- Tuesday, November 26, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, June 19, 2023:
Europe’s Airbus on Monday announced the biggest plane deal in history with an order for 500 narrow-body planes from Indian carrier IndiGo. Monday was the opening day of the Paris Airshow. The multibillion-dollar deal eclipsed Air India’s provisional buy of 470 jets earlier this year as two of India’s largest carriers eye a sharp expansion in regional travel demand. The deal followed months of negotiations that were first reported by Reuters. “This is just the beginning, there’s more going forward. With the growth of India (and) the growth of the Indian aviation market … this is the right time for us to place this order,” IndiGo chief executive Pieter Elbers said in a news conference. The planes will be delivered between 2030 and 2035.
India’s market regulator, the Securities and Exchange Board of India (SEBI), has banned IIFL Securities’ stockbroking unit from taking on new clients for two years due to alleged misuse of client funds discovered in 2013-2014, Reuters reported. SEBI conducted an inspection of the company’s operations and found violations, including mixing clients’ funds with its own and using credit balances from one client’s account for other purposes. While the company has made corrective actions, SEBI deemed regulatory action necessary. IIFL Securities plans to appeal the order, according to an unnamed official.
India’s tourism ministry on Monday said that it has inked a memorandum of understanding with Airbnb, an online housing hosting platform, in order to promote India as top travel destination. Moneycontrol reported. The ministry was optimistic that Airbnb in India will help promote the country’s rich culture to all corners of the globe. Amanpreet Bajaj, Airbnb general manager, India, Southeast Asia, Hong Kong and Taiwan, tweeted, “Thrilled to announce @Airbnb_in’s partnership with @tourismgoi on G20 sidelines to promote inbound tourism & showcase India’s rich culture to the world! Find unique heritage stays on our ‘Soul of India’ page.” Airbnb’s “Visit India 2023” programme aims to showcase India’s cultural heritage through the “Soul of India” microsite. The initiative includes supporting hosts in lesser-known tourist areas and providing data to the Ministry of Tourism for policy development and responsible tourism efforts.
Jammu and Kashmir Bank has introduced two mobile branches, called ‘J&K Bank on Wheels,’ in Ladakh to provide banking services in remote regions of the Union Territory. The mobile branches were inaugurated by Ladakh Lieutenant Governor B D Mishra at Leh Gate, in the presence of J&K Bank MD and CEO Baldev Prakash. The initiative aims to offer convenient banking facilities to residents of remote and unbanked areas who face challenges in accessing physical bank branches. The mobile branches are a unique service to ensure that banking services are accessible to individuals at their doorsteps, overcoming distance and connectivity limitations.
Lubrizol Corporation, a US-based specialty chemical company, has announced investment commitments exceeding $150 million in various projects in India. The investments include the construction of the world’s largest CPVC resin plant in Gujarat, in partnership with Grasim Industries, doubling CPVC capacity at its Dahej Gujarat plant, and opening a second grease lab in Navi Mumbai. Lubrizol aims to capitalize on India’s favorable business climate and expanding workforce to serve not only the domestic market but also neighboring countries. The investments will create around 4,000 direct and indirect jobs and establish Lubrizol as the sole provider of end-to-end CPVC capabilities in India.
Crisis-hit airline Go First on Monday announced that its scheduled flight operations will remain cancelled till June 22 due to operational reasons. Earlier, it was supposed to be till Monday. “Due to operational reasons, Go First flights until 22nd June 2023 are cancelled,” the airline said in a tweet and apologised for the inconvenience caused to the flyers. There were reports that the grounding of the Go First flights had put pressure on airfares, particularly on select routes where the now-grounded airline had its footprint. The airline operator had in early May filed for voluntary insolvency and since then its operations were kept stalled. The company earlier said it had filed an application for immediate resolution and revival of operations.
Hindustan Petroleum Corporation Ltd (HPCL) has secured a long-term contract from ONGC Petro additions Ltd (OPaL) to supply natural gas. HPCL will provide natural gas to OPaL’s petrochemical complex in Dahej, Gujarat. The contract was awarded through competitive bidding, and HPCL will supply 13.53 Trillion Btu of Natural Gas to OPaL from October 23 to May 26. In addition, HPCL has partnered with Automin Car Services Pvt Ltd to establish co-branded HP-Petromin Express vehicle service centers across India, offering a range of automotive services.
(With agency inputs)
