Business

New Delhi, Dec 16 (IANS) In fresh trouble for beleaguered low-cost airline SpiceJet, the Delhi High Court has directed the chief operating officer (COO) and chief executive officer (CEO) of the carrier to appear before it, in a plea seeking compliance of over $6 million in payment to the aircraft engines lessors.

The bench "specifically denied" the request of the counsel for judgment debtor, SpiceJet, for the appearance of the two senior officers before the court through video conferencing.

"The chief operating officer (COO) and chief executive officer (CEO) of the judgement debtor are directed to remain present in court on the next date of hearing, that is, January 16, 2025," the court said in its order on December 10.

Engine lessors, Team France 01 SAS and Sunbird France 02 SAS had initiated legal action against SpiceJet demanding the return of aircraft engines due to non-payment of contractual obligations following the termination of their agreements.

As per reports, Team France is claiming a total of $24.7 million in unpaid dues on account of three engines that were leased to the airline. As per the HC orders, the three engines have been released by the airline and returned to the lessor. Team France is now seeking recovery of unpaid dues.

"It is made clear that the request of the counsel for judgement debtor (SpiceJet) for the appearance of the aforesaid officers through video conferencing has been specifically denied," the court's order said.

Ajay Singh, SpiceJet's Chairman and Managing Director, was earlier summoned by the Delhi High Court last year over non-payment of dues by SpiceJet to Kalanithi Maran, stating that SpiceJet owes him Rs 440 crore.

In January this year, a Court order compelled SpiceJet to pay an immediate $4 million to avoid the engines from being grounded.

--IANS

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New Delhi, Dec 16 (IANS) Public sector oil major Hindustan Petroleum Corporation Limited (HPCL) has signed an agreement with NICDC Logistics Data Services Ltd (NLDS) to integrate its APIs with Unified Logistics Interface Platform (ULIP), the Commerce and Industry Ministry announced on Monday.

The HPCL API of ULIP provides Fuel Station & Pricing Visibility, which offers real-time visibility into the location and pricing of HPCL fuel stations across India. This API is expected to address critical logistics challenges, such as lack of clarity on refuelling options and fluctuating fuel costs along various routes. By utilising this data, logistics service providers, traders and transporters can optimise their planning and operations, ultimately reducing costs and inefficiencies, the ministry said in a statement.

Further, the visibility into fuel station locations helps logistics operators avoid unplanned stops and ensure smoother, more efficient operations. Fleet operators can also plan long-haul trips more effectively by identifying fuel stations along key routes, minimising downtime and ensuring timely deliveries.

ULIP is a digital gateway that allows industry players to access logistics-related datasets from various Government systems through API-based integration.

Speaking at the signing ceremony, Rajat Kumar Saini, Chairman, NLDS, stated, “The integration of HPCL’s APIs into ULIP will provide logistics operators with the tools needed to make data-driven decisions that directly impact their bottom line. By enabling route-specific fuel cost analysis and visibility into fuel station locations, we are addressing key pain points in the logistics sector. This is a critical step in ULIP’s mission to unify and digitise India’s supply chain ecosystem.”

Avinash Jain of HPCL emphasised that this integration reinforces HPCL’s commitment to leveraging technology to provide innovative solutions for the logistics industry.

The integration’s impact is already visible, as over 10 participants in the ongoing ULIP Hackathon 2.0 have opted for HPCL’s API to develop innovative solutions. These include tools such as dynamic route optimisation platforms, fuel cost calculators, and heat maps for fuel station density along key routes. Such solutions showcase the potential of HPCL’s API to drive operational improvements and foster innovation within the logistics sector.

This collaboration between HPCL and ULIP underscores a shared vision of creating a smarter, more efficient logistics ecosystem. By providing real-time data and enabling seamless access to critical resources, this integration will empower stakeholders, drive innovation, and significantly improve the operational efficiency of India’s logistics and supply chain industry, the statement added.

--IANS

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New Delhi, Dec 16 (IANS) The total area sown during the ongoing rabi crop season so far has touched 558.8 lakh hectares, up from 556.6 lakh hectares in the same period of the previous year, an official statement said on Monday.

The area covered under wheat has increased to 293.11 lakh hectares (ha) compared to 284.17 lakh ha during the corresponding period of last year.

The total area under pulses has been reported at 123.27 lakh ha while 38.75 lakh ha area has been sown under Shri Anna (millets) & coarse cereals and 91.60 lakh ha area coverage under oilseeds has been reported.

The increase in the total sown area is expected to increase the production of essential food goods and would help bring down inflation in the economy.

Looking ahead, food inflation is expected to ease while the growth outlook for the economy is "cautiously optimistic" for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices and adequate supply of inputs, according to the Finance Ministry’s monthly economic review last month.

