1. Banks Ask Jet Airways to Explain Its Liquidity Situation
Domestic and foreign lenders of Jet Airways (India) Ltd have asked the company to explain its liquidity situation, just a few days after the airline defaulted on a scheduled loan repayment. The lenders will now meet the airline executives, along with various vendors, and help Jet Airways renegotiate contracts and revive its poor cash flow position in the coming days, according to two people with the knowledge of the discussions.
2. For Second Month in a Row, Air India Delays Salaries
National carrier Air India has defaulted on salary payments for the second consecutive month missing the December pay-day amid liquidity crunch, a source said Monday.
Air India had failed to pay to its over 20,000 employees on time for most of the months last year. Like other public sector enterprises, the airline is supposed to pay the salaries on the last day of the month.
"Air India has not paid the December salary to its entire staff till today (Jan 7). Worst, there is no word on the date of payment," an airline official said.
3. Amazon Emerges as Most Valuable Us Firm Amid Market Turmoil
Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. as a see-sawing stock market continues to reshuffle corporate America’s pecking order. The shift occurred Monday after Amazon’s shares rose 3 percent to close at $1,629.51 and lifted the e-commerce leader’s market value to $797 billion. Meanwhile, Microsoft’s stock edged up by less than 1 percent to finish at $102.06, leaving the computer software maker’s value at $784 billion.
(Source: Financial Express)
4. SEBI Slaps Rs 10 Lakh Fine on PRM Power for 'Non-Genuine Trades' in Illiquid Stock Options
Markets regulator Sebi on Monday imposed a fine of Rs 10 lakh on Jaipur-based PRM Power & Projects for fraudulent trade by creating artificial volume in illiquid stock options on the BSE.
In April 2018, Sebi announced to take action in a phased manner against 14,720 entities for "non-genuine trades" through the illiquid stock option segment. The regulator said adjudication proceedings have been initiated against 567 entities involved in such trades in the first phase.
5. India Airport Privatisation Plan Draws Interest From Switzerland to Singapore
International airport operators, including those of Zurich and Singapore’s Changi airports, are evaluating India’s privatisation plans for six airports, according to two people close to the development.
Other overseas entities that have shown interest include German airport operator AviAlliance, US financial investor Global Infrastructure Partners (GIP) and Sydney-based investment manager AMP Capital, the people said, requesting anonymity. Among Indian companies, Anil Ambani’s Reliance Infrastructure, the National Investment and Infrastructure Fund and Adani group, besides Indian airport operators GVK and GMR, are likely to participate in the bidding, said one of the two people cited above.
6. Bitcoin Pushes Past $4,000 as Technical Gauge Turns Positive
Bitcoin climbed above $4,000 for the first time this year, helping to push the volatile cryptocurrency into positive territory after a brutal 2017 that saw investor post losses of more than 70%.
The biggest digital currency gained as much 6.4% to $4,077 in New York. Other tokens were mixed, with Litecoin jumping as much as 22% and Ether down about 1%.
7. HFCL to Expand Optical Fibre Cable Manufacturing With Rs 35 Cr Investment
Telecom gear maker HFCL will invest Rs 35 crore on expanding optical fibre manufacturing facility to 10.5 million route fibre kilometre by June this year, the company said in a filing on Monday. Himachal Futuristic Communications Ltd (HFCL) said the board of the company in its meeting held Monday "approved the proposal of enhancing additional manufacturing capacity of Optical Fibre Cable (OFC) at Hyderabad from 7 million Fibre Kilometre (fkm) to 10.5 million fkm where the company is already setting up optical fibre (OF) and OFC manufacturing facilities".
The company has existing production capacity of 8 million fkm approximately and working with utilisation capacity of 96 per cent.
8. 7.2% GDP Growth Rate Very Healthy: Economic Affairs Secretary
Describing the 7.2 per cent GDP growth projection for 2018-19 as very healthy, Economic Affairs Secretary Subhash Chandra Garg on Monday said India remains to be the fastest growing economy in the world.
According to the Central Statistics Office (CSO) advance estimates, Indian economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal.
"Very healthy advance GDP growth numbers for 2018-19. GDP grows by 7.2% compared to 6.7% in 2017-18. India remains fastest growing major economy globally. At current prices GDP grows by 12.3% rising to 188.41 lakh crore. Per capita GDP at current prices rises to Rs. 141447," Garg said in a series of tweets.
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