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Arkade Developers: High-Margin, Debt-Free Growth in Mumbai Realty
Business, Real Estate - July 19, 2022

Why does a home buyer need a real estate agent?

Why does a home buyer need a real estate agent?

 

When it comes to house selling, sellers and buyers remain on opposite sides of the table. Both sides may profit greatly by employing an estate agent to support both. However, their motives may be specific. Besides, the cycle of home purchasing can get difficult. Although you are not an expert, you want to ensure that you are doing things right. The representative of a real estate investor will help to ease the operation.

 

Buyer agent:

In the property market, the buyer’s agent helps prospective homeowners in all facets of the cycle of purchasing a property. They will compose deals for properties you will like to purchase, help with approvals and agreements, and direct you through the selling phase until you have found your perfect house.

 

Benefits:

1. Arrangements:

An essential part of the role of a buyer’s agent is to assist you with access to residences that attract you. The agent will consider your main purchasing desires and needs into consideration. And then consult so that you can filter the homes that suit your preference criteria. When you have located the property you are interested in, they can serve as a representative for you. And also the broker or seller’s representative to schedule appointments for all of you to take a first glance at certain homes.

 

2. Negotiating Skills:

Know that the agent has a legal responsibility to clients. It is the responsibility of your dealer to offer you the best deal for the house. They understand how it works naturally and what does not. As a result, they have little personal investment which can confuse their thought. If you already have an agent that stops you from making an unexpected financial dive, that is only more money saved.

 

3. Knows your need:

Buyers normally have a fairly clear understanding of what they need in a home. You will be better looking at residences with the checklist hidden in your head. However, the agent should be alert to concerns that you have in your mind, such as insect problems, roofing issues boiler concerns, and cracks. You can only say for sure whether you can find similar prices that can prove you are in the same category or not. An agent passes on studied, existing, and reliable data about the demographics, crime levels, colleges, and many valuable factors of a community.

 

4. Paperwork:

If you have purchased a home, you undoubtedly devoted a complete shelf just to the paperwork related to the sale. These will also include the written bid, the counteroffer signed and stamped, and the minor specifics of what precisely had been and is not included in the deal. When it comes to reading and interpreting the various papers involved with a real estate transaction, you may be way out of your depth. So, you will have a detailed understanding of what you are walking into irrespective of what you are purchasing or selling. Fortunately, all of this information should be much more common to your agent than you are.

 

5. Helps you:

Note, this is probably the first time you’ve been through this place and there may be a variety of nerve-wracking aspects in the cycle of home purchasing. One of the most commonly mentioned is that a customer may have to hold difficult talks with the seller over changes that you plan to make to the home until the sale is complete. However, this is where it helps a lot to have a buyer’s representative operating on your side. Because they are accustomed to these interactions and can treat them with aplomb.

 

6. Confidentiality:

If you’re a seller or a buyer, your agent does have your back. Legally, they have been obliged to bring the best interests of their customers first. The obligation imparts a rather strict secrecy level. The own agent will realize if the details that the other agent demands of you are fair. If you are the customer and the seller’s representative lied to you, deceived you, or leaked sensitive details, you have redressed. You should disclose this to the professional organization of the company, such as the National Realtors Association.

 

7. They are Expert:

Being an accomplished specialist, the buyer’s representative should have unique skills that can offer a degree of professionalism that can make the entire process of purchasing the home run easier. They will then enable you to make a decent bid on comparable homes, provided costs. You may rely on them to provide you with the details you need to make you feel comfortable about your purchase.

 

8. Long-Term relation:

You will be capable of building a clear understanding of what kind of house will be suitable for you by developing an established partnership with your buyer’s agent and steering you towards listings that best match your desires the next time you decide to search for a home.

Why does a home buyer need a real estate agent?
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How to invest in Insurance sector with tax planning.

 

 

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ICICI Prudential Life Insurance Q1 FY23 result update
Business, Market News, Markets, Result Updates - July 18, 2022

ICICI Prudential Life Insurance Q1 update.

ICICI Prudential Life Insurance Q1 FY23 result update.

ICICI Prudential Life Insurance Company posted a net profit of Rs. 156Cr. in Q1FY23, on Saturday, compared to a loss of Rs.186Cr. in Q1FY22. The growth was primarily on account of lower claims and provisions due to Covid-19.

