Jet Airways shares slump after reports of Etihad's non-binding offer

Agencies
May 13, 2019

Bengaluru, May 13: Bengaluru: Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about USD 1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80 per cent haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

Comments

M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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News Network
February 12,2020

New Delhi, Feb 12: Cooking gas LPG price on Wednesday was hiked by a steep Rs 144.5 per cylinder due to spurt in benchmark global rates of the fuel.

But to insulate domestic users, the government almost doubled the subsidy it provides on the fuel to keep per cylinder outgo almost unchanged.

LPG price was increased to Rs 858.50 per 14.2 kg cylinder from Rs 714 previously, according to a price notification of state-owned oil firms.

This is the steepest hike in rates since January 2014 when prices had gone up by Rs 220 per cylinder to Rs 1,241.

Domestic LPG users, who are entitled to buy 12 bottles of 14.2-kg each at subsidised rates in a year, will get more subsidy.

The government subsidy payout to domestic users has been increased from Rs 153.86 per cylinder to Rs 291.48, industry officials said.

For Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries, the subsidy has increased from Rs 174.86 to Rs 312.48 per cylinder.

After accounting for the subsidy that is paid directly into the bank accounts of LPG users, a 14.2-kg cylinder would cost Rs 567.02 for domestic users and Rs 546.02 for PMUY users.

The government gave out 8 crore free LPG connections to poor women under PMUY to increase coverage of environment-friendly fuel in kitchens.

Normally, LPG rates are revised on 1st of every month but this time it took almost two weeks for the revision to take place - a phenomenon which industry officials said was due to approvals needed for such a big jump in subsidy outgo.

Others said the decision to defer the increase could have been because of assembly elections in Delhi. Delhi voted on February 8.

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News Network
April 21,2020

Bengaluru, Apr 21: Bengaluru Police and administration has issued prohibitory orders in the city, with exemptions to essential and emergency services, to enforce the COVID-19 lockdown.

"In exercise of the powers conferred under Section 144 (1) Code of Criminal Procedure, I, Bhaskar Rao, IPS, Commissioner of Police and Additional District Magistrate, Bengaluru city hereby issue a prohibitory order within the limits of Bengaluru city commissioner on midnight of April 20, 2020, to midnight May 3, 2020," the order issued on Monday said.

Section 144 of the CrPC pertains to the power conferred to a District Magistrate, a sub-divisional Magistrate or any other Executive Magistrate to issue orders in urgent cases of a nuisance of apprehended danger.

"As per the guidelines of the Ministry of Home Affairs, Government of India on the measures for containment of COVID-19 epidemic, it is imperative to take stringent measures in the jurisdiction of Commissioner of Bengaluru city to prevent the spread of the disease," the order said.

As per the order, the offices of the Government of India, its autonomous and subordinate offices and public corporations shall remain closed with the exception of defence, central armed police force, treasury, public utilities, disaster management, power generation, and post office, etc.

Offices to the state government, their autonomous bodies, corporation, etc shall also remain closed except police, home guard, civil defence, fire and emergency services, electricity, water, sanitation and Mandis operated by Agriculture Produce Market Committee, etc, it added.

It said that municipal bodies, with staff required for essential services, will also remain functional during this period. Other essential and emergency services, like hospitals, shops, etc have also been exempted from the prohibitory orders.

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News Network
April 20,2020

Bengaluru, Apr 20: The cumulative positive cases of COVID-19 in Karnataka stand at 408, including 16 deaths and 112 people discharged.

Karnataka's Department of Health and Family Welfare in a media bulletin said: "As of 5 pm on April 20, cumulatively 408 COVID-19 positive cases have been confirmed in the state. It includes 16 deaths and 112 discharges."

Out of the remaining 280 cases, 278 COVID-19 positive patients including one pregnant woman in isolation at designated hospitals are stable, and two are in ICU, added Health and Family Welfare Department.

"18 new cases have been confirmed for COVID-19 in the State from Sunday 5 pm to Monday at 5 pm," added the department.

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