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Posted On:
27-05-2024

Leh-bound SpiceJet flight suffers bird hit; returns safely back to Delhi

A Leh-bound SpiceJet aircraft suffered a bird hit on Sunday morning and returned to the national capital, according to the airline. The plane landed back safely and the passengers were deplaned normally.A source said the Boeing 737 plane had around 135 people onboard. In a statement, SpiceJet said the aircraft operating SG 123 from Delhi to Leh returned back to the national capital after suffering a bird hit on engine 2. "The aircraft landed back safely in Delhi and passengers were deplaned normally," it said.The airline also said the aircraft made a normal landing and not an emergency landing. Earlier, the source said that a full emergency was declared at the airport and the aircraft, which took off at around 1030 hours, landed safely at about 11 am. The plane returned due to engine vibrations, the source added.
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Posted On:
27-05-2024

Ambani sets sights on African telecom market, plans to develop 5G infra

Asia’s richest man Mukesh Ambani is set to enter Africa with a telecoms venture, seeking to win mobile broadband customers in a high-growth market. Radisys Corp., a unit of Ambani-controlled Reliance Industries Ltd., will provide key network infrastructure, applications and smartphones for Ghana-based Next-Gen InfraCo., according to Harkirit Singh, the executive director of NGIC. He described the plans ahead of NGIC’s launch announcement on Monday in Mumbai, India’s financial hub. NGIC, which is planning to begin operations by the end of this year, will provide 5G broadband services to mobile operators and internet services providers in Ghana.The company “is based on a premise of building affordable digital services in emerging markets,” Singh told Bloomberg News. Other strategic partners in NGIC include Nokia Oyj, Indian outsourcer Tech Mahindra Ltd. and Microsoft Corp., which has increasingly sharpened its focus on the telecoms business following an acquisition of two cloud networking firms in 2020. Ghana, a West African country with a population of just over 33 million, has three main operators: MTN Ghana, Vodafone Ghana and state-run AirtelTigo. NGIC’s strategic partners, its technological prowess and the company’s possession of Ghana’s only 5G license will help it build broadband services at scale, a huge expense for individual mobile carriers, Singh said.
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Posted On:
27-05-2024

Can Google make India a hub for mobile phone assembly like Apple?

Steve Jobs, according to his biography by Walter Isaacson, once vowed to launch a “thermonuclear war” on Google because he thought the latter’s mobile platform, Android, was a “stolen product”. Before Android, they worked closely together. Eric Schmidt, who served as Google’s Chairman, served on Apple Inc’s board. In a turn of events, he left the board because of the conflict between the iPhone and Android.This trend of switching between friendship and enmity has continued over the years; most recently, Bloomberg reported, quoting unnamed sources, that Apple was in talks to build Google’s Gemini artificial intelligence into iPhones.It was not a huge surprise, therefore, that with Apple getting accolades for converting India into a hub of iPhone assembly for Indian as well as global markets, Google could be looking to replicate that for its own phones.Last week, Google took its first tentative step in that direction by finalising its mobile device assembly partners in the country. As stated publicly, it will roll out “make in India” Google Pixel phones sometime this year.
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Posted On:
28-05-2024

Jewellery chain Senco Gold aims 15-20% growth in revenue, profit in FY25

Leading jewellery chain Senco Gold Ltd is looking at 15-20 per cent growth in revenue and profit in the current fiscal, despite rising prices of the yellow metal and global uncertainties. The jeweller is also planning to add 15-20 stores in the current 2024-25 financial year (FY'25), of which around 50 per cent will be franchisee-owned."We are looking at a growth of 15 per cent as a conservative estimate, which may go up to 20 per cent in normal circumstances, in both revenue and profit in FY'25," Senco Gold MD & CEO Suvankar Sen told PTI.The jewellery chain reported a 39 per cent year-on-year revenue growth in the fourth quarter of FY'24 (2023-24) to Rs 1,137 crore, while its profit jumped 23 per cent to Rs 32.17 crore. For the entire fiscal year, the revenue growth was 29 per cent with turnover reaching Rs 5,241 crore, backed by rising gold prices and increased demand from existing and new stores. The net profit expanded by 14 per cent to Rs 181 crore."We plan to add another 15-20 stores in the current fiscal. These outlets will be divided equally between company-owned and franchisee-based ones. We have invested in new store capex (capital expenditure) and capacity building for the future, amounting to over Rs 38.23 crore for our pan-India strategy," he said.
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Posted On:
28-05-2024

JM Financial ARC's capital adequacy falls below regulatory norms

JM Financial Asset Reconstruction Company’s (JMFARC’s) capital adequacy fell below regulatory requirements following a provision of Rs 846.86 crore for expected credit loss on distressed loans in FY24. The existing shareholders, including promoter JM Financial, will infuse up to Rs 1,000 crore in equity to shore up capital. This is to meet regulatory norms and support business growth, according to JM Financial’s earnings filing with the stock exchanges. The ARC’s capital adequacy ratio (CAR) fell to 2.91 per cent in March 2024 from 24.67 per cent in March 2023. ARCs have to maintain at least 15 per cent CAR. The ARC’s net loss for FY24 widened to Rs 942.42 crore from a loss of Rs 154.93 crore in FY23.The ARC’s capital adequacy ratio (CAR) fell to 2.91 per cent in March 2024 from 24.67 per cent in March 2023. ARCs have to maintain at least 15 per cent CAR. The ARC’s net loss for FY24 widened to Rs 942.42 crore from a loss of Rs 154.93 crore in FY23.
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