Page 5 - Spicejet

Top headlines: KKR to invest in Hero's RE arm; CEA pegs FY23 growth at 7%

SpiceJet has sent approximately 80 pilots on leave without pay for three months in order to rationalise its costs.

Akasa Air filled 53% seats in August, accounting for 0.2% market share

Top-6 carriers posted much higher seat occupancy; experts say not much can be read into Akasa's load factor as airline is at a very nascent stage

SpiceJet reintroduces option to lock fare for 48 hours with 'SpiceLock'

SpiceJet announced the reintroduction of 'SpiceLock', a unique service that allows passengers to lock their desired fare for 48 hours without name

No stay of probe in alleged cheating case against SpiceJet's Ajay Singh: HC

The Delhi High Court has clarified that there is no stay of investigation in an alleged cheating case against SpiceJet promoter Ajay Singh concerning the transfer of shares of the airline to certain individuals. The clarification came on an order passed by Justice Anoop Kumar Mendiratta on Singh's anticipatory bail application in the matter. The court, which had earlier granted interim protection from arrest to the businessman stated in its order dated September 8, As prayed by learned Additional Standing Counsel for the State, it is clarified that there is no stay of investigation. The court listed the matter for further hearing on November 29 and said the interim order shall continue to remain in operation in the meantime. List on November 29, 2022. Interim orders to continue, it said. In the present case, which pertains to two similar FIRs, a Delhi businessman and his family members have alleged that there was a share-purchase agreement between him and the accused and they paid

Stocks to Watch: Reliance, ONGC, Tata Steel, Oil India, Anupam Rasayan

ONGC has signed 6 contracts for Discovered Small Fields (DSFs) under the DSF-III bid round. Contracts were signed for 3 offshore fields each in the Arabian Sea, Bay of Bengal

SpiceJet appoints Ashish Kumar as CFO, effective from September 9

Budget carrier SpiceJet on Friday said it has appointed Ashish Kumar as its Chief Financial Officer. Kumar's appointment for the post is effective from September 9, SpiceJet said in a statement. Kumar succeeds Sanjeev Taneja, who quit the struggling carrier on August 31. Before joining the Gurugram-based low-cost airline, Kumar was serving as vice president for corporate finance at Interglobe Enterprises since January 2019, SpiceJet said. Previously, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018, as per the statement. Facing a liquidity crunch, SpiceJet reported a loss of Rs 784 crore for the quarter that ended June 30, compared to a loss of Rs 731 crore a year earlier. The company had also reported a loss of Rs 485 crore for the quarter ended March. "Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish's experience and proven track record will ensure that he can .

Former SC judge PV Reddi to mediate SpiceJet-Kalanithi Maran spat

SpiceJet incurred net losses of Rs 316 crore, Rs 934 crore, Rs 998 crore and Rs 1,725 crore in FY19, FY20, FY21 and FY22, respectively

SpiceJet in dire need of recapitalisation to revive operation: Report

The carrier has been strong in its pursuit of weathering the storm but it has faced a series of headwinds for more than three years. The company reported huge loss in April-June quarter

SpiceJet likely to get funds under govt's credit guarantee scheme next week

SpiceJet, which is facing financial headwinds, is likely to receive around Rs 225 crore under the government's credit guarantee scheme next week, according to a source. Hit by high fuel prices and rupee depreciation, the budget carrier on Wednesday posted a net loss of Rs 789 crore for June quarter and also said its board has approved raising up to Rs 2,000 crore. On Friday, the source said the airline is expected to receive around Rs 225 crore next week under the Emergency Credit Line Guarantee Scheme (ECLGS). Under the scheme, announced in May 2020 in the wake of the pandemic to help various sectors, entities will get credit at a concessional rate of 7 per cent. On August 17, the Union Cabinet approved the enhancement in the limit of ECLGS by Rs 50,000 crore to Rs 5 lakh crore. The additional amount is being earmarked exclusively for enterprises in hospitality and related sectors. The source also said that a new Chief Financial Officer (CFO) is expected to join the airline next

SpiceJet likely to get Rs 225 crore next week under ECLGS to clear dues

The airline has been making losses for the last 4 years. Moreover, it is currently operating less than 50% flights, following the July 27 order DGCA in the wake of a spate of incidents.

TMS Ep251: SpiceJet crisis, EV boom, multiplex stocks, reserve currency

How can SpiceJet come out of crisis? Is the stage set for an EV boom in India? How 'Boycott Bollywood' has hit PVR, Inox Leisure's stocks? What is a reserve currency? All answers here

How can SpiceJet fly out of its existential crisis?

