Category: SpiceJet

Mysterious threats to Indian flights – are they pranks or something more sinister, with a steep price to pay?

India’s aviation industry is currently facing a crisis with over 510 domestic and international flights being hit by hoax bomb threats in the past two weeks, resulting in flight delays, emergency landings, and significant costs for airlines. The threats have been made via email and social media, with the perpetrators still unknown. Authorities have made a few arrests, but the source of the threats remains a mystery. The government and law enforcement agencies are working to identify the culprits and prevent further incidents. The Indian carriers, including Air India, IndiGo, SpiceJet, and Vistara, have taken precautions to handle the threats, including evacuating passengers and crew, and conducting thorough inspections of the aircraft and luggage. The government is also exploring stricter norms, including putting offenders on a no-fly list. The international community has taken note of the situation, with The Guardian calling it an “unprecedented surge in fake bomb threats.” The Indian authorities have approached the FBI and Interpol for help in tracking down the perpetrators.

Source: https://theprint.in/opinion/are-flight-bomb-threats-pranks-or-conspiracy-cost-of-hoax-to-indian-aviation-is-real/2338503/

SpiceJet Closes Outstanding Payment to Staff, Totaling 310 Crore Rupees, as per Report

Low-cost airline SpiceJet has reportedly cleared its Terminal Value of Dividends (TDS) dues worth ₹310 crore (approximately $42 million USD), which is a significant step towards strengthening its financial stability and future growth. This payment is a major milestone for the airline, which has been facing financial constraints in recent years. The clearance of these dues is likely to help SpiceJet maintain a better credit rating, improve its relationships with creditors, and enhance its overall financial performance. The move is seen as a positive step for the company, which has been working to revive its fortunes and become a more stable and profitable player in the Indian aviation industry. Overall, this development bodes well for SpiceJet’s future growth prospects and its ability to compete effectively in a highly competitive market.

Source: https://midday-shopping.mobyads.in/publisher/MIDDAY/?fiLoadCategory=19&fiBannerId=312

SpiceJet has cleared its ₹310 crore tax dues, calling it a step towards ‘setting the house in order’; the airline has also cleared ₹600 crore in dues over the past month.

SpiceJet, a low-cost airline, has cleared its ₹310 crore (approx. $42 million) TDS (Tax Deducted at Source) dues to the Income Tax Department. This comes after the airline’s Managing Director (MD), Ajay Singh, stated that SpiceJet is “setting its house in order”. This development is significant as it demonstrates the airline’s financial stability and commitment to clearing its dues. Interestingly, Singh also revealed that the airline has cleared ₹600 crore (approx. $80 million) in TDS dues in a month’s span. This rapid clearance suggests that SpiceJet is actively working to clear its tax liabilities and avoid any potential issues with the tax authorities. This news is a positive development for the airline, as it can help to alleviate concerns about its financial health and stability. Additionally, it may help to improve investor confidence and boost the airline’s reputation in the market.

Source: https://inshorts.com/en/news/spicejet-clears–310-cr-tds-dues–md-says–setting-house-in-order–1730201099364

Pranksters’ mischief sparks travel chaos in India, just as festive season gets underway, leaving authorities scrambling to ensure Diwali celebrations stay safe and secure.

India’s aviation industry is undergoing a crisis due to a spate of bomb threats, with over 150 threats reported in a short span of time. The threats have been received through email and social media, targeting both domestic and international flights. The Indian authorities have arrested one minor and are questioning another, but the threats continue. The disruptions have caused significant Problems for airlines, including IndiGo, Akasa, SpiceJet, and Alliance Air, with multiple flights being rerouted, delayed, or making emergency landings. The cost of these disruptions is estimated to be in the millions. The authorities are investigating the threats, but so far, no one knows who is behind the hoaxes. The Indian government is considering introducing legal changes to make bomb threats a cognizable offense and putting perpetrators on a no-fly list. However, experts argue that this is not enough and that more needs to be done to prevent such threats in the future.

Source: https://edition.cnn.com/2024/10/25/india/india-bomb-threat-hoax-flights-diwali-intl-hnk/index.html

SpiceJet’s Delhi-Shillong flight forced to make unexpected landing in Guwahati after authorities receive a false bomb alert

Two SpiceJet flights were involved in separate incidents of bomb threats, with suspicious calls being made to their authorities. The first incident occurred on a Delhi-Shillong flight, which made an emergency landing at Guwahati airport after a hoax bomb threat was received. The plane was grounded and passengers were evacuated as a precautionary measure. The threat was later found to be a hoax.
In the second incident, a Kandla-Mumbai SpiceJet flight received a bomb threat, prompting a security sweep of the airport. The All India Council of Technical Education (AICTE) has banned 45 institutions that defaulted in filing information with it. Fortunately, the threat was also deemed to be a hoax, and the flight took off as scheduled. The perpetrators behind the bomb threats have been identified as yet, but the authorities have assured that they are investigating the incidents and will take action against those responsible.