The AUM for the company grew by 3.1% to Rs. 2, 30,072Cr. The 13-month persistency ratio improved to 85.5% while 43-month ratio increased from 63.4% to 65.0% in FY23. As per the Management, the company 4P’s strategy guided by elements like Premium growth, Protection focus, Persistency improvement, and Productivity enhancement is on track with a target of doubling the FY19 value of the new business (VNB).

The business reported a negative investment income of Rs.6,884 Cr. in Q1FY23 versus a positive investment income of Rs.9,0609 Cr. in Q1 FY22. The total expenses incurred increased by 16.1% to Rs.1,411 Cr. in Q1 FY23 from Rs.1215 Cr. in FY22. The APE (Annual Premium Equivalent) witnessed a growth of 24.7% o Rs.1,520Cr. compared to Rs.1,219Cr. in FY22. The VNB was at Rs.471Cr a growth of 31% in FY23 which was previous at 28.0%, on account of a shift in the underlying product mix.

The business premium stood at Rs.3184 Cr. with a growth of 24.4% as compared to Rs.2,559Cr. The annuity APE rose to Rs.98Cr. in FY23 with robust growth of Rs.69% which was at Rs.58Cr. Savings APE was at Rs.892Cr. to Rs.1092Cr for the same period.
The company’s TWRP ratio (total weighted received premium) for savings business and the total cost was at 16.9% and 23.8% respectively. The APE of new business is significant and expenses will not affect margins. The ICICI bank-backed insurance company has a debt-equity mix of 54:46 as of 30 June 2022. The company has zero NPA with 98% of debt instruments being AAA rated and treasury bonds. The claims and benefits payout decreased by 2.8% to Rs.5,512Cr. in FY23.

The Company strives to target untouched customer segments and expand in distribution footprint which enabled them to maintain its market leader position and acquired a market share of 15.8% in Q1 FY23. The net worth is at Rs.9,053 Cr and a solvency ratio of 203.6% against the regulatory requirement of 150%. ICICI Bank and Prudential Corporation holdings promote ICICI Prudential Life Insurance.

The continued supply chain management, ongoing geopolitical crisis, spike in commodity prices, the surge in inflation, and net outflows from the capital market all the factors have directly affected the unit link business. The scrip closed at Rs. 520.55 on Monday, up by 0.67% or 3.45 points. The market cap of the company is Rs.74,246Cr. It touched an intraday high of Rs.527.55 and a low of Rs.514.30.

 

 

Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

NBFCs and HFCs securitization volumes almost doubled.

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Krishna Institute reported a net profit of Rs. 79 Cr.
Business, Editorials, Market News, Markets, Result Updates - July 16, 2022

Mindtree Q1 FY23 Result Update: Net Profit jumps 37% YoY to Rs. 472 crores.

Mindtree Q1 FY23 Result Update: Net Profit jumps 37% YoY to Rs. 472 crores.

 

On 13th July 2022, Mindtree reported 37.3% rise in the consolidated net profit on YoY basis for the June 2022 quarter. The net profit increased from Rs. 343 cr. to Rs. 471.6 cr. However, on quarterly basis the net profit slipped by 0.3% from Rs. 473.1 cr in the previous quarter. There is an increase in the revenue of 36.2% year-on-year to Rs 3,121.1 crore during April-June 2022. Revenue fell by 7.7% as against the March 2022 quarter with Rs. 2897.4 cr

In terms of dollars, the company reported a revenue of $399.3 million, a growth of 28.6% and 4%QoQ. Its net profit was $60.3 million, a jump of 29.7% y-o-y and a decline of 3.8% q-o-q. This was sixth consecutive quarter of more than 5% growth in constant currency.

The company’s highest revenue of 76.8% came from North America, followed by APAC and Middle East (8.6%), Continental Europe (7.9%), and the UK and Ireland (6.8%).

The communications, media, and tech contributed the highest to Mindtree’s revenue in Q1 with 44.1% of the overall revenue. Retail, CPG, and manufacturing contributed 19.8% and banking, financial services and insurance about 18.6%; travel & transportation and hospitality & healthcare contributed 15.4% and 2% respectively.

 

The company signed a contract of $570 million during the June quarter, the highest ever for the company.

The company’s EBIT margin is 21.1% compared to 18.9% QoQ and 17.7% YoY. Investments and cash stood at an all-time high of $500 million

For the June quarter, the attrition is 24.5%, up from 23.8% in the March quarter and higher than Q1 FY22 recorded at 13.7%. However, the EBITDA improved to 8.2% QoQ.

