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Singapore: <keyword id="20036942" type="General" weightage="100" keywordseo="Singapore-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore Airlines" meta.hostid="83" meta.entityid="Singapore Airlines">Singapore Airlines</keyword> on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of <keyword id="20018887" type="General" weightage="20" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="83" meta.entityid="Vistara">Vistara</keyword> with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="83" meta.entityid="Air India">Air India</keyword>, a deal that will create one of the world's largest airline groups. With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year. The proposed merger was announced in November 2022. Air India is owned by <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="83" meta.entityid="Tata Group">Tata Group</keyword> and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines. In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger. "The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and <keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword> received to-date, represent a significant development towards the completion of the proposed merger," the airline said in the filing to the Singapore Stock Exchange. The airline also said the completion of the merger continues to be subject to compliance by the parties with applicable Indian laws, which is currently expected to be completed in the next few months. "At this juncture, completion of the proposed merger is anticipated to occur by the end of 2024," it added. According to Singapore Airlines, the parties are in discussions to extend the long stop date for the completion of the merger. Earlier, it was expected to be October 31, 2024. The merger, which will create one of the biggest airline groups, was approved by the National Company Law Tribunal (NCLT) in June. In March, Singapore's competition regulator CCCS gave a conditional nod for the proposed deal. Prior to that in September 2023, the deal received approval from the Competition Commission of India (CCI), subject to certain conditions. "SIA will make the necessary announcement(s) upon completion of the proposed merger or in the event that there are other significant developments," the filing said on Friday.

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

By Quaid Najmi The tottering <keyword id="528556" type="General" weightage="20" keywordseo="Indian-aviation-sector" source="Orion">Indian aviation sector</keyword> hit fresh turbulence when early this month, another flourishing private airline was suddenly grounded owing to various problems, making it the 11th in a decade to �fall from the skies. Throwing their hands up, the <keyword id="11252024" type="General" weightage="20" keywordseo="go-first" source="Orion">Go First</keyword> budget airline's owners -- the Wadia Group -- filed voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) sending shockwaves through the entire <keyword id="34990" type="General" weightage="20" keywordseo="airline-industry" source="Orion">airline industry</keyword>. Go First was plagued by a peculiar problem -- the purported failure of the jet engine manufacturer, Pratt &amp; Whitney, USA, to supply engines/spares for its aircraft that grounded nearly 40 percent of the fleet for several months before it was compelled to totally suspend operations from the first week of May 2023. While the <keyword id="6354787" type="General" weightage="20" keywordseo="DGCA" source="Orion">DGCA</keyword> slapped a show-cause notice on the carrier for its abrupt actions that created havoc with thousands of flyers, Civil Aviation Minister Jyotiraditya Scindia seemed sympathetic to Go First grappling with the engine problems. While assuring that the government was helping out as best as possible, Scindia also called upon Go First to make alternative travel arrangements for its flyers to avoid inconveniencing them. According to Go First the application under the IBC came after the "ever-increasing number of failing engines supplied by PW" which led to the grounding of around 25 of its 61-strong Airbus A-320neo aircraft, or almost 40 percent of its fleet by April 30, 2023. Go First said in a statement that the groundings due to faulty PW engines increased from 7 percent of its fleet in December 2019 to 31 percent in December 2020 and 50 percent in December 2022, and blamed PW for giving assurances but failing to meet them. In view of this, the beleagured carrier suffered a whopping loss of nearly Rs 10,800 crore and even demanded Rs 8000 crore as compensation from the PW which could help Go First to meet its financial commitments/obligations. Besides, Go First had also coughed up Rs 5,657 crore to its lessors in the past couple of years comprising Rs 1,600 crore as lease rent for the non-operational grounded aircraft. Go First was also hampered by the PW reportedly not honouring the March 2023 award of the Emergency Arbitrator in Singapore to immediately provide the airline with at least 10 serviceable spare leased engines by April 2023 and 10 more per month till December 2023 to enable the carrier to resume full operations, financial rehab and survival. An aviation official said that after the NCLT processes the Go First application, it could appoint an interim Resolution Professional to take over and re-start operations, adding that a similar exercise in 2019 with another grounded private carrier failed to take-off. Though Go First's promoters have pumped in around Rs 3,200 crore in the past three years, coming to a total investment of nearly Rs 6,500 crore, plus support from the government's emergency credit line guarantee, all this failed to help as the airline kept incurring 100 percent of its operational costs and with a total loss of Rs 10,800 crores, it �succumbed'. In the NCLT plea, the 17-year-old airline which operated over 32 flights to 29 domestic and 10 international destinations, has sought several interim directions including restraining the lessors from taking back their aircraft, any adverse action by the DGCA, suppliers of essential goods-services, etc. Since launching low key operations in November 2005 as �GoAir', Go First gradually climbed up to become the fifth largest private carrier, consistently profitable and expanding till the PW �engine troubles' started from December 2020, hitting its operations and forcing it to ground in May 2023. However, the owner-promoters have already made it clear that they are keen to revive and not sell the venture or even exit this sector, which has witnessed many ups and downs with the practical �demise' of another 10 airlines in the past 10 years - or average one per annum! The Go First imbroglio came at a crucial juncture for the country's aviation sector which was soaring to pre-Covid 19 levels after the harsh pandemic and the ongoing peak summer holidays - and its full impact on the industry remains to be seen. (Quaid Najmi can be contacted at q.najmi@ians.in) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/buried-toxic-waste-from-old-mining-operations-could-destroy-ecosystems-as-warming-thaws-the-arctic-permafrost/articleshow/100394167.cms">Buried toxic waste from old mining operations could destroy ecosystems as warming thaws the Arctic permafrost</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/53-of-largest-lakes-worldwide-losing-water-storing-capacity-due-to-global-warming-and-unsustainable-human-consumption/articleshow/100394475.cms">53% of largest lakes worldwide losing water storing capacity due to global warming and unsustainable human consumption</a>

