Ola expands UK operation to three new cities


Ola expands UK operation to three new cities

London: Taxi-hailing app Ola Friday said it has expanded its service footprint to three more cities Liverpool, Reading, and Birmingham in the United Kingdom.

“We are delighted to launch our services in Birmingham, Liverpool and Reading, thus solidifying Ola’s presence across 7 large metropolitans in the UK,” Ben Legg, Managing Director of Ola UK, said in a statement. In Birmingham and Reading, the platform is set to go live on April 1, and driver onboarding is already underway, the company said.

Ola started Liverpool operation by offering free rides on green tuk-tuks last week for a limited time period, as a part of the promotional campaign. “We received requests from users across the UK to introduce the Ola platform in their cities,” Legg said.

The company started service in the UK from Cardiff in August 2018. It then started operations in Bristol in October 2018, followed by Bath and Exeter in November 2018. Ola is planning to expand operation across northern England and the Midlands in the coming months. Ola claimed to be the only app in the UK that offers black cabs and Private Hire




Rupee rises 15 paise to 69.15 against US dollar in early trade


Rupee rises 15 paise to 69.15 against US dollar in early trade

Mumbai: The rupee appreciated by 15 paise to 69.15 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and higher opening in the domestic equity market.

At the Interbank Foreign Exchange (forex), the domestic unit opened strong at 69.20 then gained further momentum and was trading at 69.15, higher by 15 paise over its previous close. On Thursday, the rupee slumped 42 paise to end at 69.30 against the US dollar. Forex traders said, the weakening of the US dollar against some currencies overseas supported the local unit, however rising crude oil prices capped the gains.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was marginally up by 0.01 per cent at 97.21. Brent crude futures, the global oil benchmark, was trading 0.55 per cent up at USD 68.19 per barrel.

Foreign portfolio investors (FPIs) bought equities worth a net Rs 3,594.51 crore Thursday, provisional data showed. Meanwhile, the benchmark BSE Sensex was trading with gains of 72.81 points, or 0.19 per cent, at 38,618.53 in early trade Friday.




Sensex drops over 150 pts ahead of RBI board meet


Sensex drops over 150 pts ahead of RBI board meet

MumbaiThe BSE benchmark Sensex today fell over 150 points, led by weakness in auto, IT and financial stocks amid heavy selling by foreign institutional investors, as investors turned cautious ahead of RBI’s board meet.

The 30-share index, after rising over 100 points, fell 158.94 points, or 0.44 per cent, to 35,650.01. Similarly, the 50-share NSE Nifty fell 44.45 points, or 0.41 per cent, to 10,679.95.

According to traders, investors were cautious ahead of RBI’s board meeting. Finance Minister Arun Jaitley is scheduled to address the customary post-budget meeting of the central board of the Reserve Bank later in the day, and highlight the key points of the interim Budget, including the fiscal consolidation roadmap.

The meeting, according to sources, will take a call on the interim dividend to be paid to the government during the current fiscal.

Yes Bank fell up to 5 per cent after the private bank, in a regulatory filing Friday, said it had received a letter from the Reserve Bank of India (RBI) which noted that the risk assessment report (RAR) was marked ‘confidential’.

It was expected that no part of the report be divulged except for the information in the form and manner of disclosure prescribed by regulations, the RBI letter said, adding that the issuance of a press release has, therefore, been viewed seriously by the RBI and could entail further regulatory action/s.

Other losers on the Sensex pack include HCL Tech, HUL, Bajaj Auto, TCS, Reliance, Bajaj Finance, Asian Paints, M&M and Bharti Airtel, falling up to 1.68 per cent.

While, NTPC, Vedanta, Tata Steel, ONGC, SBI, L&T, PowerGrid, ITC and Sun Pharma were the top gainers, rising up to 2.24 per cent.

Meanwhile, on a net basis, foreign institutional investors sold shares worth a net of Rs 966.43 crore on Friday, while domestic institutional investors were net buyers to the tune of Rs 853.25 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong’s Hang Seng rallied 1.67 per cent, Shanghai Composite Index was up 1.79 per cent higher, Kospi gained 0.73 per cent, and Japan’s Nikkei soared 1.78 per cent in early trade.

On Wall Street, Dow Jones Industrial Average ended 1.33 per cent higher on Friday. The rupee, meanwhile, was trading depreciated 13 paise against US dollar to 71.36. The benchmark Brent crude futures slipped 0.09 per cent to USD 66.19 per barrel.




Rupee slides 15 paise vs USD in early trade


Rupee slides 15 paise vs USD in early trade

MumbaiThe rupee weakened by 15 paise to trade at 71.38 against the US dollar in early trade today amid heavy foreign fund outflows and subdued domestic equity markets.

At the forex market, the domestic unit opened weak at 71.35 and slipped further to 71.46. However, it pared some losses to trade at 71.38. The rupee had closed 7 paise lower against the greenback on Friday at 71.23. On a weekly basis, it had registered a loss of 8 paise.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore on Friday, provisional data showed. Brent crude futures, the global oil benchmark, was trading 0.11 per cent lower at USD 66.19 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, dipped 0.17 per cent to 96.74. Meanwhile, the benchmark BSE Sensex fell 111.30 points, or 0.31 per cent, to 35,690.58 in early trade.