Electric vehicles are set to take India by storm. Foreign as well as domestic companies have lined up a host of variants. The stage is set for the electric vehicle revolution in India. Here's more

SpiceJet Delhi-Nashik flight returns midway due to 'autopilot' snag

A SpiceJet flight that took off for Nashik in Maharashtra from the Indira Gandhi International Airport here on Thursday morning returned midway to the city due to an 'autopilot' snag, a DGCA official said. The Boeing 737 aircraft landed safely, he said. SpiceJet B737 aircraft VT-SLP, operating flight SG-8363 (Delhi-Nashik) on Thursday was involved in an air turnback due to an autopilot snag, the official said. Facing financial turbulence amid high fuel prices and rupee depreciation, SpiceJet aircraft have been involved in a series of incidents in the past as well, following which the Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline. On July 27, the aviation safety regulator had also ordered the airline to operate a maximum of 50 per cent of its flights for eight weeks.

SpiceJet stock recovers most of early lost ground; settles over 3% lower

Shares of SpiceJet recovered most of their early lost ground and settled over 3 per cent lower on Thursday. Earlier in the day, it tumbled nearly 15 per cent after the company reported widening of net loss at Rs 789 crore during the April-June quarter of FY23. The company's stock tanked 14.65 per cent to Rs 39.60 during the early trade on the BSE. Later, it recovered most of the lost ground and settled at Rs 44.95, lower by 3.13 per cent. On the BSE, 15.66 lakh shares of the company were traded during the day. The BSE Sensex fell 770.48 points or 1.29 per cent to settle at 58,766.59. SpiceJet on Wednesday reported widening of net loss to Rs 789 crore in June quarter 2022-23 as high fuel prices and rupee depreciation adversely impacted the budget carrier. Apart from facing financial turbulence, SpiceJet aircraft have been involved in a series of incidents in the past, following which the Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline. T

SpiceJet's plane returns midway due to 'autopilot' snag; DGCA to probe

A SpiceJet plane, carrying 89 passengers, that took off for Nashik from the national capital on Thursday returned midway due to an "autopilot" snag and aviation regulator DGCA will probe the incident, according to an official. The Boeing 737 plane landed safely and later the passengers were flown to Nashik in another aircraft. This is the latest in a series of incidents involving planes of SpiceJet, which was ordered by the Directorate General of Civil Aviation (DGCA) on July 27 to operate only 50 per cent of its flights for eight weeks. The order had come in the wake of various SpiceJet aircraft facing technical issues. SpiceJet B737 aircraft VT-SLP, operating flight SG-8363 (Delhi-Nashik), on Thursday was involved in an air turnback due to an autopilot snag, a DGCA official said. The DGCA will probe the incident, the official added. A source said there were 89 passengers onboard and they were ferried in another plane to Nashik, Maharashtra. In a statement, SpiceJet said its ...

SpiceJet shares fall 15% to hit one-month low on bigger quarterly loss

SpiceJet on Wednesday reported a net loss of 7.84 billion rupees ($98.50 million) for the quarter ended June 30, compared with a loss of 7.31 billion rupees a year earlier

Stocks to watch: Biocon, SpiceJet, PNB, NTPC, Ashok Leyland, Coffee Day

Stocks to watch today: Biocon received 11 observations in Form 483 for their Bengaluru and Mayalsia facilities from the USFDA; Ashok Leyland won orders from major fleets for 1,400 school buses in UAE.

SpiceJet reports combined loss of Rs 1,247 crore in Q4FY22 and Q1FY23

SpiceJet incurred net losses of Rs 316 crore, Rs 934 crore, and Rs 998 crore in FY19, FY20, and FY21, respectively

SpiceJet delays salaries 2nd month in a row, payments in 'graded format'

SpiceJet employees on Wednesday alleged delay in the disbursal of salaries for the second straight month, with the budget airline saying the payments were being made in a "graded format". There was a delay in disbursal of salary for staff, including flight crew, for the month of July and many are yet to get the Form 16 for the financial year 2021-22 as well, SpiceJet employees claimed. "The salary disbursal was timely for June. Also, the salaries are yet to match the pre-COVID-19 levels. The salaries being disbursed to captains and first officers are not even 50 per cent of what they used to be before the pandemic outbreak in March 2020," an employee told PTI. However, SpiceJet claimed it has started salary disbursal in a "graded format". "We have started crediting salaries from today. Like the previous month, salary will be credited in a graded format," the airline said in a statement to PTI. In an internal communication Wednesday, the SpiceJet's Human Resources team informed ...

DGCA deregisters two more aircraft of SpiceJet due to non-payment of dues

Aviation regulator DGCA on Wednesday deregistered two more Boeing 737 planes of SpiceJet following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. Boeing ?737-800 aircraft VT-SPU and Boeing 737-900ER aircraft VT-SGQ have been deregistered under IDERA on August 31, according to a senior official at the Directorate General of Civil Aviation (DGCA). Under the Cape Town Convention, lessors and lenders can seek deregistration of a leased aircraft in case there is a default. Such requests are done under Irrevocable De-registration and Export Request Authorisation (IDERA). In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. On Wednesday, the carrier reported a net loss of Rs 789 crore for the three months