Air India currently has 117  aircraft  in operation  in its fleet, while its  subsidiary  Air India Express has 63  aircraft.  Under the new owners, Air India  was also  able to bring  90%  of its  long-decommissioned  aircraft  back into service.  

  Campbell, Chairman and Director, said  Air India  Group  plans to  launch an  aircraft  on average  every six days  throughout 2024, including five more Airbus A350 wide-body  aircraft  and 46 Boeing 737 and 17 Airbus A320 narrow-body  aircraft. of  Air  India. 

 Wilson said  in a message to  employees on Thursday  ahead of the second anniversary of the  carrier’s  return to the Tata  Group. In addition to  these 68  aircraft, which are part  of  Air India  Group’s huge  order  of 470 aircraft by 2023, 4  leased  wide-body  Boeing  777s  will also join the  airline’s  fleet.  

 Air India currently has 117  aircraft  in operation  in its fleet, while its  subsidiary  Air India Express has 63  aircraft.  Under the new owners, Air India  was also  able to bring  90%  of its  long-decommissioned  aircraft  back into service.  

  In addition to  fleet expansion, 2024 will also see Air India  undertake a complete refurbishment of  the  interiors  of 40  older  wide-body  aircraft, Boeing 777  and  787.  The  upgrade  will include complete replacement  All  seats and  interiors from the old wide-body fleet.  in-flight entertainment  system,  expected to  begin  in July, coinciding with  the start of international operations of  Air  India’s  first A350  aircraft.  The  plane begins  commercial operations this week,  initially flying  over  domestic  areas  for  several  months  to familiarize the crew.  Air India also plans to start  upgrading the interiors of  41 narrow-body A320 aircraft  this year.  “While  we still have a long way to go to  modernize our existing  fleet, improve  consistency, close remaining gaps and strengthen fragile processes, the future is now  clearer ,  more tangible  and  I  hope  more inspiring.  Despite – and  no doubt  partly  because  of – the remarkable  progress  we have  made in  just  two  years since privatisation, expectations  remain high and  so we  must continue  to  strive  to meet them,” Wilson said.  

 Over the past two years, Air India has  increased  its  existing  fleet by  leasing  36  aircraft, besides handling a whopping 470  aircraft  order with Airbus and Boeing.  The airline  added  5 national routes  and 11 international routes to its  network  and opened  5  new international stations.  The new  brand  identity  for  Air India and Air India Express  was  also launched last year.  Since  Air India returned to the Tata  Group  on January 27, 2022, the new owners have  focused  on  improving  the product offering, while  planning  to scale up  the airline. A five-year  roadmap – Vihaan.AI – has been  prepared with the  aim  of  significantly expanding  the  airline’s  network and fleet  to put  the airline  on a  “path of sustainable  growth,  profitability  and market  leadership”.  

  According to  data shared by Wilson with  employees,  Air India  recorded 249%  revenue growth over the past two years, while Air India  Express’s  revenue grew  148% during  the  same  period. Wilson did not  provide  further details on the  group’s financial situation.  

  “Considering  our starting point, the  scale  and scope of the transformation  we are  undertaking, our unprecedented  multi-operator  integration, our huge  aspirations for  growth and  innovation. product advancement as well as  our  capacity building  requirements, two years is an  extremely  short  period of  time.  frame. .  Indeed, we are not even 18 months into our  five-year  Vihaan.AI transformation program. But  despite this,  as the infographic shows, the progress made in  just  two  years is quite remarkable and is  a  testament to the commitment, energy and hard work of all Air  people Indian,”  Wilson said. 

  Tata  Group  is  consolidating its airline  businesses  by merging Air India and Vistara to  form a  full-service  airline  under the  brands  Air  India,  and Air India Express and AIX Connect (formerly  Air Asia  India) to create  a one-service airline.  under the  Air India brand.  Air India Express brand. While the operational integration of Air India Express and AIX Connect is complete, the merger of Air India and Vistara is expected  to take place  in 2025.