Rupee gains 20 paise to 69.75 against dollar in opening trade


Rupee gains 20 paise to 69.75 against dollar in opening trade

MumbaiThe rupee appreciated 20 paise to 69.75 against the US currency in opening trade Monday amid weakening of the American unit and positive opening in the domestic equity market. Forex traders said weakening of the US dollar against some currencies overseas aided the local unit.

Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading higher by 0.04 per cent at 96.44. At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.76 against the US dollar, then appreciated further to 69.76 showing a rise of 20 paise over its previous closing.

On Friday, the rupee finished at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback’s weakness overseas. Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.

Foreign funds sold shares worth Rs 119.60 crore from the capital markets on a net basis Friday, while domestic institutional investors bought shares worth Rs 1,199.40 crore, provisional data showed. The global benchmark Brent crude was trading higher by 1.13 per cent at 53.81 per barrel.

Meanwhile, continuing its winning streak for a fourth straight session Monday, the BSE benchmark Sensex surged over 150 points as investors maintained their bullish stance in early trade on positive cues from other Asian bourses.

 



Sensex rises over 150 points, Nifty hits 10,900-mark


Sensex rises over 150 points, Nifty hits 10,900-mark

Mumbai: Continuing its winning streak for a fourth straight session Monday, the BSE benchmark Sensex surged over 150 points as investors maintained their bullish stance in early trade on positive cues from other Asian bourses. Strengthening rupee also supported the upward move in the domestic stock market, dealers said.

The domestic unit gained paise 19 to 69.76 against the US dollar in morning trade. The 30-share index rose 160.03 points, or 0.44 per cent, to trade at 36,236.75. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.20 points, or 0.46 per cent, higher at 10,910.10. On Friday, the Sensex had rallied 269.44 points or 0.75 per cent to finish at 36,076.72, while the broader NSE Nifty spurted 80.10 points, or 0.74 per cent, to 10,859.90.

Banking, Pharma, and IT stocks were the biggest gainers on bourses in early session. Brent crude, the international benchmark, was trading 0.94 per cent up at USD 53.71 per barrel. Top gainers include Axis Bank, M&M, Tata Motors, Sun Pharma, HCL Tech, Maruti, HUL, TCS, Bharti Airtel and SBI. While NTPC, HDFC, ICICI Bank, Kotak Bank, Power Grid and ONGC were among the top losers.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 119.60 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,199.40 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan’s Nikkei fell 0.31 per cent, Hong Kong’s Hang Seng was up 1.4 per cent, Kospi gained 0.62 per cent and Shanghai Composite Index rose 0.44 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index fell 76.42 points, or 0.33 per cent, to 23,062.40 in its previous session.

 
 



IndiGo gets its first longer range A321neo plane


IndiGo gets its first longer range A321neo plane

Mumbai: Budget carrier IndiGo has become the first domestic airline to have longer range Airbus A321neo plane in its fleet with the first aircraft arriving Saturday morning in New Delhi from the European aviation major Airbus’ Hamburg facility in Germany, an airline source said.

The maiden A321neo (new engine option), VT-IUA, landed at 9.06 am at Terminal-3 of the Indira Gandhi International Airport in Delhi and was accorded the traditional water canon salute on arrival, the source told PTI.

The new aircraft has joined the fleet after a delay of one month. It was to join the fleet on November 29 as per the earlier schedule, he said. The induction of the first A321neo, of the 150 on order, will help IndiGo spread its wings to medium-haul international destinations.

Flights of up to six hours duration come under medium- long haul category of operations. IndiGo now has 204 planes in its fleet, including one A321neo, 65 A320neos, 126 A320ceos (current engine option), and 12 ATRs, the source said.

The longer range A321neo plane has been delivered to the airline at a time when it is struggling with the frequent glitches in the Pratt & Whitney engines, powering these planes, and taking these aircraft out of operations on a regular basis.

These engine-run aircraft have been facing glitches frequently since their induction in the fleet by IndiGo and GoAir in 2016, with several instances of mid-air engine shut downs.

But the US engine maker has failed to come up with any tangible solution to fix these glitches so far despite frequentgrounding of these planes and passengers’ safety at risk. The airline has already announced its plans to launch services to Istanbul and has also signed a code-share pact with the Turkish Airlines for seamless connectivity to 20 global destinations for its passengers from Istanbul and onwards. In turn, passengers of the Turkish national carrier will have access to all destinations operated by IndiGo within India.

IndiGo at present operates over 1,300 daily flights to 52 domestic and 15 international destinations. The airline had in two tranches placed an order for 430 A320neos (180 in 2011 and 250 in 2015) with Airbus. Later, it converted 150 of these 430 planes to A321neos.