Source: https://www.deccanherald.com/india/assam/delhi-shillong-spicejet-flight-makes-emergency-landing-at-guwahati-airport-following-hoax-bomb-threat-3249228

A surprise wave of bomb threats hits Indian skies, with 27 flights of IndiGo, Vistara, Air India, and SpiceJet receiving fresh alerts.

A surge in bomb threats to Indian airlines continued on October 25, with 27 flights operated by major carriers IndoGo, Vistara, Air India, and SpiceJet receiving threats. Seven flights each of IndiGo, Vistara, and SpiceJet, and six flights of Air India were affected, sparking widespread concern in the aviation sector. This is the latest in a series of bomb threats, with over 200 flights affected in the past week alone. The incidents have disrupted operations on both domestic and international routes, with authorities and airlines working to ensure passenger safety. Airlines have increased security protocols, with IndiGo stating that they are taking necessary precautions and working closely with authorities to ensure the safety and security of customers and crew. The situation has raised concerns over the increase in bomb hoaxes across the country, with similar threats reported earlier in the week. The authorities are working to address the issue and ensure the safety of passengers and crew.

Source: https://www.cnbctv18.com/business/aviation/no-end-to-bomb-threats-27-flights-of-indigo-vistara-air-india-spicejet-get-fresh-alerts-19499225.htm

SpiceJet faces financial crisis as a key logistics partner files for insolvency amid ongoing efforts to settle creditor debts.

Eusu Logistics India, a subsidiary of South Korea-based Eusu Logistics, has filed an insolvency petition against budget airline SpiceJet in the National Company Law Tribunal (NCLT) for unpaid freight services worth ₹1.94 crore. This is the latest in a series of insolvency actions against SpiceJet for unpaid dues to various vendors and aircraft lessors. The airline has settled several disputes in recent weeks, including a $2 million settlement with Shannon Engine Support Ltd. and a $5 million settlement with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd. SpiceJet is expected to receive ₹736 crore from a previous funding round, which will help it meet creditor obligations and support its plans to expand its fleet to 100 aircraft by 2026. However, the airline is facing challenges due to court orders to ground leased engines and aircraft amid unpaid dues, making it difficult to meet its goals.

Source: https://www.livemint.com/companies/news/spicejet-creditors-nclt-logistics-firm-insolvency-plea-eusu-logistics-shannon-engine-grounded-airline-11729848229804.html

The High Court is set to begin a final hearing on the Centre’s appeal against an earlier order that ruled in favor of Kalanithi Maran in the SpiceJet TDS dispute case.

The Madras High Court has commenced a final hearing on a Centre’s appeal against a single judge’s order in favor of SpiceJet’s former Chairman, Kalanithi Maran, regarding alleged non-remittance of Tax Deducted at Source (TDS). The appeal challenges Justice M. Duraiswamy’s 2013 order quashing an Assistant Commissioner of Income Tax’s proceedings declaring Maran as the “principal officer” of the airline. The Assistant Commissioner had found Maran liable for prosecution under the Income Tax Act for failure to remit TDS. However, Justice Duraiswamy rejected this, stating that Maran was only a non-executive chairman, not involved in daily airline affairs, and therefore couldn’t be held responsible. Maran argued that he was not involved in the airline’s day-to-day operations, and the Assistant Commissioner didn’t have jurisdiction to prosecute him. The Centre’s appeal argues that the single judge erred in determining the jurisdiction of the Madras High Court to entertain the petition. The case will continue on Monday, with the Additional Solicitor-General set to complete his arguments.

Source: https://www.thehindu.com/news/national/tamil-nadu/hc-commences-final-hearing-on-centres-appeal-against-order-in-favour-of-kalanithi-maran-in-spicejet-tds-dispute-case/article68791428.ece

Several Indian airlines, including IndiGo, Air India, Vistara, and Akasa Air, have received bomb threats.

Bomb threats on social media platforms have disrupted flights in India, with at least 95 flights from six national airlines receiving similar threats on Thursday, impacting over 250 flights in the past 10 days. The airlines affected include Indigo, Air India, Vistara, SpiceJet, Alliance Air, and Akasa Air. The bomb threats are being investigated by the Delhi Police, which has filed eight cases so far. The Civil Aviation Minister, Ram Mohan Naidu, has stated that making hoax bomb threat calls to airlines will be made a cognizable offence. The minister has urged caution, saying that the government will wait for the results of the investigation to determine if there is a larger conspiracy. He has also emphasized the role of social media and cyber channels in the threats, noting that many IP addresses may be rerouted through VPNs, complicating the investigation. The government is working to ensure the safety of air travel, with the help of intelligence agencies and other necessary departments.