 

According to Debashis Chatterjee, chief executive officer and managing director of Mindtree, the company’s order book in the June quarter was the highest ever.

As of June 30, 2022, the company had 274 active clients.

The company has received no objection letter from the stock exchange for the merger of Mindtree and L&T Infotech. The merger is on the way to regulatory approvals. According to Debashis Chatterjee, the synergies between Mindtree and LTI are already producing results and this quarter has allowed them to win a large deal from a large European-based travel technology company.

 

On 13th July 2022, the shares of Mindtree closed at Rs. 2900.60. Next day the opening price was Rs. 2960. The stock hit an intraday high of Rs. 2961. Currently, the shares are trading at Rs. 2771, down by 129.80 points or by 4.55%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

NBFCs and HFCs securitization volumes almost doubled.

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Business, Markets - July 16, 2022

The Indian economy is expected to grow by 7.1-7.6%.

The Indian economy is expected to grow by 7.1-7.6%.

In FY23, a growth of 7.1-7.6 percent will be witnessed in Indian economy. India will rule as the world’s fastest-growing economy over the next few years. Regardless of geopolitical issues, inflation, interest rate hikes, or Omicron infections.

In 2021, India had many opportunities to grow, but the Russian invasion in Ukraine and the new COVID-19 wave cleaned up all the optimistic events. These events intensified the pre-existing challenges such as surging inflation and geopolitical realities with no definite end in sight. The succeeding convergence of events like surging commodity prices, supply shortages and currency depreciation quickly worsened the Indian economy’s fundamentals that were trending up a few months back.

The Central Bank of India forecasts 7.2% GDP growth for FY23, which ends in March. The Indian rupee will recover against the US dollar, but not before the beginning of next year. The rupee depreciated by 3 paise to close at a record low of 79.62 (temporary) against the US currency on Wednesday. The desire of global businesses to look for more robust and cost-effective investments during difficult times, among other factors, could work to India’s benefit.

Inflation in India is expected to come close to 5% by March. There is a 20–30% possibility that there could be a global recession in the economy. The aggressive monetary tightening policy followed by inflation may lead to recession, particularly in the US economy. The slowdown in inflation in the past two months is possible because of steps taken by the government. This includes cuts in taxes on oil and gas, restrictions on food exports and global breakdown in commodity prices. The government increased GST rates to offset any inefficiencies in the value chain. Globally, surging inflation has been the main factor as it concerns both demand and supply side concerns.
The report also mentioned that uncertainties in the global business environment will have significant risks.

LIC plans to sell RCap bonds worth Rs 3,400 crore hit another roadblock.

Anand Rathi Wealth Q1 Results: Net profit up 34% to Rs 40 cr; revenue rises 36%.

Stamp duty and registration laws for rentals in Maharashtra

 

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Anthropic Reaches $3 Billion in Revenue During AI Surge!
Business, Editorials, Equities, Market News, Markets, Result Updates - July 15, 2022

Anand Rathi Wealth Q1 Results: Net profit up 34% to Rs 40 cr; revenue rises 36%.

 

Anand Rathi Wealth Q1 Results: Net profit up 34% to Rs 40 cr; revenue rises 36%.

On 12th July 2022, Anand Rathi Wealth reported a net profit of Rs. 39.7 crores for the Q1 FY23. The net profit was up by 33.6% as compared to the net profit of Rs. 29.7 crores in Q1 FY21. This was due to the addition of new clients and strong net flows. The net profit improved by 16% QoQ which was Rs. 34 crores. Net Flows for the quarter stood at Rs. 1,355 crores, up by 395% over same the period last year.

The company’s revenue rose by 35.7% YoY to Rs. 133.5 crores. The revenue during Q1 FY21 was Rs. 98.4 crore. The revenue was up by 17% QoQ to Rs. 110 crores.

The company has recorded strong growth for the June quarter despite challenging market situations.

The Asset Under Management (AUM) of the company for this quarter stood at Rs 32,961 crore, up by15% YoY and 0.27% QoQ. During Q1FY21 and Q4 FY22 the Asset Under Management was Rs. 27,887 crore and Rs. 32,054 crores respectively.

The total operating expenses have increased from Rs. 7067.24 lakhs to Rs. 8062.03 lakhs as compared to the previous quarter. The operating cost is up by 40.3% YoY. This was majorly due to higher employee expenses and fixed costs.

