessary.

The outage also impacted other airlines, including Air India, Vistara, and SpiceJet, leading to flight cancellations and delays.

Response from Government and Industry

Indian Union Minister Ashwini Vaishnaw confirmed that the IT ministry is working with Microsoft to resolve the outage. He stated, “MEITY is in touch with Microsoft and its associates regarding the global outage. NIC network is not affected.”

MEITY is in touch with Microsoft and its associates regarding the global outage.

The reason for this outage has been identified and updates have been released to resolve the issue.

CERT is issuing a technical advisory.

NIC network is not affected.
— Ashwini Vaishnaw (@AshwiniVaishnaw) July 19, 2024

Science & Environment

SpiceJet Q4 Results: Net Profit Surges Six-Fold to Rs…

15 July 2024
by admin

Spicejet Q4 Results: Budget airline SpiceJet Ltd on Monday reported a sixfold surge in its net profit to Rs 119 crore for the fourth quarter ended March 31, 2024. Its EBITDA (earnings before interest, tax, depreciation and amortisation) during April-June 2024 rose to Rs 386 crore, compared with Rs 344 crore in the year-ago period.

Spicejet’s net profit had stood at Rs 17 crore in the corresponding period last year, according to the company’s statement.

For the fiscal year ended March 31, 2024, SpiceJet significantly reduced its losses by nearly 73%, reporting a post-tax loss of Rs 409 crore compared to a net loss of Rs 1,503 crore in FY2023.

Ajay Singh, chairman and managing director of SpiceJet, said, “We are pleased to announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 Crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company’s fortunes.”

He added that SpiceJet is well-positioned to soar even higher in the coming quarters. “As we move forward, we are exploring opportunities to raise fresh funds to further bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market. We are confident that with our robust strategy and dedicated team, we will continue to soar to new heights and create value for our stakeholders.”

In January this year, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 Crore and raised INR 1,060 Crore under preferential issues in two tranches.

Shares of Spicejet on Monday rose Rs 4 or 7.71 per cent to Rs 55.89 apiece on the BSE.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More

Science & Environment

Watch: Spicejet Woman Employee Slaps CISF Official At Jaipur…

11 July 2024
by admin

A woman crew member from SpiceJet Airlines was arrested at Jaipur Airport in Rajasthan for allegedly slapping a Central Industrial Security Force (CISF) personnel stationed at the security checkpoint. The police provided this information. Deputy Commissioner of Police, Kavendra Singh Sagar, stated that the incident occurred on Thursday morning when an Assistant Sub-Inspector prevented the female crew member from entering without a security check.

जयपुर एयरपोर्ट पर स्पाइस जेट की महिला कर्मचारी ने CISF जवान को मारा थप्पड़, मामले का CCTV फुटेज आया सामने#JaipurAirport #CISF #ASI #ViralVideo pic.twitter.com/ZmXs8rRGhx

— Zee News (@ZeeNews) July 11, 2024

It was also reported that an argument ensued between the woman and the CISF personnel when she was stopped for a security check, during which the woman slapped the officer. The official explained that there was no female staff available for the security check in the morning, so a male officer was assigned to the task.

What CISF Official Claimed?

Based on a complaint filed by the CISF officer, the accused woman, Anuradha Rani, was arrested, and an investigation is underway. According to the police, Anuradha is a member of the SpiceJet crew and attempted to enter the airport through the vehicle gate without undergoing a security check.

On one side, the CISF officer claimed that the woman was insisting on forcibly entering through the vehicle gate without a security check and became agitated when denied entry. In her agitation, she slapped CISF officer Giriraj Prasad. After her arrest, the woman also presented her side of the story. Currently, the investigation has begun.

What Spicejet Claimed?

Reacting to the incident, SpiceJet Spokesperson said, “Today, an unfortunate incident occurred at Jaipur Airport involving a SpiceJet female security staff member and a male CISF personnel. While escorting a catering vehicle at the steel gate, our female security staff member, who had a valid airport entry pass issued by the Bureau of Civil Aviation Security (BCAS), India’s civil aviation security regulator, was subjected to inappropriate and unacceptable language by the CISF personnel, including asking her to come and meet him after his duty hours at his home. SpiceJet is taking immediate legal action in this serious case of sexual harassment against its female employee and has approached the local police. We stand firmly by our employee and are committed to providing her with full support.

Science & Environment

SpiceJet flight delayed for several hours in Delhi due…

8 June 2024
by admin

NEW DELHI: Passengers on a SpiceJet flight from Delhi to Goa faced trouble at the Indira Gandhi International (IGI) airport in Delhi on Saturday after the flight was delayed for several hours.
The airline said that the delay of flight SG-211 was caused by operational issues, as the originally scheduled aircraft had to be grounded due to a technical problem.
According to the passenger, SpiceJet flight SG-211, initially set to take off at 9.35 am from Delhi, underwent multiple rescheduling changes, then the departure time was adjusted to 10.35 am, then to 11 am, but the flight still did not take off even at 11.
Upon raising their concerns with the airline staff, passengers were informed that the flight would now depart at 4 pm.
A passenger traveling with family members, including elderly individuals and children, expressed frustration, claiming that the airline made no arrangements and instructed them to wait at the airport.
“We have hotel bookings and other plans at the Goa but it is all ruined because of SpiceJet. The flight tickets in other airlines at the last moment are very high and it can’t be feasible to purchase for eight people,” the passenger said.
According to passengers, airline staff informed them that a flight arriving from Jammu at 3.35 pm would be used for the Goa-bound flight, which would depart at 4 pm. However, no refreshments were provided to the waiting passengers during this time.
SpiceJet acknowledged the delay, stating that it was due to operational reasons. The airline in a statement said, “An alternate aircraft is being arranged to operate the flight. Passengers are being served refreshments. Inconvenience caused to the passengers is deeply regretted.”
(With inputs from agencies)