Go First Gone: 11th private airline to 'drop' out of skies in a decade

New Delhi, Indian airlines are projected to record a consolidated loss of USD 1.6 to 1.8 billion in the next financial year, aviation consultancy CAPA India said on Monday. The full service carriers are expected to incur a loss of USD 1.1 to 1.2 billion. According to CAPA India, Indian airlines are estimated to have a net induction of 132 planes next fiscal and will take the total fleet of all carriers to around 816 aircraft. While announcing its outlook for 2023-24, CAPA India also said that more than 100 planes of various Indian carriers are on the ground due to supply chain and non-supply chain issues. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-rvnl-reliance-industries-among-stocks-to-watch/articleshow/98792050.cms">Sensex, Nifty50 plummet over 1% dragged down by metal, IT and auto stocks</a> <a href="https://www.businessinsider.in/tech/news/google-i/o-2023-pixel-7a-pixel-fold-pixel-tablet-android-14-and-everything-we-expect-to-see/articleshow/98798666.cms">Google I/O 2023 – Pixel 7a, Pixel Fold, Pixel Tablet, Android 14, and everything we expect to see</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-3-mobile-phone-leaks-ahead-of-launch/articleshow/98597456.cms">OnePlus Nord CE 3 leaks ahead of launch – specs, expected launch date and more</a>

Indian carriers to report $1.6-1.8 billion consolidated loss in FY24 says industry body CAPA

