Indian markets expected to show mild uptick due to positive global cues. Asian currencies are trading higher.
Indian markets set for negative start due to weak cues from U.S. markets.
Sebi is looking into Jet Airways' deferring the announcement of June qtr results following reservations expressed by the airline's audit committee while stock exchanges have also sought information from the company, sources said.
Shares of India’s leading full-service carrier Jet Airways Ltd fell as much as 14.5 percent in early trade on Friday after the company deferred its first-quarter results.
Indian markets expected to open sideways due to mild weakness in Asian markets.
DGCA has suspended the flying licence of two Jet Airways pilots for attempting to take off an aircraft from a taxiway parallel to the runway at Riyadh airport in Saudi Arabia last week.
Jet Airways pilots and management are on a war path over salary reductions and possible job cuts at various departments, with the airline telling them that it might not be able to continue operations for more than two months, sources in the pilot community said.
The broader NSE Nifty was up 0.74 percent at 11,328.05 as of 0712 GMT (1242 IST), while the benchmark BSE Sensex was 0.75 percent higher at 37,445.13.
Jet Airways has told its pilots the airline may be grounded in 60 days unless cost-cutting measures including pay cuts are put in place, a senior company executive told Reuters.
Shares of Jet Airways today slumped nearly 6 per cent in morning trade on the bourses after reports surfaced that the company's financials are in bad shape and drastic measures need to be taken to cut costs.
Aircel moves SC to make Airtel clear dues
Alleges that the co withholding Rs453 Cr of bank guarantees paid on its behalf
Bank guarantees have lapsed and Aircel wants Airtel to pay the money
Alleged that Airtel is trying to usurp the sum
Aircel says without the money it may get liquidated
Bain joins KKR in race for Max Healthcare stake
PE firms look to buy 47% stake from Life Healthcare for $450-540 Mn
To decide on buy back of shares on Aug. 20
JET AIRWAYS CLARIFIES
Co planning $400 Mn stake sale is speculative in nature
Jet Auditor BSR may quit if issues are not resolved is factually incorrect
Have been pro-actively working on multiple revenue enhancements
Evaluating various funding options to meet liquidity requirements on priority
Relationship with Etihad Airways very strong
No delays in discharging any loan obligations to any of the lenders
Default status in tabular statement only due to technical errors, rectified now
Clarifies that reports of stake sale are purely speculative
Also Clarifies that rumors of auditor quitting if issues not solved are factually incorrect
Seeks lenders help in bid to avoid default
Airline wants waiver of loan covenant on existing debt facility of $185mn
Co has to repay or refinance at least $500mn of existing debt to avoid default
Told lenders it won’t be able to meet min $50mn profit condition for FY19
Consortium of lenders yet to decide on Jet’s request
Airline’s total debt was Rs 9430 Cr as on 31st March 18
NSE TO JET AIRWAYS
Have noticed a difference in your responses dated August 9 & 10
Clarify whether mgmt extension from audit committee as per Aug 10 response
Or did Audit Committee not recommend results to board as per Aug 9 response?
In Aug 10 response, details of "Certain Matters Not Closed" not provided
Provide exact reasons for which audit committee has not approved results
Again ask you to give us date when board meet to consider results will be held