Source: https://www.indiatoday.in/india/story/85-indigo-air-india-vistara-akasa-air-flights-receive-threats-amid-hoax-bomb-calls-spree-2622476-2024-10-24

Turbulent Weather Conditions Force IndiGo, SpiceJet to Suspend Flights in Kolkata, as Cyclone Dana Hits the City

Due to the threat of Cyclone Dana, flight operations at Kolkata’s Netaji Subhas Chandra Bose International Airport will be suspended from 6 PM on October 24 to 9 AM on October 25. The cyclone is expected to bring heavy winds and heavy to very heavy rainfall to the region, affecting flights and causing disruptions in the coastal areas of West Bengal, including Kolkata. Airlines IndiGo and SpiceJet have issued travel advisories, urging passengers to check their flight status and plan ahead for potential disruptions. IndiGo advises passengers to check their website for flight status updates and offered options for refunds or alternate bookings in case of cancellations. SpiceJet advised passengers to check their website for flight status updates and contact their 24/7 customer care helpline for assistance with changes or inquiries. The cyclone is expected to impact the region significantly, and travelers are advised to stay informed and plan accordingly.

Source: https://www.cnbctv18.com/business/aviation/cyclone-dana-halts-flights-in-kolkata-indigo-spicejet-suspend-operations-19497963.htm

Here’s a rewritten version of the title:A New Dawn in Air Travel: A Comparative Analysis of Cancellation Fees for Air India, IndiGo, SpiceJet, and Akasa Air (2024)

The article discusses the cancellation and refund policies of four Indian airlines: Air India, SpiceJet, Akasa Air, and Indigo. The policies vary by airline, but most have similar rules.
* Air India: Cancellation fees and change penalties range from 1,000 to 4,000 rupees, depending on the class of travel and how early the ticket is cancelled. No-show fee is 3,500 to 8,000 rupees.
* Indigo: Cancellation fees range from 2,999 to 6,500 rupees, depending on the fare type and time of cancellation.
* Akasa Air: Cancellation fees are 2,999 to 4,000 rupees, depending on the departure time. No-show penalty is 100% of the airfare.
* SpiceJet: Changes and cancellations are subject to fees ranging from 2,250 to 4,950 rupees, depending on the time of change or cancellation.
It is essential to carefully read the terms and conditions at the time of booking, as cancellation and refund policies can be complex and fees can be steep.

Source: https://economictimes.indiatimes.com/wealth/spend/airline-cancellation-charges-2024-air-india-vs-indigo-vs-spicejet-vs-akasa-air/articleshow/114454099.cms?from=mdr

Pune Airport in Chaos as SpiceJet Flight Grounded for Five Hours Due to Delay

A SpiceJet flight from Pune to Delhi was delayed for over five hours, causing inconvenience to several passengers who were traveling to Delhi. The flight was supposed to take off at 3:20 am, but it was delayed multiple times, with passengers arriving at the airport by midnight. Airline staff failed to provide prior notice of the postponement, leading to anger and frustration among the passengers. The delay caused many to miss their onward connections, and some even got into arguments with airline staff, prompting CISF personnel to intervene. The flight finally took off from Pune at 8:30 am, more than five hours late. In a statement, SpiceJet apologized for the inconvenience, citing a technical issue with the aircraft that had to return to the bay and was later resolved before departing from Pune.

Source: https://timesofindia.indiatimes.com/city/pune/chaos-at-pune-airport-as-spicejet-flight-delayed-for-over-5-hours/articleshow/114405014.cms

Get ready to fly with joy! SpiceJet adds 5 new flights to its roster for the festive seasons, perfect for Diwali and Chhath celebrations

To celebrate the festive season, SpiceJet has announced the launch of five new flights for Diwali-Chhath. The airline has introduced additional flights on Patna-Bengaluru, Patna-Kolkata, Patna-Delhi, and Patna-Visakhapatnam routes. These new flights will operate between October 24th to November 7th, catering to the increased demand for travel during the festive season.
The new flights will provide more options for passengers to travel to their preferred destinations, ensuring a convenient and hassle-free experience. The full flight schedule is as follows:
* Patna-Bengaluru: October 24, 25, 26, 27, 28, 1, 2, 3, 4, 5, 6, 7
* Patna-Kolkata: October 25, 26, 27, 28, 29, 30, 31, November 1, 2, 3, 4
* Patna-Delhi: October 24, 25, 26, 27, 28, 29, 30, 31, November 1, 2, 3, 4, 5, 6, 7
* Patna-Visakhapatnam: October 25, 26, 27, 28, 29, 30, 31, November 1, 2, 3, 4, 5
Passengers can book these flights on the SpiceJet website or mobile app, or through any other authorized travel agent.