The employee expenses were up from Rs. 52 crores to Rs. 60 crores on a QoQ basis.

Mostly the RM’s expenditures or the provisioning are linked to the revenue. If you look at the revenue, it is in terms of percentage, there is hardly any change. Last year employee benefit expenses were about 45% and it is in the same range even in this financial year. So at the absolute number, it looks higher. But compared with the revenue number in terms of percentage, it is more or less the same.

There was an increase in fixed cost by 17% YoY, because now since offices are running and administrative expenses, business promotional expenses and all have come on track. So this was the normal operating first quarter post-COVID era.

The PBT margin for this quarter is 39.6% as compared to the last quarter (40.2%).

For the June quarter, the return on equity is 42.3%, and for Q1 FY22 and Q4 FY22, 44.3% and 39.8% respectively.

The Earning Per Share for this quarter is Rs. 9.5. The active clients increased 17.4% to 7,477.

 

Anand Rathi Wealth, got listed in December. The company operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.
The company started its activities in fiscal 2002 and is a registered AMFI (Association of Mutual Funds of India) mutual fund distributor.

Currently, the stock is trading at Rs. 639.45. The share price went down by 9.95 points or by 1.52% as compared to the previous close of Rs.649.45. On 15 July 2022, the stock opened at Rs. 653. The shares hit an intraday high and low of Rs. 655.65 and 638 respectively. The company’s market cap is Rs. 2661 crore.

 

 

 

 

 

 

 

 

 

 

 

 

 

LIC plans to sell RCap bonds worth Rs 3,400 crore hit another roadblock.

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IREDA Bonds Gain Tax Benefits to Promote Green Energy
Business, Editorials, Market News, Markets - July 13, 2022

LIC plans to sell RCap bonds worth Rs 3,400 crore hit another roadblock.

LIC plans to sell RCap bonds worth Rs. 3,400 crore hit another roadblock.

Life Insurance Corporation of India (LIC) once again failed to sell secured bonds of Reliance Capital worth Rs 3,400 crore. Now, a non-governmental organization (NGO) is seeking a ban on the bidders who are part of the bankruptcy process.

New Delhi-based NGO — Infrastructure Watchdog — has suspected that the prospective bidders are ‘insiders’ as defined under SEBI rules as they were given access to privileged and confidential business information. This includes Unpublished Price Sensitive Information (UPSI), which is not available in the public domain, the NGO said in a letter sent to LIC and its advisor – IDBI Capital Markets & Securities.

The administrator had invited Expression of Interest (EoI) for RCap and its assets from the prospective bidders as a part of CIRP. Many potential bidders, who are interested in acquiring RCap, have submitted their EoIs.

Access to the sensitive information is with the additional members of the Committee of Creditors (CoC), constituted by the administrator. Some CoC members have also submitted their EoIs and are conducting due diligence. Under SEBI’s (Prohibition of Insider Trading) Regulation, 2015, these CoC members are also ‘insiders’.

The NGO has demanded the LIC and IDBI Capital Markets to ensure that such members are not qualified to join the bond sale process. Moreover, the NGO also want the sellers to obtain an undertaking from bidders, that they neither submitted any nor will participate in RCap’s bankruptcy process and are not members of the CoC.

On 11th July 2022, LIC stretched the deadline to submit bids for bond sales by another 11 days up to July 22. Since July 2021 LIC is trying to sell its bonds but is facing a lot of hurdles. The bonds are now trading at 70% discount. LIC has failed two times earlier. This was because the LIC and prospective buyers could not arrive at a price consensus.

Before the deadline, LIC is expecting the prospective buyers to submit their bids. The company is expecting to recover a minimum of 30% of the bond amount.

RCap is going through insolvency proceedings. The creditors of the former Anil Ambani group company is seeking Rs 23,666 crore in dues. There are only five bidders including a consortium led by Piramal Enterprises, actively pursuing the process, as against the 54 EoIs the firm had received in March.

 

LIC plans to sell RCap bonds worth Rs. 3,400 crore hit another roadblock.
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Stemrobo eyes global expansion, targets to close FY23 with net revenue worth Rs. 70 crores.

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HCL delivers a less than expected result
Business, Equities, Market News - July 13, 2022

HCL delivers a less than expected result.

HCL delivers a less than expected result.

