Page 19 - Spicejet

NCLT to hear insolvency proceedings plea filed against SpiceJet on May 8

SpiceJet too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (NCLT) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor Aircastle (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussio

Hero Moto, SpiceJet, AEL, TVS Motor among top 10 stocks to watch on Friday

Stocks to watch on May 05, 2023: Adani Power, Bharat Forge, Blue Dart, Britannia, Equitas SFB, Federal Bank, Marico and Paytm on investors radar ahead of Q4 earnigns today.

Lessor Aircastle files case against SpiceJet to initiate insolvency process

The first hearing of Aircastle's case will take place on Monday at the Delhi bench of NCLT

Need more rational airfares in country, says SpiceJet CEO Ajay Singh

SpiceJet CEO Ajay Singh on Thursday said there is a need for "more rational airfares" in the country even as he tried to assuage concerns of a hike in airfares as a consequence of competitor Go First filing for voluntary insolvency by terming it a "temporary phenomena". He termed the Go First development as "extremely unfortunate" and expressed hope that the airline can use this opportunity to resolve their issues. Asked about concerns on hike in airfares as a consequence of competitor Go First filing for voluntary insolvency, the SpiceJet chief said: "Those are temporary phenomena". "Of course when there is a mismatch of supply and demand, airfares will go up but this settles quite nicely as you would have seen the last time an airline went down there was a temporary period of mismatch and the capacity came into the system and fares were back to normal," Singh said. He further said that while the era of low airfares has helped in boosting air travel in this country, sometimes it h

Stocks to Watch: Titan, Tata Chem, Adani Group, RIL, Petronet, Apollo Micro

Stocks to watch on May 04, 2023: Adani Enterprises, Bombay Dyeing, Dabur, HDFC, Hero MotoCorp, Tata Power and TVS Motors may see some action owing to Q4 results on Thursday.

SpiceJet plans to revive 25 planes as Go First files for bankruptcy

SpiceJet has 31 planes in 'storage', has mobilised around Rs 400 cr for getting them back in the air

Go First bankruptcy: IndiGo, SpiceJet good momentum plays, say analysts

Apart from IndiGo, Tata group-owned Air India, could be the second key beneficiary given its strong fleet and balance-sheet strength

Go First saga: SpiceJet to revive 25 grounded aircraft, mobilises Rs 400 cr

The funds for revival will be drawn from the Centre's Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals, the airline said in a statement

IndiGo, SpiceJet rally up to 8% as Go First files for bankruptcy

Shares of InterGlobe Aviation, which runs the country's largest airline IndiGo, hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE.

SpiceJet to operate more flights to evacuate people under Operation Kaveri

SpiceJet on Monday said it plans to operate more flights from Saudi Arabia to different Indian cities to bring back people evacuated from Sudan under 'Operation Kaveri'. The no-frills airline operated a flight from Jeddah to Kochi on April 30 and brought back 184 Indians under Operation Kaveri. In a release, the carrier said it is in regular touch with the Ministry of External Affairs and the Indian Embassy in Saudi Arabia to coordinate further evacuation efforts. "More evacuation flights from Saudi Arabia to different cities in India are being planned," it said. The airline operates daily flights from Jeddah to Calicut, Delhi and Mumbai. It also has daily services from Riyadh to Delhi. Under 'Operation Kaveri', a total of 2,140 Indians have been brought back from strife-torn Sudan, according to official data. Earlier, SpiceJet helped in evacuating more than 1,600 students under Operation Ganga by operating special flights to Budapest, Kosice and Suceava.

SpiceJet to appoint Arun Kashyap as Chief Operating Officer from June 12

No-frills carrier SpiceJet on Thursday announced the appointment of Arun Kashyap as its Chief Operating Officer. Kashyap will be rejoining SpiceJet from Air India where he is the Chief Technical Officer. Earlier, he had served as the Chief Program & Transformation Officer at SpiceJet. The appointment of Kashyap will be effective from June 12 and he will report to the airline's Chairman and Managing Director Ajay Singh, SpiceJet said in a release. He has also worked with flydubai, Jet Airways and Oman Air. "I am delighted to welcome Arun back to the SpiceJet family. As COO, he will have a key role to play in the growth of the airline," Singh said.

Domestic passenger traffic grows 51.7% on YoY basis; IndiGo gains mkt share

The domestic airlines carried a total of 37.5 million passengers between January-March 2023 as compared to 24.7 million passengers during the corresponding period in the last year

Srinagar-bound SpiceJet flight returns to Delhi after false cockpit warning

"On April 18, a SpiceJet B737 aircraft operating flight SG-8373 (Delhi-Srinagar) returned to Delhi as the AFT cargo fire light illuminated the cockpit," the spokesperson said

IndiGo flies higher even as SpiceJet sputters into a loss in Q4: Brokerages

Traffic in the sector has crossed pre-Covid levels and has sustained in the fourth quarter, which is traditionally a weak season for travel

Akasa Air had worst load factor in March 2023, SpiceJet topped the charts

The two carriers' load factors are in direct contrast to their on-time performance. Akasa Air was at the top, SpiceJet was at the bottom in March OTP chart, shows data from aviation Ministry

SpiceJet had worst on-time performance in March; Akasa was best: Govt data

AirAsia India and Air India had the -lowest and third-lowest OTPs among 7 major carriers

SpiceJet completes SpiceXpress hive off, results in gain of Rs 2,555 cr

As per the airline, the hive off would strengthen SpiceJet's balance sheet, wipe out a substantial portion of the company's negative net worth and unlock significant value for the company and its shar

SpiceJet hives off cargo and logistics biz into separate entity from Apr 1

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business SpiceXpress into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo an

737 Max's grounding was bigger disaster for us than Covid: SpiceJet CMD

Ajay Singh said that after the Covid outbreak, SpiceJet was relatively weaker than other Indian carriers

SpiceJet restructuring balance sheet; to push for fleet expansion: CEO

SpiceJet chief Ajay Singh on Monday said the airline is significantly restructuring its balance sheet and will aggressively push for fleet expansion. The airline will also be having a significant number of dedicated cargo aircraft, he said, adding that the cargo business has helped the airline pay off its liabilities. Last month, the airline announced that Carlyle Aviation Partners will acquire a 7.5 per cent stake in the airline by converting outstanding dues as well as snap up shareholding in the cargo business. Besides, it is set to tap the Qualified Institutional Buyer (QIB) route to raise up to Rs 2,500 crore. Amid the budget carrier facing multiple headwinds, he also said that a measure of desperation is always good for an organisation... we will emerge stronger". "It is in our (SpiceJet) DNA. We just refuse to die," Singh said at a session at CAPA India aviation summit here. The airline is significantly restructuring the balance sheet and will be raising fresh capital. The