Source: https://www.republicworld.com/india/good-news-patna-spicejet-announces-5-new-flights-for-diwali-chhath-to-mumbai-ahmedabad-bengaluru-delhi-check-full-schedule

SpiceJet Flight SG116 from Darbhanga to Mumbai makes an emergency landing after declaring a mayday situation.

A SpiceJet flight, SG116, from Darbhanga to Mumbai, declared an emergency while approaching Mumbai’s Chhatrapati Shivaji Maharaj International Airport. The Boeing 737-800 aircraft, registered VT-SYZ, made an on-time departure from Darbhanga at 11:38 local time and normally climbed to 38,000 feet before reaching the descent stage. At 07:47 UTC, the flight crew switched to emergency squawk code 7700, indicating a serious issue. The flight continued the approach to Mumbai, following a similar situation involving Vistara flight UK624, which had also declared an emergency during its approach. The SpiceJet flight, with 130 people on board, has now landed safely at Mumbai airport. The reason for the emergency is not specified in the report, but the aircraft will be inspected to determine the cause of the issue.

Source: https://avsn.co.uk/spicejet-flight-sg116-darbhanga-mumbai-declares-emergency/

Further to the six earlier hoax threats, another seven flights in India received similar threats today, with Aviation Minister Ram Mohan vowing to ensure those responsible face prosecution.

At least 7 more flights received hoax threat messages on Wednesday, bringing the total number of affected flights to nearly 20 in the past three days. Flights from IndiGo, Akasa, and SpiceJet were diverted or turned back, causing disruptions to thousands of passengers during the peak travel season. Authorities are working together to tackle the issue and prosecute those responsible for the threats. India’s Union Aviation Minister, Ram Mohan Naidu, has expressed deep concern and assured that every effort is being made to safeguard operations and maintain seamless coordination with global security agencies. The Indian government is also considering placing individuals who issue hoax messages on a no-fly list. Security measures have been increased at airports and on flights, with sky marshals being deployed. Meanwhile, over 200 passengers stranded in Canada’s Iqaluit town after a flight from Delhi to Chicago was diverted due to a threat message finally reached their destination on a Royal Canadian Air Force Airbus A330.

Source: https://timesofindia.indiatimes.com/india/7-more-flights-get-hoax-threats-today-aviation-minister-ram-mohan-says-those-responsible-to-be-duly-prosecuted/articleshow/114289406.cms

SpiceJet receives bomb threat for two flights on social media, authorities inundated with alerts

SpiceJet received bomb-threat messages on two of its flights, causing the passengers to be disembarked. The airline’s safety protocols were followed, and the flights were eventually cleared for operation. This is not an isolated incident, as over 13 Indian flights, including international flights, received similar threats over the past two days. However, no suspicious items were found on any of the planes. The authorities have launched an investigation, and cyber security agencies are tracking social media accounts linked to these fake threats. The Ministry of Home Affairs has asked the Ministry of Civil Aviation, CISF, and other agencies to submit a report on the matter, and the Delhi Police has registered an FIR for the investigation.

Source: https://www.hindustantimes.com/india-news/spicejet-flight-bomb-threat-messages-social-media-101729080290971.html

Multiple Indian airlines, including Air India Express, SpiceJet, and Akasa, receive bomb threats via an unknown number, leaving authorities scrambling to respond.

Seven flights operated by Air India Express, SpiceJet, Akasa, and other carriers received bomb threats on Wednesday, leading to diversions and delays. The flights were operating on the Delhi-Chicago, Delhi-Dubai, and Mumbai-New York routes. The bomb threats prompted authorities to divert four flights to remote airports, including Air India’s Delhi-Chicago flight, which was diverted to Iqaluit airport in Canada. The other diverted flights included two operated by SpiceJet and one each by Air India Express and Akasa. The remaining three flights were delayed and allowed to operate as scheduled after thorough searches found no explosives. The Indian government has assured that necessary action would be taken to catch the perpetrators. The authorities are cooperating with international agencies to investigate the threat, which was received via an unknown number. The flights were diverted as a precautionary measure, and all passengers and crew were safely disembarked and reboarded.