HCL Technologies, an IT major, declared its financial results for the April-June quarter on June 12th. The IT services company posted a 2% rise in net profit YOY at Rs.3,283Cr. and was down 8.6% QOQ, which was expected to be at Rs.3400 Cr.

The revenue stood at Rs. 23,464 Cr., was up by 3.48% QoQ, which was expected to be at Rs. 23600Cr. The dollar revenue for the June quarter grew 15.6% annually, boosted by new deals and growth in the number of customers. HCL Technologies received 7 large service deals and 9 product deals from April to June. The EBIT margins were below expectations and stood at 17%. EBIT for the company was at Rs. 3992 Cr. and was forecasted to be at Rs. 4200 Cr. IT & business revenue rose 2%, whereas R & D services and engineering revenue increased 3.7%. However, revenue from products and platforms fell 5.1% in Q1FY23.The company announced an interim dividend of Rs. 10 per share.

The IT company added 2,089 new employees in this quarter, increasing its headcount to 2,10,966 employees. The firm intends to hire more than 30,000–35,000 employees in FY23. HCL Technologies conducted 2 million hours of training. The company would inform you about its salary hike in the coming weeks as it was effective from July 1.

Many analysts expect the company to improve its growth as there is an optimistic environment for cloud migration and R&D outsourcing. Since there is pressure in the services sector, the margins are a concern. However, if there is optimization in subcontracting costs, better pricing, automation, and improvement in utilization, then the margin will improve. Management expects margins to recover despite salary hikes. The order bookings, robust hiring, client additions, dividend payout, and cash flow conversion remained impressive.

The share price of HCL Technologies touched a new 52-week low today at Rs. 905.2 and is down by 2.46% on the BSE when the market opened. In one month, the stock has dropped by 8%. The share price was down by 5.89% in one year. The market cap of the company is Rs. 2.47Cr. The stock closed at Rs.918 and was down by 9.40 points, or 1.01%.

Stemrobo eyes global expansion, targets to close FY23 with net revenue worth Rs. 70 crores.

Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

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Krishna Institute reported a net profit of Rs. 79 Cr.
Business, Editorials, Market News, Markets - July 13, 2022

Stemrobo eyes global expansion, targets to close FY23 with net revenue worth Rs. 70 crores.

Stemrobo eyes global expansion, targets to close FY23 with net revenue worth Rs. 70 crores.

 

STEMROBO Technologies Private Limited is an educational technology company. The company focuses on leveraging technology in education. The company acts as an enabler for students to learn and innovate in the field of STEAM, Robotics, IoT & Artificial Intelligence( AI).

Stemrobo is working with over 5,00,000 students and teachers, to nurture innovation and creativity at the K-12 level with the help of Stemrobo’s unique custom-designed patented DIY kits, innovative pedagogy, and world-class content, and methodologies delivered through its team of 200+ innovation engineers spread across India.

The company has reported a rise in its profit by 7 times. Stemrobo has recorded a profit of Rs. 2.8 crore in FY22 as against Rs. 34.6 lakh in FY21.

In the next six months, Ed-tech company STEMROBO is going to expand its operations in Nigeria and Cote D’Ivoire in West Africa. Further, the company plans to launch the East Africa chapter in September this year. The focus is on the primary and secondary schools across Kenya and Rwanda. In May 2022 the company started its operations in West Africa. They also launched its programs in 50 primary and secondary schools in Ghana. The company has targeted to reach 250 schools in Ghana by FY23.

The company goals to close FY23 with net revenue of Rs 70 crore and a net profit of Rs. 10.5 crores. There is an increase in net revenue by 108.3% i.e. Rs. 30 crores in FY22 from Rs. 14.4 crores in FY21.

STEMROBO caters to the K-12 segment. The company wants to generate its revenue through annual subscriptions from schools at a minimum guarantee of 250 students. It claims to set up Science, Technology, Engineering, and Mathematics (STEM) based tinkering labs in the schools backed by teacher training, DIY robotic kits, and software. The company has partnered with 2000 schools. And further plan to partner with 5000 schools across India and reach 2.5 million students by the end of next year. 

Furthermore, the ed-tech firm has launched 30 offline centers in India. They also aim to expand through franchise models. The students can use STEMROBO’s offerings through annual subscriptions of Rs. 500.

Stemrobo eyes global expansion, targets to close FY23 with net revenue worth Rs. 70 crores.
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Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

NBFCs and HFCs securitization volumes almost doubled.

