With the current fleet, Jet Airways is likely to operate only about 985 flights a week or 140 flights a day—down from an average of about 650 flights a day in March 2018. (Reuters)
With the current fleet, Jet Airways is likely to operate only about 985 flights a week or 140 flights a day—down from an average of about 650 flights a day in March 2018. (Reuters)

Jet Airways crisis worsens as govt steps in, pilots threaten strike

  • Govt calls for an emergency meeting to discuss grounding of flights, advance bookings, cancellations, refunds and any potential safety issues at Jet Airways
  • Groundings have led to several flight cancellations—passengers are demanding refunds and pilots are threatening strike over unpaid salaries

IL&FS is sitting on a debt of around  ₹94,000 crore  (Mint)
IL&FS is sitting on a debt of around 94,000 crore  (Mint)

RBI seeks modification of NCLAT order in IL&FS case

  • The order relates to the classification of debt of IL&FS group companies as non-performing assets (NPAs)
  • The NCLAT had provided a moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies

L&T MD and CEO SN Subrahmanyan (Bloomberg)
The government owns 53.88% stake in IOC and stands to get about  ₹761 crore, excluding dividend distribution tax. (Bloomberg)
The government owns 53.88% stake in IOC and stands to get about 761 crore, excluding dividend distribution tax. (Bloomberg)

IOC pays 2nd interim dividend; ONGC to consider on 23 March

  • The government owns 53.88% stake in IOC and stands to get about 761 crore
  • Sources said the government is struggling to meet the revised fiscal deficit target of 3.4 % in view of the shortfall in GST collections

Justice Pinaki Chandra Ghose  (HT )
 L&T's offer for Mindtree marks the country's first hostile takeover bid in the IT sector (Mint)
 L&T's offer for Mindtree marks the country's first hostile takeover bid in the IT sector (Mint)

Mindtree promoters vow to oppose hostile takeover bid by L&T

  • Larsen and Toubro agrees to buy Cafe Coffee Day founder V.G. Siddhartha's 20.32% stake in Mindtree for 3,269 crore
  • L&T's bid a "grave threat" and "value destructive" to the organisation collectively built over 20 years, say promoters

The Council had in its last meeting on February 24, slashed tax rates for under-construction flats in the affordable category to 1% (Mint)
Ola’s electric mobility unit received  ₹400 crore in a round that saw participation from Matrix Partners and Tiger Global (Mint)
Ola’s electric mobility unit received 400 crore in a round that saw participation from Matrix Partners and Tiger Global (Mint)

Ola raises $300 million from Hyundai, Kia

  • The partnership will see the three companies building India-specific electric vehicles and infrastructure, among others
  • It will also help offer Ola drivers financial services, including lease and installment payments

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Prime Minister Narendra Modi, BJP National President Amit Shah and party's leaders during the BJP Central Election Committee (CEC) meeting for the upcoming Lok Sabha elections, at BJP headquarters in New Delhi.  (PTI)
Prime Minister Narendra Modi, BJP National President Amit Shah and party's leaders during the BJP Central Election Committee (CEC) meeting for the upcoming Lok Sabha elections, at BJP headquarters in New Delhi. (PTI)

Elections 2019: BJP drops all 10 Chattisgarh MPs, to field fresh faces

  • The announcement underscores the BJP's bid to wrest its lost territory back from the Congress
  • The BJP is also considering not fielding any family member of these sitting MPs

 (Mint)
(Mint)

Fortis Healthcare appoints Ashutosh Raghuvanshi as MD, CEO

  • The company's board of directors have approved the appointment of Raghuvanshi as MD and CEO with immediate effect for a period of three years, Fortis said in a filing to the BSE
  • Raghuvanshi was working with Narayana Health as Vice Chairman, Managing Director and Group CEO

Dennis Muilenburg, president and chief executive officer of the Boeing Co.  (Bloomberg)
Dennis Muilenburg, president and chief executive officer of the Boeing Co. (Bloomberg)

Boeing CEO says company understands 'lives depend' on plane safety

  • The Ethiopian Airlines disaster on 10 March that killed 157 people led to the grounding of Boeing's marquee MAX fleet globally
  • Boeing's software fix was developed in the aftermath of the Indonesia crash when regulators suggested false sensor data could cause a system known as MCAS

 A Bharti Airtel office building is pictured in Gurugram.  (Reuters)
After raising  ₹3,000 through New Fund Offer (NFO) in March 2014, the government garnered  ₹6,000 crore from the first FFO of the CPSE ETF in January 2017. (Reuters )
After raising 3,000 through New Fund Offer (NFO) in March 2014, the government garnered 6,000 crore from the first FFO of the CPSE ETF in January 2017. (Reuters )

CPSE ETF receives bids worth 6,072 cr from anchor investors

  • The portion not exceeding 30% of the maximum amount to be raised shall be available for allocation to anchor investors
  • Non-anchor investors, including retail investors, can put in their bids from Wednesday

If L&T does get to acquire Mindtree, it might kickstart an activity that could shake Corporate India up—for the better.
If L&T does get to acquire Mindtree, it might kickstart an activity that could shake Corporate India up—for the better.