 



Fuel Price Cut: Fuel price continue to fall, petrol at Rs 81.10 per litre in Mumbai


Fuel Price Cut: Fuel price continue to fall, petrol at Rs 81.10 per litre in Mumbai

New Delhi: Fuel prices in various parts of the country continued to witness a downward trend on Friday, owing to the fall in crude oil prices in the international market. Petrol and diesel prices in all the major cities were slashed down by 40-44 paise. A litre of petrol today costs Rs 75.57 in Delhi, Rs 81.10 in Mumbai, Rs 77.53 in Kolkata and Rs 78.46 in Chennai.

Diesel is being retailed at Rs 70. 56 in per litre Delhi, Rs 73. 91 in Mumbai, Rs 72. 41 in Kolkata and Rs 74. 55 in Chennai. Earlier in October, fuel prices had skyrocketed owing to fluctuations in the international markets. The highest price was recorded on October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran’s sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.




Government authorises banks to issue lookout for defaulters


Government authorises banks to issue lookout for defaulters

New Delhi: As per a Ministry of Home Affairs circular, the CEOs of public sector banks are now authorised to make a request for issuance of look-out circulars against suspects. The circular has come on the heels of the wake-up call in the banking sector against the backdrop of defaulters like Vijay Mallya, Nirav Modi and Mehul Choksi fleeing the country. The MHA gave the authorisation empowering the CEOs following a recommendation of an inter- ministerial panel under Financial Services Secretary  Rajiv Kumar. When asked about the changes made in the circular, Kumar said it was a continuation of the government’s clean-up drive of the banking sector.

Soon after the PNB fraud hit headlines, the Finance Ministry asked PSBs to collect passport details of all those borrowers, who have borrowed loans of more than Rs 50 crore. However, possession of mere passport detail was not enough but this circular has empowered banks to take decisive action against wilful defaulters and fraudsters by requesting for issuance of LOC by the concerned authority, thereby thwarting any move by them to flee the country, Kumar said.

“It will act as a big deterrent for wilful defaulters and also bring about fundamental change in the creditor-debtor relationship,” he said.The requests for look-out-circulars can also be made against wilful defaulters against whom an FIR is yet to be filed, it said.Mallya had fled the country in March 2016 after defaulting on loans given to Kingfisher Airlines, which was promoted by his group.




Domestic air passenger growth eases to 14-month low in October


Domestic air passenger growth eases to 14-month low in October

Mumbai: Domestic air traffic rose 13.34 per cent to 1.18 crore in October over the same period a year ago, the lowest in the last 14 months, DGCA data, released on Thursday, showed.

The Wadia group-owned budget carrier GoAir maintained its top position in on time performance(OTP) from four key airports at 90.5 per cent while the largest airline by market share IndiGo was relegated to the fourth position, according to the Directorate General of Civil Aviation (DGCA) data. The January-October cumulative travel demand also surged a healthy 20.11 per cent, at 11.46 crore passengers as per data.

In terms of flying passengers, IndiGo carried 50.75 lakh passengers during the month with a market share of 42.8 per cent, followed by cash-starved Jet Airways along with its subsidiary JetLite, which flew 17.61 lakh passengers with a combined market share of 14.9 per cent. National carrier Air India carried 14.44 lakh passengers with its share in the total domestic traffic pie standing at 12.2 per cent in October. Among others, SpiceJet flew 13.82 lakh passengers while GoAir flew 10.48 lakh passengers during the reporting month.

Third full-service carrier Vistara, unseated SpiceJet from the second position in maintaining flight time punctuality with 88.5 per cent of its aircraft departing and arriving at four airports, Delhi, Mumbai, Hyderabad and Bangalore, on scheduled time as against 86.5 per cent of the Ajay Singh-controlled budget carrier.

The two scheduled commuter airlines, Air Deccan and Air Odisha, which are in the process of ownership change, failed to operate even a single flight during the month with the regulator recording a 100 per cent cancellation of their flights. “GoAir continues to top the on-time performance for second consecutive month. Stringent processes and systems along with a committed ground force of staff drives our operations,” said Cornelis Vrieswijk, chief executive officer, GoAir, on the carrier’s best OTP for the second month on a trot. The Gurugram-based SpiceJet reported the highest passenger load factor among all domestic carriers at 90.8 per cent for the 43rd month in a row followed by GoAir at 84.1 per cent and IndiGo at 83.1 per cent.

The passenger load factor in the month of October has shown increasing trend compared to previous month due to the onset of the tourist season, the DGCA said.  According to the data, as many as one lakh passengers were affected by flight cancellations and delays and those who were denied boarding by the airline for one reason or the other, forcing the carrier to pay them a cumulative over Rs 2.76 crore as compensation.

“While October recorded a 13.34 per cent growth as compared to the same month last year and the market continues to remain buoyant with over 118 million (1.18 crore) passengers flying during the month, the monthly growth was tempered due to factors such as the delayed festival season this year and an increase in fares of over 15 per cent compared to September,” said Sharat Dhall, COO(B2C), Yatra.com. However, with oil cooling off, prices are likely to be stable ensuring that the growth momentum is maintained, he added.

 



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