Interglobe Aviation News
The airline recently reported an 18.6 per cent decline in its consolidated net profit for the third quarter of FY25, with earnings falling to Rs 2,448.8 crore from Rs 2,998.1 crore a year ago.
Indigo continued to gain market share during July 2023 with its share now at 63.4 per cent (63.2 per cent in June 2023).
Rahul Bhatia's net worth has climbed from $4.28 billion to $5.32 billion in just two months.
InterGlobe Aviation said its board, during the meeting on Monday, approved "raising of funds for an aggregate amount not exceeding up to Rs 3,000 crore".
This will be done through the issuance of equity shares by way of Qualified Institutions Placement (QIP).
The parent of the country's largest airline IndiGo had a profit after tax of Rs 595.8 crore in the year-ago period.
Rakesh Gangwal stated in his letter of August 5, 2019 that he has set up a website to update “relevant information” as needed.
Currently Indigo board comprises six members – Chairman M. Damodaran, Rahul Bhatia, Rakesh Gangwal, Anupam Khanna, Anil Parashar, and Rohini Bhatia who is an independent woman board member.
SEBI has sought the response from the company on allegations of Gangwal by July 19 while the board of Inter Globe Aviation, the promoter company of Indigo are also meeting on July 19 to consider the results.
Rakesh Gangwal, one of the co-founders of the airline, has alleged violation of corporate governance rules at Indigo, seeking regulatory intervention from market regulator Sebi.
Rakesh Gangwal, one of the co-founders of the airline, has alleged violation of corporate governance rules at Indigo, seeking regulatory intervention from market regulator Sebi.
The move appears to indicate that a boardroom dispute is escalating after a report in May that the co-founders and two largest shareholders of India`s largest airline were at odds over its expansion.
Its net profit was 1.91 billion rupees ($26.79 million) in the three months ended Dec. 31, compared with 7.62 billion rupees a year earlier, the company said.
In the fourth quarter of 2017-18 , the firm had a higher total income of Rs 6,056.84 crore compared to Rs 5,141.99 crore in the same period a year ago.
The watchdog has imposed a fine of Rs 39.81 crore on Jet Airways while the penalties on InterGlobe Aviation and SpiceJet are Rs 9.45 crore and Rs 5.10 crore, respectively.
Having joined the race to buy out Air India, IndiGo President Aditya Ghosh has told employees that it will not embark on the journey if it is not profitable and jeopardises interests of the airline.
IndiGo said in a letter it would be interested in buying out the International operations of Air India and its low-cost wing, Air India Express.
Top stock exchange NSE has decided to admit 15 companies including Reliance Defence and Engineering, InterGlobe Aviation, Suzlon Energy, Muthoot Finance and Piramal Enterprises, on its futures and options segment, from March 31.
InterGlobe Aviation, parent of no-frills airline IndiGo, Tuesday posted a 25 percent fall in net profit at Rs 487.26 crore in the three months ended December 2016 primarily impacted by higher fuel expenses and other costs.
IndiGo's parent InterGlobe Aviation on Wednesday announced the appointment of Rohit Philip as its Chief Financial Officer.
Boeing Co and Airbus Group SE said on Thursday they expect Indian airlines to order up to 1740 jets over the next 20 years, as aircraft manufacturers eye one of the world`s fastest-growing aviation markets to offset any weaker sales elsewhere
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