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Jet shares sink 34% but lenders hopeful of successful bids for airline
Posted on 18th April 2019
Jet Airways shares sank 34 percent on Thursday in a sign investors were sceptical about a revival, even as lenders to the carrier said they are "reasonably hopeful" the bidding process for the grounded Indian airline will end successfully.

Jet Airways, once India's largest private airline, on Wednesday evening halted all flight operations indefinitely after lenders led by State Bank of India declined to extend more funds to keep it going. Jet shares plunged to the lowest since April 2009 in early trade on Thursday.

The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

Investors have doubts over whether a successful deal can be completed, said Shukor Yusof, the head of aviation consultancy Endau Analytics. "Jet Airways' value is dwindling with each passing day," he added.

At its peak, Jet operated over 120 planes and well over 600 daily flights. The airline, which has roughly 16,000 employees, has in recent weeks been forced to cancel hundreds of flights and to halt all flights out of India as funds dried up.

"The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI and have been issued bid documents on 16th April," the lenders said on Thursday, referring to expressions of interest.

"Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner."

CNBC-TV18 reported on Tuesday that Jet's lenders were set to invite binding bids from four shortlisted suitors that include private equity firms TPG Capital and Indigo Partners, Indian wealth fund National Investment and Infrastructure Fund (NIIF), and Etihad Airways, which already owns a minority stake in Jet.

Etihad did not respond to a request for comment outside usual business hours.

The crisis at Jet, long the biggest operator in Mumbai, has opened a window of opportunity for other airlines to fill a gap in supply. Budget carriers SpiceJet Ltd and IndiGo are already rushing to add planes.

SpiceJet shares surged 15 percent to the highest since February 2018 early on Thursday, while shares in IndiGo's parent InterGlobe Aviation Ltd rose by 3 percent.

India's Ministry of Aviation said on Wednesday evening that meetings with airports and airlines would be held on Thursday.

"We are assisting airlines and airports to bring in capacity rapidly to ensure that fares remain stable and competitive," the ministry said on its Twitter account.

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Not 1 or 2, all 22 rifles fail to fire during gun salute to former Bihar CM Jagannath Mishra
Posted on 22nd August 2019
While former Bihar chief minister Jagannath Mishra mortal remains were being cremated with full state honour, 22 rifles carried by police personnel failed to fire a single shot on Wednesday.

Mishra's cremation took place at his ancestral village in Supaul district and it was attended by state Chief Minister Nitish Kumar, Deputy Chief Minister Sushil Kumar Modi, state Health Minister Mangal Pandey, among others.


Kia Motors makes India debut, launches Seltos SUV starting of Rs 9.69 lakh
Posted on 22nd August 2019
Korean auto major Kia Motors on Thursday made its debut in India with the launch of an SUV, Seltos, at an introductory price of Rs 9.69 lakh.

Seltos, a mid-sized SUV, is manufactured at the carmaker's Ananthpur plant in Andhra Pradesh. The model comes in both petrol and diesel variants.


Something grave happening in J&K that the government is trying to hide: Ghulam Nabi Azad
Posted on 22nd August 2019
Nine opposition parties on Thursday participated in a protest organised by the Dravida Munnetra Kazhagam, demanding the immediate release of political leaders detained in Kashmir.

“We must recognise that this is no democracy. If we fail to understand this, then we are living in a fool’s paradise,” former Chief Minister of J&K and Leader of Opposition in the Rajya Sabha Ghulam Nabi Azad said.


Govt using CBI, ED as 'revenge-seeking' units: Cong on Chidambaram's arrest
Posted on 22nd August 2019
The Congress on Thursday came down heavily on the BJP government over the arrest of P Chidambaram, accusing it of using the CBI and the ED as "personal revenge-seeking departments".

Senior Congress leader and former Finance Minister Chidambaram was arrested last night amid high drama by the CBI and he spent the night at a agency guest house.


Akshay Kumar 4th on Forbes highest-paid actors list, Dwayne Johnson on top
Posted on 22nd August 2019
National Award-winning actor Akshay Kumar has made it to the fourth position on the Forbes magazine's Worlds Highest-Paid Actors Of 2019 list.

According to the list on forbes.com Akshay has raked in $65 million.

Hollywood star Dwayne 'Rock' Johnson tops the Forbes list of the 10 highest-paid actors, collecting $89.4 million between June 1, 2018, and June 1, 2019.


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