AI fleet expansion a necessity, says ex-chief

Major Highlight

 Prior to the latest order of 470 planes, the last time AI placed orders for aircraft was in 2005 for 111 aircraft

New Delhi (PTI): Nearly two decades ago, the then government-owned Air India had an “extremely small fleet” of aircraft that was also prone to frequent breakdowns. Then, aircraft were taken on lease and later the airline placed orders for 111 planes. In the wake of Air India placing firm orders for 470 planes, V Thulasidas, who was the airline’s chief from December 2003 to March 2008, said there was a necessity for fleet augmenta- tion that will also help address the long standing grievance that most of the Indians travelling international are carried by foreign airlines.

Prior to the latest order, the last time Air India placed orders for aircraft was in 2005 for 111 aircraft during the time of Thulasidas.

While stressing the importance of international aviation hubs, he said India can have many such hubs as there are now

Different Approach From Others

New Delhi: Mutual funds’ collection through new fund offerings (NFOs) remained subdued in 2022, with asset management companies (AMCs) garnering over Rs 62,000 crore through new schemes, which was 38% less compared to 2021. However, higher number of NFOs were launched in 2022 compared to the preceding year. A total of 228 new schemes were floated last year, which was way higher than 140 launched in 2021. —PTI world class airports and strong airlines.

“It is us who gave away the (international) hubs to Singapore, Dubai and other places. This was because we did not have good airports and did not have large, strong airlines.

“Now, we have world class airports which can act as hubs and we are now gradually seeing very strong airlines coming up. With this combination, there can be international hubs in India.

Tcs Not Considering Any Layoffs

Mumbai (PTI): Tata Consultancy Services (TCS) is not considering any layoffs as it believes in grooming talent for longer careers once it hires an employee, a top official has said.

The country’s largest IT services exporter is also looking to hire startup employees who have lost their jobs, its chief Human Resource officer Milind Lakkad said.

“We don’t do that (layoffs), we believe in grooming talent in the company… (there will be) no layoffs,” Lakkad said, replying to a specific question on wheth-

According To Chief Hr Officer

 The country’s largest information technology services exporter is also looking to hire startup employees who have lost their jobs

 The company, which employs over 6 lakh people, will be announcing hikes which will be similar to earlier years

“Investments in other parts of the Adani Group are leaking into the funding of Carmichael,” said Ulf Erlandsson, chief executive of Anthropocene Fixed Income Institute, which has been tracking the Adani Group since mid-2020. “Investors who have restrictions on funding greenfield thermal coal mining should revisit potential exposures across the whole of Adani Group.”

More than 500 funds registered in the European Union as “promoting” ESG goals hold Adani stocks, either directly or indirectly, according to data compiled by Bloomberg.

Other Stories

“Global cues and F&O expiry may cause volatility this week. Although FIIs have shown some interest in purchasing over the past few days, there were a few block purchases last week, so their flow will be crucial,” said Santosh Meena, Head of Research, Swastika Investmart Ltd. Brent crude oil movement and the trend in the rupee would also be in focus this week.

“With all major events behind us, the performance of the global markets, especially the US, will be in focus for cues. Besides, crude and rupee movement will continue to offer indications in between,” Ajit Mishra, VP Technical Research, Religare Broking Ltd, said.

The BSE benchmark last week climbed 319.87 points or 0.52%.

The lack of major triggers in the domestic market will attract global cues to dictate the market’s trend going forward, Nair added.

HERO MOTOCORP PLANS TO EXPAND ELECTRIC TWO-WHEELER RANGE OVER NEXT 12-18 MONTHS

New Delhi: The country’s largest two-wheeler maker Hero MotoCorp plans to expand its electric two-wheeler range over the next 18-24 months as it looks to cater to demand across multiple customer segments, according to a senior company official. The company, which has already commenced sales of its electric scooter under Vida brand across Delhi, Bengaluru and Jaipur, plans to introduce the existing range in other cities as well in the next fiscal before it starts to roll out the new products. —PTI

GOVERNMENT MAY AUCTION 6 MINERAL BLOCKS IN FEBRUARY

New Delhi: The government is likely to put on sale six mineral blocks, including four iron ore mines, in the current month. The move would give a boost to mining sector’s contribution to the country’s gross domestic product. The notice inviting tenders for the mines -- Chhitpuri B iron ore block, Gomter – Wakeli, Bijapur, Hahaladdi, North Bastar Kanker, Lohhater, North Bastar Kanker -- were floated last year. —PTI er there will be layoffs or involuntary attrition.

He said many companies are forced to take such a step because they hired more than they wanted while the “cautious” TCS believes that once a staff member joins, it is the company’s responsibility to make them productive and derive value.

FINANCE MINISTRY TO MEET HEADS OF BANKS ON FEBRUARY 22

New Delhi: The finance ministry has called a meeting of heads of public sector banks and top four private sector lenders to review the progress of the emergency credit line guarantee scheme to help businesses affected by COVID-19. The meeting is scheduled to be held on February 22 to review progress on ECLGS and Loan Guarantee Scheme for COVIDAffected Sectors (LGSCAS), sources said. —PTI

BANKS’ NET INTEREST INCOME SOARS BY A RECORD 25.5% IN THIRD QUARTER: ANALYSIS

Mumbai: Net interest income of banks grew by a record 25.5% to `1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis.

The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest margin (NIM) rose by 17 basis points (bps) to 3.28%. This was possible as banks repriced existing loans higher at a faster rate and also increased the new loan pricing, but kept deposit rates almost unchanged, according to an analysis. —PTI

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—Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India