New Delhi, Despite subdued improvement in operations, <keyword id="1173978" type="PERSON" weightage="20" keywordseo="Indian-aviation-stocks">Indian aviation stocks</keyword> have risen by 34-107% in the last three months, <keyword id="113829" type="DOMAIN" weightage="20" keywordseo="Motilal-Oswal-Financial-Services">Motilal Oswal Financial Services</keyword> said in a report. Accordingly, it pointed out that on a YoY basis, <keyword id="6354706" type="COMPANY" weightage="20" keywordseo="IndiGo">IndiGo</keyword> is up by 29% (outperforming Nifty by 16%), while <keyword id="6358032" type="DOMAIN" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> is up mere by 2% YoY. "IndiGo stock has risen on the back of Covid-19 vaccine optimism and gains in market share; SpiceJet was further supported by the re-licensing of the Boeing 737 MAX," the report said. "The outlook for the sector remains 'Neutral'." According to the report, optimism over the vaccine could certainly result in increased flying confidence, leading to the quicker normalisation of operations versus earlier estimates. "However, the same reason has also led to a spike in crude oil prices, which were previously subdued, somewhat easing the pain of <keyword id="389502" type="PERSON" weightage="20" keywordseo="airline-companies">airline companies</keyword> in the <keyword id="10461831" type="UNKNOWN" weightage="20" keywordseo="currents-unprecedented-times">currents unprecedented times</keyword>," it said. "It's been six months since the resumption of domestic flight operations in India (post complete grounding over April-May'20)." Domestic operations in India are still 50% of pre-Covid levels, recording a gradual improvement over these last six months. Besides, it said a rise in the number of unique city pairs has resulted in huge growth in the international market over the last two years. However, the Covid disruption has resulted in a significant reduction in such city pairs (down by 67% YoY). "Thus, we believe international travel is likely to take longer to recover, with confidence likely to first improve in intracontinental flying (v/s intercontinental flying)." Furthermore, it cited that India has a huge order book of more than 500 planes coming in over the next 3-4 years. "And, with domestic air travel demand extremely elastic to railway journeys, airlines would have to compete on fares to fill their seats," "Earnings could see a drastic impact on currently enjoyed higher yields if fare bands are removed and competition prickles in." In addition, it said revival in economic activity, any spike in crude oil prices from current levels would directly impact the earnings of airline companies. "If crude oil prices climb up, along with yields declining from current levels, it would lead to a double whammy impact on the stocks - which are currently trending at expensive valuations." SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms">Mrs Bectors Food Specialities IPO allotment: Here’s how to check share allotment status</a>

Indian aviation stocks up by 34-107% in the last three months, says report

<keyword id="8460033" type="General" weightage="20" keywordseo="bofa-securities" source="Orion">BofA Securities</keyword> has given a 'Buy' call for E Ink, Hundsun, Japan Airlines, Mazda Motor, PICC Group, <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, Samsung F&amp;M, SBI Cards, and United Breweries for the July-September 2023 quarter. The financial services company sees potential return on investments in the range 6-72 %. It, however, gave an 'Underperform' rating for IDP Education, with a potential 16 % downside in its stock price. BofA Securities said they presented a list of 10 quarterly stock recommendations among Asia Pacific companies, based on the view that these stocks could have the most significant market and business-related catalysts in the quarter ahead. "Given the breadth and scope of our overall coverage of stocks and sectors in Asia Pac, we recognize this recommended list cannot include nor is it designed to include all major catalysts. Our objective is to identify what we believe will be the highest impact ideas in each quarter when we publish the list," the financial services company said. For Reliance, the financial services company has a 'Buy' rating as Jio has emerged as the top telecom player in a growing market in India. "Reliance's telecom subsidiary -Jio - has garnered a large number of paying subscribers. Service quality perceptions continue to improve. Data demand appears to be sticky, and relatively less price sensitive," it said. "Reliance is also completing a major petrochemicals expansion, which should significantly increase its free cash flow potential. Continued improvements at Jio and FCF (free cash flow) generation should drive upside." Explaining the rationale behind the recommendation, it said it maintained 'Buy' on Reliance Industries after finding find risk-reward favorable as it heads into its Annual General Meeting (likely in August). With Jio making investments in 5G, BofA Securities sees further room for the company to gain market share -- mainly at the expense of Vodafone Idea. "Furthermore, any better-than-expected revenues in fiber broadband or digital initiatives could surprise positively." The Indian conglomerate foraying into "high-margin" niches like chocolates, cosmetics, and beverages by making acquisitions is also a positive, BofA Securities said. Further, it said Reliance's oil-to-chemical business is well positioned to generate $9-9.5 billion EBITDA for the next three years, thus providing cash-flow stability. "We also consider <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> to be one of the very few Indian companies who have potential to be big in clean energy space mainly in solar, battery, electrolyser and fuel cells as they are setting gigafactories," it added. (ANI)