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 Rising attacks forced shippers to consider the longer route 

 Indian exporters have asked the central government to help facilitate more credit as freight rates have jumped nearly 300 per cent due to the disruption in the Red Sea route forcing global shipping lines to take longer trade routes, which is ultimately affecting exports of low value items such as Basmati rice. 

  Increasing attacks on ships sailing in the Red Sea region since November 2023 have forced shippers to consider the alternative, longer route past the Cape of Good Hope, which has not only stretched delivery time by 15 to 20 days, but also increased the transit cost substantially because of incremental freight rates and insurance premium. 

  Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai told The Indian Express that freight costs have surged by 300 per cent as global shipping lines are taking the Cape of Good Hope route, which is why exporters have sought more credit to match the rising cost of shipments to Europe.

  Meanwhile, ratings agency Crisil on Thursday said that players operating in sectors such as agricultural commodities and marine foods could see a significant impact due to the perishable nature of their goods or lean margin profiles, which limit their ability to absorb the risks from rising freight cost. 

  “Not all sectors are expected to be impacted to the same extent. In fact, for agricultural  products  like Basmati rice (30-35% of production is shipped to these regions), exporters are feeling the pressure as rising  transportation costs have reduced exports.  exports and  part of their inventory is now  sold  on  the domestic  market.  leading to  censorship of achievements,”  the report said.  

 Indian companies use the Red Sea route  via  the Suez Canal to trade with Europe, North America, North  Africa  and parts of  West  Asia. Crisil said  these regions accounted for 50 per cent of  India’s  exports worth Rs 18  billion  and 30 per cent of  its  imports worth Rs 17  billion in the  last  financial year.  

 “Marine foods  – mainly  shrimp  – could also  be significantly impacted  as  80 to 90%  of  production is exported, more than half of  which via  the Red Sea.  The  perishable nature and  low  margins  leave  exporters vulnerable to rising  shipping costs  and competitive pressure from Latin American suppliers,” the report added.  The Indian Express had earlier reported that the  Ministry of Finance  is  scheduled  to hold a high-level meeting on February 5 to ensure smooth trade payments amid challenges  stemming  from  regional disruptions.  Red Sea  area.  

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 RBI has  agreed  to  let  LIC  buy 9.99%  stake in HDFC Bank, India’s largest private sector bank. 

  HDFC Bank  on Thursday  announced  that the Reserve Bank of India (RBI) has  authorized  the Life Insurance Corporation (LIC) of India to acquire  9.99  per cent  stake in the company.

  “RBI  has  advised  LIC  to acquire the  said  major  stake of  the  bank  within  one  year,  i.e.  before  January 24,  2025,”  the bank said in  the  regulatory filing.  

 Pursuant to Regulation 30 of the SEBI Listing  Rules,  we would like to inform you that the Reserve Bank of India  (RBI),  vide its letter dated January 25, 2024  to  the  Life Insurance Corporation of India  (LIC ), licensed  to  LIC. . to acquire total shares amounting  to 9.99% of the paid-up share capital or voting rights of HDFC Bank Limited,” the bank  added  in its regulatory filing. 

  LIC currently  holds  5.19% stake in HDFC Bank. The insurance giant had earlier sent  a request  to  the  RBI  to increase  its  stake  in the bank.  

 RBI has advised LIC to acquire  majority stake  in HDFC Bank within  one year, i.e.  before  January 24, 2025. Further, LIC must also ensure that the shareholding  n  does not exceed 9.99  %  of  contributed  capital or voting  rights. from  the bank at  any time. 

 HDFC Bank shares  are facing difficulties in  the  market  

 This development comes as HDFC Bank shares  are attempting  to  regain  their former potential  in  the Indian stock  market,  after  witnessing  a  significant decline  due to the  company’s  quarterly  results. This  private  lending institution.  

 HDFC Bank shares  closed down 1.4 per cent at ₹1,440.70  on  Thursday.  The  private bank’s  shares  took a  hit  after the  release of its third-quarter results, which showed a modest profit  for the quarter ending  December 2023.  