Opinion | Hostile takeovers can enrich shareholders

Aggressive bids to acquire Indian companies have been few and far between. L&T’s attempt to take Mindtree over, however, could shake things up in Corporate India for the better

The development has been received optimistically by SpiceJet. (Pradeep Gaur/ Mint )
The development has been received optimistically by SpiceJet. (Pradeep Gaur/ Mint )

Lessors offer Jet Airways grounded planes to SpiceJet

  • The development has been received optimistically by SpiceJet which had to ground 12 of its 737 Max 8 aircraft due to govt's safety restrictions
  • Industry sources say the airline has grounded over 50% of 123 aircraft strong fleet

Based on the January sales performance, the decision to increase dealer margins on Dzire, Swift and Vitara Brezza would cost Maruti Suzuki about  ₹15 crore per month. (Paras Jain/Mint)
Based on the January sales performance, the decision to increase dealer margins on Dzire, Swift and Vitara Brezza would cost Maruti Suzuki about 15 crore per month. (Paras Jain/Mint)

Maruti Suzuki raises dealer margins on best-selling cars from January

  • Maruti Suzuki offers additional liquidity to dealers already saddled with increasing inventory
  • Margins have been increased by 3,000 per vehicle on Maruti Suzuki's Dzire, Swift and Vitara Brezza

 The project is located close to DLF CyberCity and construction will begin in 2019-2020. (Mint)
Data on employment that shows a rise in joblessness has been rubbished on the argument that with such high growth, a decline in employment is not imaginable. 
Data on employment that shows a rise in joblessness has been rubbished on the argument that with such high growth, a decline in employment is not imaginable. 

Opinion | Recent economic growth could not have exceeded 6%

The new series overestimated growth in all years except 2015-16 by an average margin of around 1.3%

In the last 10 years, every time a large tech acquisition was announced, analysts have fallen over themselves to proclaim that the acquirer was overpaying for the target. 
In the last 10 years, every time a large tech acquisition was announced, analysts have fallen over themselves to proclaim that the acquirer was overpaying for the target. 

Opinion | Of digital competition and data transfer principles

Setting up an Indian equivalent of the UK’s proposed Digital Markets Unit would help  

FreeCharge co-founder Kunal Shah’s second venture, Cred, incentivizes credit card payments with reward points. (Mint)
FreeCharge co-founder Kunal Shah’s second venture, Cred, incentivizes credit card payments with reward points. (Mint)

Fintech startup Cred in talks to raise $100 million in fresh funding

  • Cred founder Kunal Shah is looking to raise the funds at a valuation of $300 million, unprecedented for the four month-old startup
  • There is immense in-bound interest to invest in Cred even though the company recently raised money and is only four months old

It is unlikely that these newer forms of data will completely replace the more traditional numbers derived from surveys, national accounts and administrative data—they will complement each other.
It is unlikely that these newer forms of data will completely replace the more traditional numbers derived from surveys, national accounts and administrative data—they will complement each other.

Opinion | Big data economists and their role in shaping the future

The growing use of digital transactions and the rise of new forms of data collection could revolutionise Indian public policy

Jet Airways is grappling with acute financial woes that has resulted in grounding of a significant number of planes. (Reuters)
Jet Airways is grappling with acute financial woes that has resulted in grounding of a significant number of planes. (Reuters)

Banks willing to fund Jet Airways provided Etihad, Naresh Goyal pledge stake

  • Banks can provide further loans if major stakeholders—Naresh Goyal and Etihad Airways—agree to pledge their shares as security
  • A senior SBI official had last expressed hope that a Jet Airways bailout should be finalized in a week or so

Former Fortis promoters Malvinder Singh (left) and Shivender Singh. (HT )
Former Fortis promoters Malvinder Singh (left) and Shivender Singh. (HT )

Sebi directs Fortis firms to recover 403 crore from Singh brothers, 7 others

  • Pending investigation, Singh brothers and the six entities have also been directed not to dispose of any of their assets
  • Singh brothers, erstwhile promoters of FHL, have also been asked not to associate themselves with the affairs of FHL and FHsL in any manner

Arvind Kejriwal. PTI Photo
While Apna Dal (Sonelal) MP Anupriya Patel will contest from Mirzapur and field candidate in one more seat, the faction led by her mother, Krishna Patel, will field candidates on Pilibhit and Gondia Lok Sabha seats. (AP)
While Apna Dal (Sonelal) MP Anupriya Patel will contest from Mirzapur and field candidate in one more seat, the faction led by her mother, Krishna Patel, will field candidates on Pilibhit and Gondia Lok Sabha seats. (AP)