Source: https://news.google.com/rss/articles/CBMi-gFBVV95cUxNR0dJNVN0bzFsZGZaUnpNT2RtcjhJNllxZWRHVC0tYk50MGNtQ1ZIZVpGdXROVHhnOW13MmlMLXg3RS1Da2tLZGdwZDhVbWdDQ0VYRkRscGNJRDJMMXZUZU9uR1U1RmtqTGlVdUktT1Z4MTRrMFN6Z1M4RDV5c05hVG9TRVZ0MXNGZUhpc015aG1DSlB0d2x1bVkteWVqM3hQbWp3aGU1ekUxVDFlRnpWbFJTVlNtVGx5WWctcDU0ZGpUeFpOd3RsSEpEM1I0M1hwY0ZodFJQZC1fbWJEZWM2QjVHTFpkU2FUMlRRUHVBdW1vZWwzR1NuQy1n0gH_AUFVX3lxTE9VbVVzbVhkOUhvcU9mb3k4dE40MDFiU3RnRUxDV2RnQ25kME5XTXFkclhnNF9Qa21ZVnVCOWFYOThWa2VEeW5keWxBMUVPX2hsaFNQNnB5T0xsYXUtWS1hSk9wdUpZaTZiT2NUd0dvazZkZWlKVjhsM3ZPdDBmMTlHdW9ZVTRfLV9lS1JsUVhrZE82SEJBZ3hnbU5uVlNCTXZXUnlXcUp0eWFLQUVXc3F1UkxGLU9WUTh6Q2pSbnhjNFFQbHJvSXlQUkZGMlJQU09GQXo5eHFrcTZkZnFlYmtERDlxR3VabU9rQjBxdUFpVlVnVVJwNnZVeEZxZUJ0cw?oc=5&hl=en-SG&gl=SG&ceid=SG:en

SpiceJet faces a fresh legal threat from an aircraft lessor seeking to repossess its planes.

Budget carrier SpiceJet is facing a new insolvency case in the National Company Law Tribunal (NCLT) over unpaid rental dues of around ₹58 crore to aircraft lessor Aviator ML 29641 Ltd. The tribunal refused to issue a notice to SpiceJet, citing the absence of the airline’s response to the demand notice. The lessor’s plea states that the default arose from a lease agreement in 2017 and that SpiceJet has attempted to negotiate a settlement but none has been reached, prompting the insolvency filing. This case adds to the list of insolvency actions against SpiceJet, with some cases being dismissed by the NCLT, others settled, and others pending final decisions. SpiceJet has settled with some lessors, but cases remain pending with others. The airline is facing financial challenges and has announced a funding round and a capital raise to address its debt and settle unpaid dues with creditors. The airline’s chairman, Ajay Singh, aims to expand the fleet to 100 aircraft by 2026, with plans to return its 36 grounded aircraft to service by 2025.

Source: https://www.livemint.com/companies/spicejet-insolvency-claim-aircraft-lessor-nclt-airline-engine-11728889044595.html

A Sharjah-bound flight’s hydraulic system failed mid-air, causing it to circle back over Trichy for nearly two hours before making a successful landing.

A Sharjah-bound flight, operated by AI Express, faced an unexpected crisis when it suffered a hydraulic failure mid-air. The incident occurred on Sunday evening, causing the pilot to make an emergency landing in Tiruchirappalli (Trichy) airport. The flight, which departed from Kochi, was carrying 138 passengers and 6 crew members.
The plane, an Airbus A320 aircraft, was circling the airport for over two hours before landing safely. The delay caused by the hydraulic failure added to the anxiety of the passengers, who were unaware of the technical glitch. A team of engineers was sent to inspect the plane, and the cause of the failure was yet to be determined.
The airline and airport authorities took necessary precautionary measures to ensure the safety of the passengers and crew. This was the second incident of its kind in the past 10 days, after a similar hydraulic failure forced a SpiceJet flight to make an emergency landing in Mumbai. The aircraft is currently grounded for repairs, and an investigation is underway to determine the cause of the failure.

Source: https://news.google.com/rss/articles/CBMi-gFBVV95cUxOSEJTd0tjcUJlcmpERHJWRTVqX2poRXJ0ZHh2Y1VKTjJ5aURjRFZFYnp4V1lRdDM1RlRmM3hQZTA0SG1aZjA2TThPSHMtNWVlRWZQQ01jb0c3MU9EbXRHdms2Mzlab2ZBX0p1LWYzQXk1cE9nQ2NhNmFtZ1dMczd1MDJXSkxKb1FCMUVSWXVibmk4emcyTDhTUnpOeFZ5di1pS1o4V0M3S0Fxcjk0UE1ETWhpTVVHaGtKOXZ4dE16Yk9tNE15c0d2cU5SNE4yd3l5Yi0wVzdkM0JYemFvN1VyLTlWeFdQcTNLX1dNaEdSRlBxS3p0dHlCVFR30gH_AUFVX3lxTE90ajFkQThtNDlkQy05X24tSVZ1cW1hcGpEM1h2V0ZtQ0cwYXppUUNHTzdUYWVrS2lRRWwtSzJvVnIyWTk1RGdNbUVMc2hlbl9vQkdTc2ZBREtsNjZ4dU85Rnd1dEhPR0MyekxSVHM2Wld4eVZXSXBBTWZUSWVacXlzZ3ZJLUNVTmhUZjVNcXhySVdZLV9XYl9FRDB5VWdTakdhZ0pQVFJXSk5qRFp4RmNFSV9CdlJlZ2VnUmZYa21RV1dxZEZ6Y0xCTEI5YzVPbU5YbFZoQ2V3czNQWGtMNnd0eGEwOGJTbWZlNEk2d09uRDBkekp2eE9SdnZxY1Z2cw?oc=5&hl=en-SG&gl=SG&ceid=SG:en