 A day after the quarterly results were announced, HDFC Bank shares  fell 9%,  while  shares listed on the US  market fell about 10%  on January 17.  

 HDFC Bank reported a  2.65%  rise in consolidated net profit of ₹17,258 crore in its  third quarter results, compared  to ₹16,811 crore  reported in the quarter  ended  September 2023. 

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 “The acquirers are  systemically  important  non-banking  finance  companies (NBFCs)  whose main  business  is investing  in capital markets and providing secured  loans,” the  commission  said.  and there are no guarantees.”  

 The Competition Commission of India has  approved  the acquisition of  5.27%  stake in Religare Enterprises Ltd and  subsequent open offer  for  up to  26%  of  other  financial services  companies  by  Burmese family-led  entities  control.  

 “The acquirers are  systemically  important  non-banking  finance  companies (NBFCs)  whose main  business  is investing  in capital markets and providing secured  loans,” the  commission  said.  and there are no guarantees.”  

  Burma’s takeover project faced stiff opposition from Religare’s current management.  

 “By making  the  agreement,  the CCI has clearly  specified the exact  sections  for  which the  buyer can be prosecuted.  It is  clear that  the  purchaser may be prosecuted  under the sections  mentioned relating  to

misrepresentation,  false information  etc.,  which  is  punishable in nature.  

A Religare spokesperson said this will  also  have  implications  for  acquirers  as  other regulators  consider  the  issue. “Therefore,  proceedings  may  be  commenced  under  sections  43A, 44 and/or 45 of the Competition  Act 2002, notwithstanding  approval,” he said. 

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 This comes a week after the Ministry of  Trade  and Industry  asked  DFS to maintain credit  flows  to  exporters amid  disruptions  in the Red Sea region that could  affect more than 80%  of  exports to  Europe , after  an inter-ministerial meeting on  Jan.  17. 

  The  Ministry of  Finance  is  expected  to hold a high-level meeting on February 5 to ensure smooth trade payments amid challenges  from disruptions  in the Red Sea region.  The payment  settlement  mechanism  for  disrupted trade routes  as well as outstanding  issues  related  to vostro accounts are likely to be  discussed during  the meeting, officials said. 

  The meeting,  chaired by  Secretary  Department of Financial Services (DFS)  Vivek Joshi, will  bring together  officials from the  Ministries  of Finance, Commerce and Industry, External Affairs, Reserve Bank of India (RBI) and  the  Insurance  Management  and Development  Agency. Government  of India (IRDAI). 

  “This  is a  planned  coordination meeting  between government  ministries,  regulators and banks to discuss  trade-related  payment issues.  The aim  is to  listen to  all stakeholders and find solutions for orderly  business  transactions and  settlements,”  a senior government official told The Indian Express.

  This comes a week after the Ministry of  Trade  and Industry  asked  DFS to maintain credit  flows  to  exporters amid  disruptions  in the Red Sea region that could  affect more than 80%  of  exports to  Europe , after  an inter-ministerial meeting on  Jan.  17.  

 Freight rates  for transporting goods  to Europe have more than doubled due to security  tensions  in the Red Sea region.  Concerns about disruption in the Red Sea region have grown and oil prices have begun to rise since the US and UK attacked Houthi rebels in Yemen earlier this month in retaliation for attacks on US commercial vessels. They are in the Red Sea area. 

 India’s export shipments of low-value products such as agricultural products and textiles to Europe are expected to mainly face the impact  of disruptions in the Red Sea region  due to  shipping  costs.  transfer increases. Previously,  the government  asked  the  Export Credit Guarantee Corporation (ECGC) not to  increase  insurance premiums  in response to  rising  shipping  costs  to Europe. 

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 With immediate effect,  Sankey Prasad becomes Chairman and  Managing Director  (CMD)  of  India and CMD  of  the Middle East  engineering business, operating  under the name  Colliers Project Leaders Middle East. 