Then RBI Governor, Shaktikanta Das said earlier this month that "India’s growth story is still intact and inflation is on the declining path".

The RBI Governor was also optimistic about the outlook for the economy, observing that "the balance between inflation and growth is well poised".

The slack in speed observed in the Indian economy during the second quarter of 2024-25 is behind us as private consumption is back to being the driver of domestic demand with festival spending lighting up real activity in Q3, according to the RBI’s monthly bulletin for November.

The report points out that rural India is emerging as a gold mine for e-commerce companies in this festival season; this is expected to gather further momentum with the sharp increase in kharif output and optimism around rabi production emboldening a record foodgrains target for 2024-25.

--IANS

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New Delhi, Dec 16 (IANS) India's total exports (merchandise and services combined) during November 2024 are estimated at $67.79 billion, registering a growth of 9.59 per cent vis-a-vis November 2023, the Commerce and Industry Ministry announced on Monday.

The cumulative value of merchandise exports during April-November 2024 was $284.31 billion, as compared to $278.26 billion during April-November 2023, registering a positive growth of 2.17 per cent.

However, merchandise exports during November 2024 were $32.11 billion as compared to $33.75 billion in November 2023, registering a marginal decline. This was largely due to the drop in petroleum exports.

Non-petroleum merchandise exports in November touched $28.40 billion which represents a 7.75 per cent increase in comparison with $26.36 billion in November 2023, according to official figures.

The major drivers of merchandise export growth in November 2024 include electronic goods, engineering goods, rice, marine products and ready-made garments of all textiles despite the geopolitical tensions which have disrupted shipping.

Electronic goods exports increased by 54.72 per cent from $2.24 billion in November 2023 to $3.47 billion in November 2024. Engineering goods exports increased by 13.75 per cent from $7.82 billion in November 2023 to $8.90 billion in November 2024.

Rice exports increased by 95.18 per cent from $0.59 billion in November 2023 to $1.14 billion in November 2024.

Marine product exports increased by 17.82 per cent from $0.64 billion in November 2023 to $0.76 billion in November 2024.

Ready-made garments of all textiles exports increased by 9.81 per cent from $1.02 billion in November 2023 to $1.12 billion in November 2024.

The official figures also show that total imports (merchandise and services combined) for November 2024 are estimated at $87.63 billion, registering a positive growth of 27.47 per cent vis-a-vis November 2023. Gold imports in November reached an all-time high of $14.8 billion.

Total imports during April-November 2024 are estimated at $619.20 billion registering a growth of 9.55 per cent.

The merchandise trade deficit has gone up to $37.84 billion in November from $27.14 billion due to the surge in gold imports.

--IANS

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New Delhi, Dec 16 (IANS) The total number of companies registered during current fiscal (FY25) stands at 1,12,962 (till November 30), the government informed on Monday.

The Minister of State in the Ministry of Corporate Affairs, Harsh Malhotra, said in a written reply in Lok Sabha that multiple initiatives have been taken by the government to promote the registration of companies.

Among the initiatives are Central Registration Centre (CRC) that was established in 2016 to centralise the online process of incorporation in order to expedite the registration process.

“The cost of starting a business has been reduced significantly through a number of initiatives. All companies with authorized capital up to Rs 15,00,000 are incorporated at zero fee,” said the government.

Amendments were made in the Companies Act, 2013 in the year 2020 to facilitate ease of doing business, decriminalisation of offences and to improve compliance requirements, specifically for small companies, one person companies, startups and producer companies.

The growth in new companies being set up during the current financial year (2024-25) comes on the back of a 15 per cent surge in new firms incorporated in 2023-24 as compared to 1.59 lakh companies registered in 2022-23.

The continuous growth reflects an improvement in the business climate of the country. At the end of March 2024, India had a total of 26,63,016 companies that were registered. There was also a total of 5,164 foreign companies registered in the country during that time frame, indicating the flow of FDI into the fast-growing economy.

MCA has in recent years been focused on reducing compliance burden and improving ease of doing business.

Meanwhile, Malhotra informed that corporate social responsibility (CSR) expenditure in aspirational districts has consistently increased from FY2020-21 to FY2022-23.

Rs 1,402.89 crore were spent in FY2022-23 as CSR expenditure in these districts, the minister added.

Launched by Prime Minister Narendra Modi in January 2018, the aspirational districts programme (ADP) aims to quickly and effectively transform 112 most under-developed districts across the country.

--IANS

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Ahmedabad, Dec 13 (IANS) Senior officials from India and the UK on Friday touched upon reforms in respective financial services sectors, including capital markets, insurance and reinsurance, pensions, fintech, sustainable finance and International Financial Services Centre.

The third meeting of ‘India-UK Financial Markets Dialogue’ was hosted by Department of Economic Affairs, Ministry of Finance, in GIFT City, Gujarat. Delegates from India and the UK shared perspectives on priorities and ongoing reforms within their respective jurisdictions.

