Companies & Sectors
Spicejet agrees to out-of-court settlement with plane lessors
Indian airlines operator Spicejet on Wednesday said it has agreed to settle out-of-court the dispute over five aircraft rentals with lessors managed by BBAM Aircraft Leasing and Finance.
 
"Spicejet... has entered into an in-principle understanding with its five lessors managed by BBAM Aircraft Leasing and Finance with regard to five aircraft operated by the company," the budget airlines operator said in a regulatory filing with the Bombay Stock Exchange (BSE).
 
According to the company, under the understanding, the lessors have agreed to suspend court proceedings, including winding-up proceedings and deregistration process of aircraft, subject to SpiceJet satisfying the terms of settlement and parties executing definitive agreements.
 
Spicejet was pulled up by several aircraft leasing firms, including BBAM, after it failed on its rental payments due to a financial crunch on some of the operational Boeing 737 aircraft. This resulted in court proceedings.

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ED attaches Maran brothers' assets worth Rs742 crore

ED has attached assets worth Rs742 crore of Dayanidhi Maran and his brother Kalanithi Maran in the Aircel-Maxis case

 

The Enforcement Directorate (ED) on Wednesday attached assets worth Rs742 crore in the name of former Telecom Minister Dayanidhi Maran and his brother Kalanithi Maran in the Aircel-Maxis case.
 
Earlier in December 2014, the ED interrogated the former minister at its office in Delhi.
 
It had registered a case against the Maran brothers under the Prevention of Money Laundering Act (PMLA) and is trailing "proceeds of crime" of about Rs742 crore allegedly laundered by the brothers.
 
Last year in August, the Central Bureau of Investigation (CBI) had filed the charge sheet in the case containing the names of 151 prosecution witnesses and a set of 655 documents, on which it has relied upon during its probe.
 
CBI had alleged in the court that Dayanidhi Maran had "pressured" and "forced" Chennai-based telecom promoter C Sivasankaran to sell his stakes in Aircel and two subsidiary firms to Malaysian firm Maxis Group in 2006.
 
The Malaysian firm was favoured by Maran and granted licence within six months after the takeover of Aircel in December 2006, it had said.
 
In its charge sheet, CBI had named Dayanidhi Maran, his brother Kalanithi Maran, T Ananda Krishnan, Malaysian national Augustus Ralph Marshall and four firms -- Sun Direct TV Pvt Ltd, Maxis Communication Berhad, South Asia Entertainment Holding Ltd and Astro All Asia Network PLC -- as accused in the case.
 
They have been charge sheeted for the offences punishable under section 120-B (criminal conspiracy) of IPC and under relevant provisions of Prevention of Corruption Act.
 

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Nifty, Sensex may log in more gains – Wednesday closing report
Nifty may rally till 8,700 and Bank Nifty till 19,000
 
We had mentioned in Tuesday’s closing report that NSE’s CNX Nifty is still in uptrend and may head lower again only if it closes below 8,430. The 50-share benchmark opened Wednesday marginally lower and showed no momentum till 12.45pm after which it surged and hit a six day high.
 
The S&P BSE Sensex opened at 27,955 while Nifty opened at 8,484. Sensex hit a low of 27,889 while Nifty hit a low of 8,465. The 30-share Sensex reached the level of 28,298 and closed at 28,260 (up 303 points or 1.08%). Nifty reached the level of 8,603 and closed at 8,586 (up 95 points or 1.12%). Bank Nifty was on a gradual up move today. It opened at 18,205 and immediately hit a low of 18,131. From there it moved to the high of 18,669 and closed at 18,618 (up 411 points or 2.26%). NSE recorded a volume of 76.03 crore shares. India VIX fell 5.71% to close at 13.6650.
 
India's stock markets remain closed on Thursday and Friday for Mahavir Jayanti and Good Friday, respectively.
 
The eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) have recorded 1.4% growth in February 2015 over February 2014, data showed on Tuesday.
 
Data released by the Indian government after trading hours Tuesday showed that total natural gas production in India declined 8.1% in February 2015 over February 2014 and crude oil production declined 1.9% in February 2015 over February 2014. The total coal production jumped 11.6% in February 2015 over February 2014. Electricity generation increased 5.2% in February 2015 over February 2014.
 
The Cabinet Committee on Economic Affairs (CCEA) approved a major policy intervention, to supply gas at uniform delivered price to all fertilizer plants on the gas grid for production of urea through a pooling mechanism. It is expected that the cost of production of urea at pooled price would be less than the price of imported urea, which will encourage the existing urea units to produce beyond their reassessed capacity.
 
State-run Indian Oil Corp (IOC) today announced a reduction in retail selling price of diesel by Rs1.21 per litre at Delhi (including state levies) with corresponding decline in price in other states. IOC announced reduction in petrol price by 49 paise per litre.
Coming back to Indian stock markets, Tata Elxsi (10%) was the top gainer in ‘A’ group on the BSE while PMC Fincorp (9.90%) was the top loser.
 
Sun Pharma (5.51%) was the top gainer in the Sensex 30 pack while Infosys (2%) was the top loser in the pack.
 
On Tuesday, US indices closed in the red. Monthly US nonfarm payroll data is due on Friday.
 
Jeffrey Lacker, president of Federal Reserve Bank of Richmond and a voting member of the Federal Open Market Committee, Tuesday said he expects solid growth and rising inflation this year, and as a result, would urge the US central bank to start raising interest rates relatively soon.
 
Asian indices showed mixed performance. Shanghai Composite (1.66%) was the top gainer while Jakarta Composite (0.94%) was the top loser.
 
China's official March manufacturing purchasing manager's index (PMI) unexpectedly edged up to 50.1 in March from February's 49.9.
 
In Japan, the headline big manufacturers’ index remained unchanged from the previous quarter at +12, the Bank of Japan's Tankan survey showed today.
 
European indices were trading in the green while US Futures were trading in the red.
 
Markit's final March manufacturing Purchasing Managers' Index (PMI) for the euro zone was at a ten-month high of 52.2, up from 51.0 in February and the 21st month in a row.
 

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