Reliance among BofA Securities' top 10 Asia Pacific stock recommendations

<ul><li>A bankrupt carrier that hasn't flown once in 2020 is the world's best-performing airline stock this year, <a href="https://www.bloomberg.com/news/articles/2020-11-03/world-s-best-performing-airline-stock-is-bankrupt-indian-carrier?srnd=markets-vp">according to Bloomberg</a>.</li><li>Shares in <keyword id="6358200" type="ORGANIZATION" weightage="60" keywordseo="jet-airways">Jet Airways</keyword> have jumped more than 130% this year, striking a sharp contrast to the 42% slump in the Bloomberg <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">Airlines</keyword> Index over the same period.</li><li>The Indian carrier's rally is surprising, not least because it faces about $3.4 billion in outstanding claims, most of its airport slots have been seized, and it has almost no employees, Bloomberg said.</li><li>Jet's stock-price gain echoes the nine-fold increase in Hertz shares after the car-rental company filed for <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword> in May.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</li></ul>The best-performing airline stock in the world this year is a bankrupt carrier that hasn't flown since 2019, <a href="https://www.bloomberg.com/news/articles/2020-11-03/world-s-best-performing-airline-stock-is-bankrupt-indian-carrier?srnd=markets-vp">Bloomberg reported on Wednesday</a>.Jet Airways shares have soared more than 130% this year, compared to a 42% slump for the Bloomberg World Airlines Index, which comprises 27 of the world's largest carriers.The share-price increase is puzzling because the Indian airline remains mired in the bankruptcy process. Stockholders almost always lose out in bankruptcies as suppliers, creditors, and other parties' claims on assets take priority.Read More: <a href="https://www.businessinsider.com/stocks-to-buy-and-avoid-in-3-election-outcomes-stifel-2020-10" target="_blank" rel="noopener noreferrer">Stifel asked its analysts to identify stocks most likely to be positively or negatively affected by the election results. Here are the dozens of stocks to buy or avoid in each of the 3 outcomes.</a>Jet also faces claims totaling about $3.4 billion from close to 17,000 creditors, most of its airport slots have been seized, and it has virtually no employees anymore, Bloomberg said.The group recently got the green light from creditors to proceed with a resolution plan, but there's little to suggest it will restart flights anytime soon. Retail investors may be bidding up Jet's shares in the hope it makes a comeback after restructuring, or because they see value in its assets, Bloomberg reported.The breathless rise in Jet's stock price echoes the <a href="https://markets.businessinsider.com/news/stocks/hertz-stock-price-skyrockets-since-filing-bankruptcy-traders-global-holdings-2020-6-1029285231#">800% surge in Hertz shares</a> after the car-rental giant filed for bankruptcy in late May. That buying frenzy was fueled by <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002#">day traders speculating on apps such as Robinhood</a>.Read More: <a href="https://www.businessinsider.com/stock-market-crash-fear-gauge-signals-meltdown-after-2020-election-2020-10" target="_blank" rel="noopener noreferrer">Wall Street's fear gauge is warning that the upcoming election could trigger a prolonged period of stock-market chaos — one that's much worse than the aftermath of 2016</a>Jet faces a difficult backdrop, as airlines continue to suffer from pandemic-related travel restrictions and virus fears weighing on passenger numbers. The industry's mounting challenges spurred billionaire investor Warren Buffett to <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-sold-airline-stocks-april-2020-5-1029156875#">dump his stakes in the "big four" US carriers in April</a>.While Jet shares have rallied, they are still more than 90% below their level at the start of 2018.

You Searched For "indian airlines stocks" and got 6 results

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

PTI

Go First Gone: 11th private airline to 'drop' out of skies in a decade

IANS

Indian carriers to report $1.6-1.8 billion consolidated loss in FY24 says industry body CAPA

PTI

Indian aviation stocks up by 34-107% in the last three months, says report

IANS

Reliance among BofA Securities' top 10 Asia Pacific stock recommendations

ANI

A bankrupt airline's stock has soared 130% this year, even though it hasn't flown once in 2020

Theron Mohamed

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