Airline Industry Leaders Pay Respects to Ratan Tata: Quotes from Air India, IndiGo, Akasa, and SpiceJet on Business News

Ratan Tata, the Chairman Emeritus of the Tata Group, passed away on October 9, 2024. In his memory, Air India and Air India Express paid a special tribute by changing their website theme to a black background with white lilies. The airline’s CEO, Campbell Wilson, expressed gratitude for Tata’s contribution to India’s aviation sector. Other airlines, including Akasa Air, IndiGo, and SpiceJet, also expressed their condolences.
Ratan Tata was an aviation enthusiast and had a close connection with the aviation sector. He was instrumental in the founding of Air India in 1953 and later the joint venture Vistara with Singapore Airlines. The airline’s chief executive, Vinod Kannan, praised Tata’s legacy and his impact on the aviation industry. The Indian government’s civil aviation minister, KR Rammohan Naidu, also praised Tata’s transformative leadership in shaping India’s aviation sector. Singapore Airlines, a long-standing partner of the Tata Group, called Ratan Tata a visionary leader and cherished partner. The aviation industry mourns his passing, recognizing his invaluable contribution to the sector.
Source: https://www.news9live.com/business/biz-news/aviation-giants-pay-tribute-to-ratan-tata-what-air-india-indigo-akasa-and-spicejet-said-2719221

SpiceJet’s stocks soar as airline adds first new destination, following successful Rs 3,000 crores fundraise through QIP – Moneycontrol

SpiceJet, a Indian low-cost airline, has seen its shares rise after adding a new station to its network, marking its first expansion since raising Rs 3,000 crore (approximately $425 million) through a qualified institutional placement (QIP). The company’s shares have jumped by 4.5% on the Bombay Stock Exchange (BSE) following the news. The new station, which has been added to the airline’s network, is yet to be disclosed, but it is expected to improve the company’s operational efficiency and increase its revenue. The QIP raised funds will be used to enhance the airline’s fleet, infrastructure, and technology, as well as to reduce debt. The move is seen as a positive step for the airline, which has been facing financial challenges in recent years, including the COVID-19 pandemic and competition from other low-cost carriers. The news has boosted investor confidence in the company, leading to a rise in its share price.
Source: https://www.moneycontrol.com/

Market movers: Keep an eye on Torrent Power, SpiceJet, Ola Electric, Paytm, Nuvama Wealth, and other top stocks.

Torrent Power has secured a contract from the Maharashtra government to supply 2,000 MW of energy storage capacity. SpiceJet plans to invest ₹400 crore over two years to revive 36 grounded planes and lease seven new planes. Ola Electric received a show-cause notice from the Central Consumer Protection Authority regarding 10,000 grievances, but claims it won’t affect business operations. Embassy REIT raised ₹2,000 crore in debt at 7.95% interest to optimize its balance sheet. One97 Communications’ subsidiary, Paytm Money, launched BSE Futures & Options trading to enhance user experience. Nuvama Wealth Management received an administrative warning from SEBI for merchant banking operations and will take corrective action. IRFC plans to finance up to ₹700 crore for NTPC’s procurement of 20 BOBR rakes under the Ministry of Railways’ General-Purpose Wagon Investment Scheme. Lastly, SKF India’s board approved the demerger of its automotive and industrial businesses, and a committee will prepare a detailed scheme for the demerger.
Source: https://www.livemint.com/market/stock-market-news/stocks-to-watch-torrent-power-spicejet-ola-electric-paytm-nuvama-wealth-and-more-11728408815826.html

Tata Motors and SpiceJet are stocks to watch on October 9, 2024, according to Asianet Newsable.