The dialogue focused on collaboration in evolving fields of financial regulation, noting the areas of mutual interest in both markets for increasing bilateral trade and investment between the financial sectors.

The dialogue was led by senior officials from the Indian Ministry of Finance and HM Treasury, with participation from Indian and the UK regulatory agencies, including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), the Bank of England (BoE) and the Financial Conduct Authority (FCA).

Delegates also discussed work on developing our capital markets, noting recent UK reforms to primary and wholesale regimes and new and innovative products launched in India’s capital markets.

Delegates also discussed ongoing reforms in respective pensions sectors. The Indian representatives presented on efforts to increase workplace pension participation rates and develop pay out methods.

Both sides agreed on the opportunity presented by reforms for exploration of areas of mutual interest, and to support the mutual ambition of driving growth.

The UK welcomed the recent notification of pension schemes as financial products to be regulated by IFSCA. It also noted that insurance companies in GIFT-IFSC are allowed to invest overseas and the proposal to enable pension companies in GIFT IFSC to invest overseas is under consideration.

Participants also discussed related priorities, including the G20 payments roadmap, digital payment connectivity, regulatory sandbox collaboration, collaboration on Central Bank Digital Currencies, and future cooperation on other emerging technologies including AI and Quantum computing.

—IANS

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Kolkata, Dec 13 (IANS) Civil Aviation Minister Kinjarapu Rammohan Naidu on Friday said that in the last 10 years, India’s civil aviation has pushed boundaries to become the third largest domestic aviation hub in the world, now we need to take it forward, break barriers once again and achieve the goal of becoming the number one domestic hub in the world.

Unveiling the Centenary Celebrations Logo of Kolkata’s Netaji Subhas Chandra Bose International Airport, the minister said this marks a momentous milestone in Indian aviation history of a historic airport, a pre-Independence marvel, that stands as a testament to the legacy and progress of the country’s civil aviation sector.

Highlighting the importance of Kolkata Airport, he said, "The airport has served through various historical periods, representing the pre-Independence struggle, the growth of the country post-Independence. Today, under the leadership of our Prime Minister, the airport sector has been transformed. A special focus has been put on Kolkata Airport, with significant upgrades in capacity, additional services, and world-class infrastructure over the last five years."

He said the country had made rapid progress in the civil aviation sector. “The way airports have expanded, the way passenger capacity has expanded, airline fleets have grown, and cargo operations have surged, all verticals related to civil aviation have pushed boundaries under the leadership of our Prime Minister. We are now the third-largest domestic aviation hub in the whole world. And now, we need to take it forward, break barriers once again, level up the civil aviation sector, and achieve the goal of becoming the number one domestic hub in the world," the minister stated.

Reflecting on the transformative impact of the UDAN scheme, he remarked, "The UDAN scheme has been revolutionary in the civil aviation sector. Over the last eight years, we have launched more than 600 flights, transporting crores of people. The scheme has made the vision of 'Hawai Chappal in Hawai Jahaz' a reality.

Naidu said, “Today, as we celebrate 100 years of Kolkata Airport, we see this as a source of inspiration and a sense of pride for the entire country. This is a proud moment for all of us, where we are continuing the legacy built by our nation and drawing inspiration from it for future achievements. The airport has catered to crores of passengers and stood as a vital gateway for Bengal and the country through significant historical milestones. Our Hon’ble Prime Minister always says, 'Vikas bhi, Virasat bhi.”

As part of the centenary celebrations, the Minister announced a series of initiatives that include the release of a commemorative stamp and coin to honour the 100 years of Kolkata Airport, the launch of an art book showcasing India’s cultural heritage reflected in modern airport architecture, and three-month-long celebrations involving the people of Kolkata and Bengal, along with the Airport Authority of India (AAI).

A unique UDAN Yatri Cafe is also set to be introduced at Kolkata Airport to cater specifically to passengers travelling under the UDAN scheme. The cafe will offer a curated menu with affordable pricing, ensuring that passengers have access to quality food at a cost-effective rate, enhancing their travel experience without compromising on value.

"The civil aviation sector is one of the fastest-growing sectors in the country and plays a critical role in economic growth and job creation. With the unwavering focus of our Prime Minister and a dedicated team, we are confident of achieving even greater milestones in the next five years. The centenary of Kolkata Airport will inspire us to achieve more," he added.

--IANS

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Mumbai, Dec 13 (IANS) The share of Reliance Industries Limited (RIL) has underperformed in the last three months, and India's largest private firm stock is heading towards negative return for the first time in the last 10 years.

RIL, which holds an 8 per cent weight in Nifty, has corrected 15 per cent in the last three months. During this period, Nifty was down by 4.9 per cent.

