Around the Globe

Around the Globe

SpiceJet strikes Rs 1.5 L cr deal with Boeing for 205 planes

In one of the biggest deals in the Indian aviation sector, SpiceJet will purchase up to 205 new aircraft from Boeing with the order valued at Rs 1,50,000 crore.

With the earlier order for 55 planes and additional 100 new 737-8 MAX aircraft, the no-frills carrier now has firmed up order for a total of 155 planes, besides purchase rights for 50 B737-8 MAX and wide body aircraft.

Announcing the deal here today, SpiceJet Chairman and Managing Director Ajay Singh said the total order of 205 aircraft is valued at Rs 1,50,000 crore (USD 22 billion).

Post demonetisation, demand likely to be normal by Q2 2017:CII

Terming demonetisation as a right long term decision despite short term "disruptions", CII President Naushad Forbes has said consumer demand is expected to return to full normalcy in April-June quarter after seeing a 20 per cent fall in the 50-day period after the note ban.

Forbes said that government must remove cash withdrawal restrictions at the earliest to give a "psychological boost" to consumers. That, he said, is the single action required from government to spur consumption.

TCS shares down 4% on H1-B visa concerns

Shares of TCS fell by almost 4 per cent today after the company flagged issues surrounding the H1-B visas in the US as a key headwind going forward.

The stock which opened the day on a positive note came under selling pressure as the trading session progressed and fell by 3.91 per cent to Rs 2,251.60 on BSE.

On NSE, shares of the company dropped 3.98 per cent to Rs 2,251. The stock was the worst hit among the bluechips on both the key indices -- Sensex and Nifty -- during the morning trade.

Tourism can surpass IT sector if it's more organised: expert

Tourism industry has the potential to surpass even IT services industry in India if effective steps, like making the sector more organised and adopting cashless transactions, are taken, a marketing expert said here today.

"Right now, IT services (industry) is about USD 150 billion, mostly export-oriented and tourism is USD 120 billion, growing at 7.50 per cent," Jagdish N Sheth, Professor of Marketing at Emory University, USA, told PTI.

DeMo to bring opportunity for investors in 2017

Jaipur Asset Management is an Australian-based specialist asset management firm facilitating investments in India. Neelesh Mehta, its co-founder and MD, brings a range of experience in capital markets and financial services in Southeast Asia, India and Australia with specialisations in mergers and acquisitions, investments, capital raisings, corporate restructuring, finance, governance and treasury management. Mehta feels post-demonetisation, it will take some time for the Indian economy to resume the growth trajectory of 2016.

Trump, tech tycoons talk overhaul of H-1B visa

President-elect Donald Trump’s transition team has been actively considering ways to revamp a temporary visa programme used to bring foreign workers to the United States to fill high-skilled jobs, according to sources familiar with the discussions.
The move is likely to significantly affect Indian IT firms and professionals as 65 per cent of H-1B petitions approved in the 2014 went to tech workers, mostly from India, according to USCIS.

Rs 5,000 crore push for micro irrigation likely

Finance minister Arun Jaitley is likely to announce an Rs 5,000 crore fund for micro irrigation to help farmers irrigate farmland using fewer resources.
“Nabard will be asked to handle the corpus and pass on to farmers through regional rural banks and cooperatives,” a source said, adding this may be announced in the budget for 2017-18 on February 1.

IIP up 5.7% in Nov, retail inflation falls in Dec

In a development that sho­u­ld cheer the Narendra Modi government facing flak for its money recall decision, industrial production in during November remained unscathed by demonetisation, belying widespread fears of slowdown.
Factory output, as measured in terms of index of industrial production (IIP), in November grew by 5.7 per cent against a contraction of 3.4 per cent in the same month a year ago, official data showed on Thursday.

Adulterated Gujarat cotton leads to Rs 3,600 crore additional imports

Adulteration of ginned cotton by Gujarat firms has forced spinning mills to import Rs 3,600 crore cotton from West Africa and Australia last season.
The spinning mills used to import 5-600,000 bales of cotton, especially the extra long staple one, every year to meet requirements after bu­y­ing from domestic ginners. But in the last cotton season, they had to import 2.3 million bales of cotton from co­u­ntries like West Africa and Australia. The import of 1.7 million more bales incurred Rs 3,600 crore forex outgo, said the South Indian Mills Association (Sima).

2nd Scorpene class submarine Khanderi launched

Khanderi, the second Scorpene class stealth submarine that has superior stealth and the ability to launch a crippling attack with torpedoes as well as tube-launched anti-ship missiles whilst underwater or on surface, was launched at the Mazagon Dock Shipbuilders Limited here today.

The submarine is designed to operate in all theatres, including the tropics. All means and communications are provided to ensure interoperability with other components of a Naval task force.