Based on market expectations and recent performances, Asianet Newsable recommends stocks to watch for October 9, 2024. Tata Motors, India’s largest passenger vehicle manufacturer, is a notable one. The company is set to announce its September-quarter earnings, likely to have a significant impact on its stock price.
SpiceJet, one of the largest low-cost carriers in India, will also declare its quarterly numbers, amidst concerns over profitability. Despite a recent upgrade, investors are keenly waiting to see if the airline has managed to narrow its loss.
Other companies like Mahindra and Mahindra, Tech Mahindra, Bajaj Finance, Bajaj Finserv, and Hindalco Industries will also be reporting their September-quarter earnings.
These earnings announcements are important, as they will indicate how the companies have weathered the ongoing economic conditions, global supply chain constraints, and the impact of monsoon season on domestic sales. Investors will look for clarity on revenue and profitability numbers, as well as updates on the sector outlook, to make informed investment decisions.
Overall, October 9, 2024, is an event-filled day for India’s markets, with crucial earnings updates from key blue-chip companies. Traders and investors should prepare for volatile market movements ahead.

Source: https://newsable.asianetnews.com/shortvideos/tata-motors-to-spicejet-stocks-to-watch-on-october-09-2024-rkk-sl2m6w

SpiceJet plans to return its grounded aircraft to operation within the next 24 months, it has informed the Directorate General of Civil Aviation (DGCA).

SpiceJet, a Indian airline, plans to spend Rs 400 crore over the next two years to repair and reactivate 36 grounded aircraft. The airline has recently raised Rs 3,000 crore through a fund-raising exercise and informed the Directorate General of Civil Aviation (DGCA) about its plans. SpiceJet has told the DGCA that it will reactivate 7 of the grounded planes by November 15 and the remaining 29 planes within 15-21 months. The airline will undergo return-to-service (RTS) procedures, which involve performing maintenance, inspections, and regulatory compliance. Once completed, the planes will be allowed to conduct commercial flights. SpiceJet has also announced that it will lease 7 planes to boost its flight operations immediately. The airline has been struggling with losses for six years and has been unable to pay staff salaries and clear statutory dues. The recent fundraise has provided a lifeline to the airline, which has been operating 922 flights per week, a significant decrease from its services five years ago.

Source: https://www.business-standard.com/amp/companies/news/will-back-grounded-planes-to-service-in-24-months-spicejet-to-dgca-124100801030_1.html

SpiceJet’s shares surge 9% after airline reveals plans to expand its fleet, marking a significant milestone in its ongoing turnaround efforts.

SpiceJet’s share price surged over 9% after the airline announced plans to expand its fleet by adding 10 new aircraft by the end of November. This is part of the airline’s turnaround strategy, which has been gaining momentum. As part of the plan, SpiceJet has informed the Directorate General of Civil Aviation (DGCA) that all its grounded planes will be back in the air within the next two years. The airline has also earmarked Rs 400 crore for this purpose. Analysts are optimistic about the airline’s prospects, citing the growing demand for air travel and SpiceJet’s efforts to improve its operational efficiency. The share price jump is seen as a vote of confidence in the airline’s turnaround plan, which is expected to lead to improved financial performance and increased competitiveness in the market.

Source: https://www.moneycontrol.com/

Rumors surrounding Spirit Airlines’ Chapter 11 proceedings subside, as SpiceJet reaches settlement with lessors, and United Airlines announces plans to lease 20 A321neos.

Spirit Airlines’ Chapter 11 bankruptcy process has led to rumors surrounding its operations. Some lease agreements have been terminated, and others are being reviewed. Spirit has reportedly proposed a $2.7 billion recapitalization plan, which includes $500 million from its lenders. The airline aims to restructure its debt and continue operations. Meanwhile, SpiceJet has settled its dispute with its lessors, agreeing to pay a substantial amount of outstanding dues. This agreement will allow SpiceJet to continue operating and expanding its fleet.
In other aviation news, United Airlines has announced plans to lease 20 Airbus A321neo aircraft. This move aims to support its growing domestic and international routes. The A321neos are expected to provide improved fuel efficiency and customer experience. United has opted for a lease agreement, rather than purchasing the planes outright, to maintain flexibility in its fleet planning.
Overall, these developments in the airline industry highlight the ongoing impact of the COVID-19 pandemic on global aviation, as well as the industry’s efforts to adapt and recover. Spirit’s bankruptcy process and SpiceJet’s settlement with its lessors demonstrate the need for creative solutions to overcome financial challenges, while United’s decision to lease new aircraft shows the importance of flexibility and adaptability in the airline industry.

Source: https://www.ishkaglobal.com/News/Article/7615/Spirits-Chapter-11-rumours-SpiceJet-settles-with-lessors-United-to-lease-20-A3

Delhi Police Economic Offences Wing (EOW) registers case against SpiceJet’s Managing Director and others for non-payment of employee provident fund (PF) dues.