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Easing of risk weights on loans given to MFIs and NBFCs
Banking, Business, Market News, Markets - July 12, 2022

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

 

Indian banks are predicted to post strong core earnings growth in the June quarter. This is due to the improved margins and decline in credit costs. However, rising yields may affect the marked-to-market losses impacting the earnings. The analysts estimated that the credit growth for the banking system will increase by 12%, driven by private banks. Net interest margins may go up by 3%. This is due to better net interest income and an upward interest rate cycle. The treasury loss and lower fees may decline the other income by 27%.

 

The net profit of the overall banking is predicted to drop by 11.5% on QoQ basis. The margin outlook, guidance on deposit accretion for some banks and treasury loss have to be monitored.

 

State Bank of India (CMP Rs. 484.95) is expected to report strong PAT growth. HDFC Bank (CMP Rs. 1,391.80) may report a drop in net profit and NIM is expected to remain range-bound. Kotak Mahindra Bank (CMP Rs. 1718.95) could continue improvement in loan growth however net profit might decline on a QoQ basis. ICICI Bank (CMP Rs. 759.90) might maintain its loan growth momentum as retail continues to see traction while Axis margins are expected to improve. The banks that have a higher share of floating rate books, including mortgages, could have increased credit growth, and rising interest rates. Valuations have also been corrected. This provides a margin of safety. Additionally, asset quality is on the mend, with the risk of a fresh NPA cycle remaining low. This should lead to healthy profitability and return ratios for banks. The gross bad loans might ease up and the overall slippages, recoveries and provisions may return to normal.

According to analysts, the overall Gross non-performing assets ratio is estimated to decline by 20 basis points or by 5.2% in the June quarter. Further, there will be lower slippages reflecting a low EMI bounce rate at 22%, better recovery trends in retail and higher w-offs with banks sitting on excess provisions. Asset quality is expected to improve. As increasing interest rates and the end of the moratorium are building pressure, stress behaviour in the MSME segment needs to be monitored.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.
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NBFCs and HFCs securitization volumes almost doubled.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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AXISCADES Wins $1.2M Aircraft Cabin Interiors Contracts
Business, Market News, Markets - July 12, 2022

Indigo to "rationalise" salaries of technicians following mass sick leave.

Indigo to “rationalise” salaries of technicians following mass sick leave.

 

On 2nd July 2022, a large number of its cabin crew members took sick leave, to participate in the competitor’s Air India recruitment drive. As a result, 55% of Indigo’s domestic flights were delayed.

Indigo has decided to “rationalise” the salaries of its aircraft technicians and remove “anomalies caused by the pandemic”

On Friday, 22 out of 25 of the airline’s aircraft maintenance technicians went on sick leave in Hyderabad and Delhi. They skipped work to protest against their salaries and low increments. Continuous salary cuts during the pandemic added fuel to the employee’s already simmering anger. In April, Indigo suspended some of its employees due to the pandemic. This led to the mass sick leave of the employees indicating a protest. The DGCA ordered Indigo to compensate passengers for delayed flights.

Indigo expects higher attrition levels among its crew, as Air India is hiring aggressively and Akasa Air and Jet Airways are starting their operations this year. This has created a lot of opportunities in the aviation industry.

Indigo had cut down the salaries of its employees during the COVID-19 pandemic. Last week, the has increased the salaries of pilots and cabin crew by 8%. On the other hand, Air India has restored the salaries of its employees by 75 %.

On Monday, an email was sent to the aircraft maintenance technicians by SC Gupta the Vice President (Engineering) of Indigo. The email sent by him was accessed by PTI. He stated that, the Covid-19 pandemic severely affected the aviation industry over the past 30 months. He also mentioned that the technician’s commitment towards the company has remained consistent through difficult times. He further said that he is apprised of the concerns about salary increase and during the last two years the company have not been able to revise the compensation. He has shared that the company will “rationalise” the salaries of its aircraft technicians. This will come into effect from August 1, 2022.

 

Currently, the share price of Interglobe Aviation Ltd is Rs. 1701.35. The price increased by 6.70 points or by 0.40%. The opening price was Rs.1696.65 and closing Rs. 1694.65. The market cap of the company is Rs. 65,545.

 

Indigo to "rationalise" salaries of technicians following mass sick leave.
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Brent oil fell over 4% in a week amid economic crisis

Adani group to enter into 5G spectrum

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