 Investment management firm Colliers  announced  Wednesday  that Sankey Prasad will expand his leadership role to include project  managers  in the Middle East. 

  With immediate effect,  Sankey Prasad becomes Chairman and  Managing Director  (CMD)  of  India and CMD  of  the Middle East  engineering business, operating  under the name  Colliers Project Leaders Middle East. 

  “It  will also take a significant stake in  Colliers’  rapidly growing project management business in the Middle East, supporting the  region’s thriving  real estate market  combined  with  its Colliers’  existing real estate services business in the Middle East  region. , “It says.  

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 “There is no immediate deadline or  limit  for FPIs to liquidate  their shares,”  sources said. Sebi had earlier asked  FPI  to  reduce this  exposure by January 29, 2024. 

  Foreign portfolio investors (FPIs) will  have  seven months to liquidate their holdings if they  fail to  meet the  January-end deadline  set by the Securities Commission, top sources said. and India Exchange set out  to  reveal  data about their  investors.  

 In August last year, the Securities and Exchange Board of India (Sebi)  issued a circular  asking  high-risk  FPIs to hold  more than  50%  of their  assets under management  in  the form of shares of  a single  group. company  or  having aggregate shares  in  the  Indian  Stock Exchange worth more than  Rs 25,000 crore,  disclose  detailed  details of all entities holding  ownership, economic  interest  or exercising control in  REIT.  

 “There is no immediate deadline or  limit  for FPIs to liquidate  their shares,”  sources said. Sebi had earlier asked  FPI  to  reduce this  exposure by January 29, 2024. 

  If  the REIT continues  to meet the  enhanced disclosure  criteria  by the end  of  January, it will  have an  additional  10/30  business  days to provide the  necessary  additional  details, it  said. “Even  then,  if they  don’t  provide any details, they  will  have  another six  months to reduce their  assets,” the source  said.  

 Sources said  REITs that meet enhanced disclosure  criteria  as of October 31, 2023  have until the end of  January 2024  to rebalance their holdings if they  wish.  

  According to stock exchange data, FPI  sold  shares  worth over Rs 27,000 crore between January  17 and 23  in the cash  market. According  to data from National Securities Depository Ltd  (NSDL), FPIs sold a net of Rs 19,308 crore of local stocks as of January.  Net  inflows from FPIs,  after  taking into account  their investments in IPOs and  markets debt, stood at  Rs 4,439 crore in January. 

  The  Sebi  circular  comes  into effect  from  November 1, 2023.  As per  the standard operating procedure (SOP) issued by  the depository of FPIs  on additional disclosure norms,  FPIs  are  not currently compliant  investment limits as  of  October 31,  2023 will  be  subject  to  this de-risking  within 90 calendar  days,  i.e.  January  29, 2024  (the settlement  date), unless they fall  within one  of the  following categories: exempt items.  

 According to sources, FPIs  may be  asked  to provide enhanced disclosures  that  are expected to be significantly  lower  than  estimates  in the consultation paper and  SEBI board  notes.  In May, Sebi had said that based on  data as of March 31, 2023, FPI assets under management  worth  around Rs 2.6 lakh crore  could  be identified as high-risk  FPI and need  to  be Reveal more.  

 Sources said  enhanced  disclosure exemptions  have been  granted  to  REITs that  are sovereign wealth funds (SWFs),  companies  listed  on  several  global  stock  exchanges,  mass  retail  funds They  and other  pooled investment vehicles  are managed  with  globally  diversified  holdings.  

 The markets regulator  has imposed  additional disclosure norms for  high-risk  FPIs after  observing  that  some  FPIs  held a  concentrated portion of their equity  portfolios  in a  company/group of companies.  

 Such concentrated investments raise  concerns and  the  possibility that  backers  of such  companies/groups of companies  or other investors acting in  concert may use  the FPI route  to circumvent the requirements legal  requirements such as  disclosure requirements  under  the Regulations. Sebi said, 2011.  (SAST Regulations) or maintaining  minimum public shareholding  (MPS) in the listed  company. 

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