Yes Bank posts standalone net loss of ₹18,560 crore

Mumbai, Feb 9: Given the slow progress on the ongoing Rs 38,000-crore capacity expansion at the four largest metro airports, and also the surging traffic, the snaky queues will continue at least till 2023, warns a report.

The four largest airports -- New Delhi, Mumbai, Bengaluru and Hyderabad -- handle more than half of the traffic and are operating at 130 per cent of their installed capacity. These airports are under a record Rs 38,000-crore capex but the capacity will not come up before end-2023, says a Crisil report.

“With the dip in traffic growth largely behind, we expect congestion at the top four airports of New Delhi, Mumbai, Bengaluru and Hyderabad, which handle more than half of the load, to continue till about FY23,” says the report.

Already these airports are operating at over 130 percent of installed capacity, and the ongoing healthy traffic growth this operating rate is expected to rise further in the next 12 months.

“Operationalising of capacities in the following two fiscals will bring down utilisation levels albeit still high at over 90 per cent by fiscal 2023 and that is despite an unprecedented Rs 38,000 crore capex being undertaken by the operators of these airports over five fiscals 2020-24,” says the report.

Despite this unprecedented capex that is debt-funded, ratings are likely to be stable given the strong cash flows expected due to healthy traffic growth, low project risks associated with the capex and improving regulatory environment, notes the report.

“Capacity at these four airports will increase a cumulative 65 per cent to 228 million annually (from 138 million now) by fiscal 2023. However, traffic is expected to grow strong at up to 10 per cent per annum over the same period. Since additional capacities will become operational in phases only by fiscal 2023, high passenger growth will add to congestion till then,” warn the report.

High utilisation will ride on pent-up demand (accumulated in 2019 as traffic was impacted with the grounding of Jet Airways) and one-off issues with new aircraft of certain airlines.

Further impetus will also come from improving connectivity to lower-tier cities and reducing fare difference between air and rail. Increasing footfalls at airports provide a leg-up to non-aero streams such as advertising, rentals, food and beverage and parking, which comprise around half of the revenue of airports already.

These are expected to grow strongly at over 10-12 per cent, also supported by higher monetisation avenue coming along with current capex. The other half of revenue (aero revenue) is an entitlement approved by the regulator, providing a pre-determined, fixed return over the asset base and a pass-through of costs.

Aero revenue is also expected to get a bump up during fiscals 2022-24, when a new tariff order for airports is likely. Overall aggregate cash flows are likely to double by fiscal 2024 and provide a healthy cushion against servicing of debt contracted for capex, the report concludes.

New Delhi, Jun 18: The border clash between Indian and Chinese soldiers in Ladakh broke the brittle quiet – and also the sense of security for anxious Chinese nationals in India who fear a backlash with anti-Chinese sentiment spiralling in the country.

With the high altitude violent face-off in eastern Ladakh’s Galwan Valley spurring hashtags such as “Boycott China” and “Teach Lesson to China” and leading to street protests, the undercurrents of tension were evident.

Wary of being identified, some said they had been reassured by their friends but were still apprehensive for themselves and their families.

"They (Chinese families) don''t want to speak to the media. They are not going out and are worried about their security and well being. Their families are also worried back home," Mohammed Saqib, secretary general of the India China Economic & Cultural Council, told PTI.

He added that his Chinese friends in India been calling him since they heard news about Monday night’s clashes in which 20 Indian soldiers were killed -- the worst military confrontation in five decades -- and expressed concern over growing anti-China sentiments.

A Chinese national from Beijing working in Gurgaon for a Chinese mobile firm initially refused to talk, saying he did not want to speak to the media and later shared his thoughts only on condition of anonymity.

"There is talk of border standoff and tensions, but we know Indians are very warm people and that is why I have told my family that all is fine here and they should not worry," he said.

Another Chinese national working in Gurgaon said he and his family are feeling the stress amid the spiralling conflict between India and China, but many friends have been reassuring him.

"They (Chinese in India) are under a lot of stress naturally. Such a conflict puts a lot of stress as they could bear the brunt and the same applies to Indians in China," B R Deepak, professor at the Centre for Chinese and South East Asian Studies of the Jawaharlal Nehru University said.

He said it was unfortunate that the border standoff derailed the commemorative programmes aimed at strengthening ties at a time the two countries were gearing to celebrate 70 years of establishment of diplomatic ties.

Experts also feel the border clash is likely to have a significant negative impact on the economic and people to people ties.

There are scores of Chinese in India working in various Chinese firms and also those who are studying in universities like JNU.

About 3,000 Chinese people, doing business or studying in big cities in India, were stranded in India at the start of the COVID-19 crisis, and about half of them returned to China before the lockdown began on March 25.

The Chinese Embassy in New Delhi announced on May 25 that they will arrange for flights to take back students, tourists and businesspersons to five Chinese cities, including Shanghai and Guangzhou.

"It will impact the psychology of the Chinese here. There are 2,000 Chinese firms in various sectors in India which are going to be impacted," Deepak said.

Future investments from the Chinese side could also be impacted, he said.

Moreover, as far as people-to-people contacts are concerned, the number of Chinese students choosing India as a preferred destination is likely to go down, Deepak said.

Alka Acharya, another China expert, said there are two kinds of impacts of such an incident -- short term and medium term.

Usually after the initial nationalistic reaction in the short term things tend to normalise in the medium term, but with such a border clash happening for the first time in decades clearly the resonance would be much more in both India and China, said Acharya, professor at the Centre for East Asian Studies, School of International Studies, in JNU.

“Due to the impact of the COVID-19 crisis on the economy, whether India can take a hardline in terms of economics towards China, is a tricky question,” she said.

In the immediate context, there may be a dip in economic ties with calls for boycott of Chinese goods and services, Acharya said.

The manner in which this crisis is resolved will affect how ties will be affected in the medium term, she said.

The headlines have added to the anxiety.

A group of ex-armymen gathered near the Chinese embassy to protest the killing of 20 Indian Army personnel in Ladakh’s Galwan Valley. And another group of around 10 protesters belonging to the Swadeshi Jagaran Manch protested near the Teen Murti roundabout in Central Delhi.

The anti-China sentiment prevalent among the common public is also finding a reflection in government policy with sources saying the Department of Telecom (DoT) is set to ask state-owned Bharat Sanchar Nigam Ltd (BSNL) not to use Chinese telecom gear in its 4G upgradation.

Trade bodies like CAIT are also calling for a boycott of Chinese products.

And Chinese handset maker Oppo cancelled the livestream launch of its flagship 5G smartphone in the country amid protests.

Monday night’s clashes between the Chinese and Indian troops in Galwan Valley significantly escalated the already volatile border standoff between the two countries.

The casualties on the Chinese side are not yet known. However, government sources, citing an American intelligence report, claimed the total number of soldiers killed and seriously wounded could be 35.

New Delhi, Jun 15: Two officials working with the Indian High Commission in Islamabad have reportedly gone missing, sources said.

The two officials are untraceable for the last few hours.

Recently news agency reported on how Pakistan 's spy agency ISI has been tailing and harassing Indian officials and also increased their presence at the residence of Acting High Commissioner Gaurav Ahluwalia.

This incident came in the backdrop when two Pakistani officials were caught red-handed and sent back trying to collect classified information and spying in Delhi.

South block is watching the developments closely, the Indian mission has also launched a complaint with local authorities and taken up the matter Pakistan Foreign Ministry.

This incident can cause a further dip in the already tense India-Pakistan relations.

Earlier in the month, India deported two Pakistani officials for espionage activities in India.