Morning buzz: JettWings to bid for GoFirst, government launches 12th round of city gas bidding, and more
Here are the top business headlines this morning, to get your day started
Guwahati-based JettWings has submitted an expression of interest for GoFirst, which has been in insolvency since May last year.
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JettWings to bid for GoFirst
Guwahati-based JettWings has submitted an expression of interest for GoFirst, which has been in insolvency since May last year. Significantly, the Wadias have so far shown no interest in bidding for the airline. The only other bidder has been Naveen Jindal’s Jindal Power. The main issue with reviving the airline is the dispute with lessors on the repossession of aircraft.(Business Standard, Times of India)
Government launches 12th round of city gas bidding
With nearly 70 percent of the country covered with city gas networks, the government has announced the 12th round of bids to cover the last few remaining areas. This includes states like Arunachal Pradesh, Meghalaya, Manipur, Nagaland and Sikkim as well as the Union Territories of Jammu and Kashmir and Ladakh. In future the government plans to take the network to the Andaman and Nicobar Islands as well as Lakshadweep. At present more than 300 geographical areas have been awarded.(Business Standard, Business Line)
September retail inflation falls to 5.2 percent
Retail inflation in India has fallen below the Reserve Bank of India’s (RBI) tolerance band of 6 percent while industrial production has risen 10.3 percent in August on account of a low base effect and high growth in power, mining and manufacturing. The rise in vegetable prices also decelerated sharply to 3.4 percent, causing retail inflation to fall. Earlier this week the RBI kept the repo rate unchanged to 6.5 percent.(Business Standard, Economic Times, Financial Express, Mint)
IT companies cut FY24 guidance
Infosys, which posted a 3.2 percent year-on-year growth, in quarterly profit to Rs 6,212 crore has revised its annual revenue growth guidance. It has also reduced headcount. Infosys now expects revenue to grow 1.5-2 percent in FY24. The company saw a decline of 7,530 employees while TCS saw a decline of 6,333 employees and smaller rival HCLTech saw 2,299 employees fall off its rolls. Â(Economic Times, Business Standard, Financial Express)