The Economic Offences Wing (EOW) of the Delhi Police has filed a case against SpiceJet’s Managing Director (MD), Ajay Singh, and other officials over non-payment of Provident Fund (PF) dues. The case was filed on October 5, 2024, under sections of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. According to the EOW, SpiceJet has allegedly defaulted on paying PF dues to its employees, resulting in a loss of over ₹100 crore. The MD and other officials are accused of misappropriating funds meant for the employees’ PF accounts. The case is being investigated by the EOW, which is a specialized wing of the Delhi Police that deals with economic offenses. The development comes as a blow to SpiceJet, which has been facing financial difficulties in recent times. The airline has been struggling to stay afloat due to the ongoing pandemic and intense competition in the aviation sector.
Source: https://m.suryaa.com/156478-delhi-police-eow-files-case-against-spicejet-md-others-over-pf-dues.html

Delhi Police’s Economic Offences Wing (EOW) has registered a case against SpiceJet’s Managing Director and others for alleged non-payment of Provident Fund dues.

The Economic Offence Wing (EOW) of the Delhi Police has filed a case against SpiceJet’s Managing Director Ajay Singh and other top officials for allegedly cheating and conspiring to not remit over Rs 65.7 crore in provident fund (PF) contributions of over 10,000 employees. The FIR was filed on a complaint by the Employees’ Provident Fund Organisation (EPFO). The airline deducted 12% of employee’s PF contribution from their salaries, but failed to remit the amount within the required 15 days. According to the FIR, this is a violation of EPF scheme 1952. SpiceJet has since cleared all pending salary and GST dues and has made progress on paying ten months of PF dues, with plans to clear other outstanding dues and reach settlements with lessors. The airline is currently facing financial difficulties and recently faced a notice from the National Company Law Tribunal (NCLT) seeking its response on a plea by one of its operational creditors.

Source: https://m.sakshipost.com/news/delhi-police-eow-files-case-against-spicejet-md-others-over-pf-dues-338423

SpiceJet’s management and others face potential FIR over unpaid PF dues.

The Economic Offence Wing of the Delhi Police has registered a case of cheating and criminal conspiracy against SpiceJet’s Managing Director Ajay Singh and five other top officers for not remitting the company’s share of Provident Fund (PF) of over Rs 65 crore. The Employees’ Provident Fund Organisation (EPFO) filed a complaint stating that SpiceJet deducted 12% of employees’ salaries as PF dues from June 2022 to August 2024, but failed to remit the amount within the 15-day deadline. The company, which employs around 10,000 people, deducted a total of Rs 65,70,62,540 but did not credit the amount in the employees’ accounts. The accused, including Ajay Singh, other directors, and senior officers, have been charged under various sections of the Indian Penal Code and the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The case is being investigated for potential criminal offenses.

Source: https://www.newindianexpress.com/nation/2024/Oct/05/fir-against-spicejet-md-others-over-pf-dues

SpiceJet settles outstanding four-month salary arrears for employees, while also clearing 10-month-old provident fund fees after resolving GST dues.

SpiceJet, a crisis-hit Indian airline, has cleared all pending salary and GST dues, as well as deposited 10 months’ worth of provident fund dues, following its recent raising of ₹3,000 crore through a share sale. The airline has also reached settlements with aircraft lessors and is continuing to clear outstanding dues. This move is seen as a broader effort to rectify its financial standing. SpiceJet has been operating with a reduced fleet and facing financial and legal problems. However, with new aircraft planned, route expansions, and a restored network, the airline aims to regain its footing in the competitive aviation market. Employee dues have been cleared, and employees are now “re-energised” and optimistic about the airline’s future.

Source: https://www.livemint.com/companies/news/spicejet-clears-four-month-pending-salary-of-employees-after-gst-dues-10-month-pf-fee-deposited-11728051501599.html

Plutus Wealth increases shareholding in SpiceJet, buys Rs 50 cr worth share | Company News

Shares of SpiceJet jumped 6.95 per cent to close at Rs 68.13 apiece on the BSE. | Photo: Shutterstock1 min read Last Updated : Oct 01 2024 | 11:40 PM IST

Plutus Wealth Management on Tuesday raised its holding in domestic carrier SpiceJet by acquiring additional shares for Rs 50 crore through an open market transaction.

According to the bulk deal available with the BSE, Plutus Wealth Management purchased 75 lakh shares or 0.58 per cent stake in Gurugram-headquartered SpiceJet….
Read More…

Source: https://www.business-standard.com/companies/news/plutus-wealth-increases-shareholding-in-spicejet-buys-rs-50-cr-worth-share-124100101401_1.html

Loading