RIL's stock has declined by 2.3 per cent since the start of 2024. This is the first time since 2014 that this stock is giving negative returns on an annual basis.

RIL's stock has been seeing a decline since the company's Annual General Meeting (AGM) held in August. In the AGM meeting, no timeline was given for the monetisation of Reliance Retail and Reliance Jio , due to which investors were very disappointed.

RIL's stock has posted a return of -2.2 percent in September, -9.8 percent in October, -3 percent in November, and -3.9 percent in December.

Apart from this, Reliance Industries is facing heat from multiple levels. The margins of the company's oil-gas and petrochemical business are under pressure. The operationalisation of the New Energy Business, where a large part of the capital expenditure (Capex) is invested, is running behind schedule.

Meanwhile, the average revenue per user (ARPU) of the telecom business is growing at a slower pace than expected due to competition and SIM consolidation. However, the full impact of the tariff hike is yet to come.

RIL is restructuring and consolidating the retail business and that has delayed value unlocking for shareholders.

Apart from this, significant cash flow was expected from the capital expenditure made in the last few years, but due to global headwinds and margins pressure impact, it is below than expected and the company may need debt to fund future capital expenditure.

--IANS

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New Delhi, April 18 (IANS) London-based consumer tech brand Nothing on Thursday launched two new wireless earbuds -- Ear and Ear (a) in India, with ChatGPT integration to enhance overall user experience.

Ear and Ear (a) are priced at Rs 11,999 and Rs 7,999, respectively. Ear (a) will be available for purchase starting April 22 while Ear will be available starting April 29 across online and offline channels.

Ear features a transparent earbud design, while Ear (a) takes a new direction with a fresh bubble design and yellow colour.

“By integrating ChatGPT with Nothing earbuds, including the new Ear and Ear (a), and with Nothing OS (operating system), we’ve taken our first steps towards change, and there’s more to come,” Carl Pei, CEO and Co-Founder of Nothing, said in a statement.

The company said that it has integrated Nothing earbuds and its OS with ChatGPT to offer users instant access to knowledge directly from the devices they use most.

With this integration, users with the latest Nothing OS and ChatGPT installed on their Nothing phones will be able to pinch-to-speak to the AI tool directly from their earbuds, including the newly launched Ear and Ear (a).

According to the company, Ear can last up to 40.5 hours after a full charge with the charging case or 8.5 hours of non-stop playback. The earbuds also support wireless charging at 2.5 watts.

On the other hand, Ear (a) users can get up to 42.5 hours of music playback after a full charge with the charging case, the company added.

--IANS

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New Delhi/Chennai, April 19 (IANS) The baby-food brands sold by global giant Nestle in India contain high levels of added sugar, unlike the same products in the UK, Germany Switzerland, and other developed nations, revealed an investigation by Swiss organisation Public Eye and the International Baby Food Action Network (IBFAN), sparking concern in the country at the violation of health guidelines.

The Indian government is reportedly looking into the issue of sugar being added to baby food.

Meanwhile, the share price of Nestle India Ltd went down in the bourses on Thursday following the study.

At the BSE, on Thursday, Nestle India’s shares opened at Rs 2,539 (Wednesday closing price Rs 2,547.15) and went down to close at Rs.2,462.75.

Findings showed that in India, all Cerelac baby products contain an average of nearly 3 grams of sugar per serving. The same product is being sold with no added sugar in Germany and the UK, while in Ethiopia and Thailand, it contains nearly 6 grams, the study said.

The report said that Nestle adds sugar to infant milk and cereal products in several countries which is a violation of international guidelines aimed at preventing obesity and chronic diseases. Violations were found only in Asian, African, and Latin American countries.

However, a Nestle India Ltd spokesperson said the company has reduced the total amount of added sugars in its infant cereals portfolio by 30 per cent over the past five years and it continues to "review" and "reformulate" products to reduce them further. "We believe in the nutritional quality of our products for early childhood and prioritise using high-quality ingredients."

On Wednesday, the leading UK paper The Guardian reported that the Swiss food giant adds sugar and honey to infant milk and cereal products sold in "poorer countries". It cited data from Public Eye and IBFAN that examined Nestle baby food brands sold in these markets. Public Eye examined 115 products sold in Nestle’s main markets in Africa, Asia and Latin America across two key brands -- Cerelac and Nodi.

In India, all Cerelac baby cereal products examined by Public Eye contained added sugar -- on average nearly 3 gm per serving.

“Almost all the Cerelac infant cereals examined contain added sugar -- nearly 4 grams per serving on average, equal to roughly a sugar cube -- although they are targeted at babies from six months of age. The highest amount -- 7.3 grams per serving -- was detected in a product sold in the Philippines," the report said.

WHO expert Nigel Rollins was cited in media reports as saying that “this is a double standard that cannot be justified.”

--IANS

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