Elections 2019: Why Apna Dal is crucial for BJP, Congress in Uttar Pradesh

  • BJP is betting on Anupriya Patel's Apna Dal (Sonelal) to corner a share of Kurmi votes—traditionally an SP votebank
  • Congress has struck a seat-sharing deal with Krishna Patel's Apna Dal in its attempts to rally anti-BJP parties in UP

IA Jet Airways passenger aircraft (Reuters)
IA Jet Airways passenger aircraft (Reuters)

Jet Airways pilots threaten strike from 1 April

  • Jet pilots threaten to stop flying from 1 April and set 31 March deadline on bailout, salaries
  • The decision was taken at the annual meeting of Jet Airways domestic pilots body

The Automated Guided Vehicle setup will be operated by Flipkart's existing staff who will be trained to handle them internally.
The Automated Guided Vehicle setup will be operated by Flipkart's existing staff who will be trained to handle them internally.

Robots will process orders at Flipkart’s Bangalore facility

  • Flipkart has deployed Automated Guided Vehicles (AGVs) at its Soukya sortation center in Bangalore
  • The AGV setup includes more than 100 self-guided bots which can automatically sort and assign packages to the pin codes of the customer

The Congress is free to do whatever it wants, says new Goa CM Pramod Sawant on the party planning to challenge his swearing-in in court. (PTI)
If Ebix does acquire Yatra, it will be Ebix’s biggest acquisition till date in India.
Nifty hit a record 11,760 in August and has already jumped 5.5 percent so far this year. (AP)
Jet Airways has a debt of more than $1 billion (Reuters)
RBI governor Shaktikanta Das.
JDS’ H.D. Kumaraswamy (centre) with Congress president Rahul Gandhi and UPA chairperson Sonia Gandhi. Photo: PTI
Saddled with debt of more than $1 billion, Jet Airways is struggling to stay afloat (Reuters)
 (Reuters)
(Reuters)

Sensex jumps over 250 points, Nifty reclaims 11,500 mark

  • BSE top gainers were ITC, HCL Technologies, Infosys, Reliance and NTPC
  • Sensex makes longest gain streak since December

 (Pradeep Gaur/Mint)
(Pradeep Gaur/Mint)

SpiceJet joins global airlines grouping IATA as member

  • SpiceJet is the first Indian budget carrier to join the International Air Transport Association (IATA), which has over 290 airlines as members
  • The membership also allows SpiceJet to explore and grow its collaborations with international member airlines of IATA through interlining and code shares

The scheme was formally launched at national level by Prime Minister Narendra Modi on the February 24, 2019 (AFP)
The scheme was formally launched at national level by Prime Minister Narendra Modi on the February 24, 2019 (AFP)

PM-KISAN: WB, MP, Rajasthan & Delhi haven't certified any beneficiary, says FM

  • The government has earmarked 20,000 crore for disbursal among 12 crore farmers under the scheme in the current financial year
  • As per a government release, 4,366.41 crore have been transferred under the scheme to about 2.18 crore farmers till March 7

Jet Airways had a gross debt of  ₹8,411 crore as of September-end, including aircraft debt of  ₹1,851 crore. (Reuters)
Jet Airways had a gross debt of 8,411 crore as of September-end, including aircraft debt of 1,851 crore. (Reuters)

Jet Airways cancels flights as four more planes are grounded by lessors

  • About 60 Jet Airways planes—half of its pre-crisis fleet—are now grounded, even as a deadlock between Jet lenders and Etihad over a bailout continues
  • As a result, in yet another default, Jet Airways says it was delaying interest payment due on 19 March to debenture holders

Polio drops, which carry weakened polio viruses, are given to children below five years under a government programme. (AFP)
A file photo of industrialist Anil Ambani. (PTI)
Mindtree promoters do not want to relinquish control. The firm's board will meet on 20 March to consider a buyback of all equity shares to fend off a hostile takeover by L&T. (Sarvesh Kumar Sharma/Mint)
Mindtree promoters do not want to relinquish control. The firm's board will meet on 20 March to consider a buyback of all equity shares to fend off a hostile takeover by L&T. (Sarvesh Kumar Sharma/Mint)

Stage set for showdown in L&T-Mindtree takeover battle

  • Larsen and Toubro agrees to buy Cafe Coffee Day founder V.G. Siddhartha's 20.32% stake in Mindtree for 3,269 crore
  • L&T says will buy an additional 15% in Mindtree from open market and launch an open offer for 31% more, both at 980/share

Ola already hosts over 1.3 million partners on its platform Photo: Mint
Ola already hosts over 1.3 million partners on its platform Photo: Mint

Hyundai invests in Ola for mobility solutions  

  • With this deal, both Hyundai and Kia Motor Company will work with the Bangaluru based start-up
  • 'Ola aims to create over two million livelihood opportunities in the mobility ecosystem by 2022,' said the company

 (Reuters)