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☆ India's travel industry may not overtake China soon but there are still 'massive' opportunities
▼ + stars: | 2023-03-24 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +5 min

Nurphoto | Nurphoto | Getty ImagesIndia's airline industry may be on a strong growth trajectory — but don't expect India's outbound travel to overtake China's soon, aviation analysts say. "The gap between China and India is huge," Lalitya Dhavala, valuations consultant at travel analytics firm Cirium told CNBC. India's robust growth trajectoryThe analysts agree there's potential for growth in India's domestic and international travel market. In comparison to China, India has a larger share of young adults, with 40% of its population under 25 years old, Dhavala said. Late last year, Indian conglomerate Tata Group announced that Vistara will merge with national carrier Air India by March 2024.

☆ India's Tata Group mulls pumping $2 bln into super app venture -Bloomberg News
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 23 (Reuters) - Indian salt-to-software conglomerate Tata Group is considering injecting another $2 billion into its super app venture to bolster its digital business, Bloomberg News reported on Thursday, citing people familiar with the matter. Tata Group has also asked Tata Digital to look for ways to boost the valuation of the super app, according to the report. A Tata Group spokesperson and Tata Digital declined to comment on the report. Tata launched the e-commerce super app in April last year, offering everything from apparel to air tickets in a renewed push for a slice of a fast-growing market dominated by Amazon.com (AMZN.O) and Walmart's (WMT.N) Flipkart. Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ India's TCS, Infosys have highest exposure to U.S. regional banks - J.P.Morgan
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris HelgrenMarch 17 (Reuters) - Top Indian information technology firms Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at J.P.Morgan said on Friday. All three companies might need to set aside provisions in the fourth quarter due to their exposure to SVB, J.P. Morgan said in a note. Indian IT firms draw the bulk of their revenue from the banking, financial services and insurance (BFSI) sector. Within BFSI, their exposure to the U.S. banks is on average 62% and Europe 23%, J.P. Morgan said.

☆ From Apple to Boeing, India is being put to the test as China manufacturing alternative
▼ + stars: | 2023-03-12 | by ( Vikram Barhat | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesThe ties between American companies and India as a manufacturing and supply chain partner are getting deeper. The Boeing deal is indicative of the wider trend among global manufacturers including Apple, Samsung and Nokia, to accelerate manufacturing in India. As far back as 2014 it launched the "Make in India" campaign to raise the profile of India as a global manufacturing hub and encourage multinational companies to produce in India. Boeing, Air India issues The partners have their internal issues to work through. That's on top of the hurdles foreign companies can expect to face in India's accleration as a manufacturing and supply chain partner.

☆ Air India's order for 470 jets at list price of $70 bln
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Feb 27 (Reuters) - Tata group-owned Air India's order for a record 470 aircraft from Airbus (AIR.PA) and Boeing Co (BA.N) will be at a list price of $70 billion, Chief Executive Campbell Wilson said on Monday, as the airline seeks opportunities to expand in long haul international. Air India had, earlier this month, announced provisional deals for 220 planes from Boeing and 250 from Airbus in an order that would eclipse previous records for an order by a single carrier. The airline plans to fund the order with a combination of resources, including internal cash flow, shareholder equity and sale-and-leaseback of aircraft, Wilson told reporters at a press conference. Air India, once considered a world-class airline in India, saw its image tarnish in the mid-2000s due to financial troubles, an ageing fleet and poor service. "Air India has embarked on probably the greatest transformation in aviation history," Wilson added.

☆ India Signals Its Arrival as a Force in Aviation
▼ + stars: | 2023-02-20 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Newly privatized Air India is making up for lost time. A turnaround of India’s flag carrier Air India Ltd. could place the country on the global aviation map. The beleaguered airline just kick-started the process with a historic aircraft order. Last week, Air India ordered 470 jets from aircraft giants Boeing Co. and Airbus, marking the largest deal for commercial aircraft in aviation history. The airline also has an option of ordering an additional 370 planes in the future.

☆ Air India has options to buy 370 more jets after mammoth order
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 16 (Reuters) - Air India has options and purchase rights to buy 370 more aircraft from Airbus and Boeing over the next decade, an company executive said in a recent LinkedIn post, days after the carrier unveiled a record order for 470 jets. "The order comprises of 470 firm aircraft, 370 options and purchase rights to be procured from Airbus and Boeing over the next decade," said Nipun Aggarwal, chief commercial and transformation officer at Air India, wrote in a post late Wednesday. The firm order comprises 220 Boeing (BA.N) planes and 250 Airbus (AIR.PA) aircraft, while the options can be converted to firm orders at a later date. Aggarwal also said Air India had signed long-term engine maintenance contracts with CFM International (CFM), Rolls-Royce (RR.L) and GE Aerospace (GE.N). Aggarwal said the aspiration with this order is to connect India "non-stop" to every major city in the world and shows the "tremendous economic potential" unleashed by the privatisation of Air India.

For airlines, sale-and-leasebacks have been a popular way to generate liquidity and ease balance sheets. They then aim to sell them at a profit to lessors at the expense of agreeing to pay a rent. "It's a cheap and often tax-efficient way for the airline to raise finance," said an aircraft finance source. "Lessors are already queuing up to do business with Air India. Some lessors say it is not worth it after new money poured into aviation looking for returns when interest rates were low.

Tata Group, which regained control of Air India last year after decades of public ownership, put out just six paragraphs. "Air India negotiated hard and the team is very sharp despite having no prior aviation experience. A second person who watched the billions fall into place said the Air India negotiators were "methodical, tough and very sophisticated". Plans for announcements on the anniversary of Tata's Air India takeover slipped as engine talks wore on. Analysts caution many obstacles remain to Air India's plans.

☆ Apple faces obstacles in move to boost India manufacturing - FT
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Apple Inc (AAPL.O) is facing challenges as it tries to increase production in India, the Financial Times reported on Tuesday, citing people familiar with the iPhone maker's operations. This 50% 'yield' does not meet Apple's goal for zero defects, FT reported, adding that the company's process of expanding in India has been slow in part due to challenges in logistics, tariffs and infrastructure. Apple and Tata Group did not immediately respond to a request for comment. Apple has bet big on India since it began iPhone assembly in the country in 2017 through Wistron Corp (3231.TW) and later Foxconn, in line with the Indian government's push for local manufacturing. Last month, India's trade minister said that Apple wants India to account for up to 25% of its production from about 5 - 7% currently.

[1/4] Air India passenger aircraft are seen on the tarmac at Chhatrapati Shivaji International airport in Mumbai, India, February 14, 2023. REUTERS/Francis MascarenhasBENGALURU, Feb 14 (Reuters) - Air India has agreed to buy 250 jets from Airbus (AIR.PA), part of a mammoth deal for 470 planes, as the carrier heralds a decades-long transformation under its new owners, Tata Group. The deal is expected to also include an order for 220 planes from Airbus rival Boeing (BA.N), Reuters reported. "We see this moment as the most significant moment for the Tata Group's Air India, Indian aviation and the manufacturing sector in India," he said. Reuters in December reported that Air India was in negotiations for a deal close to 500 planes.

BENGALURU, Feb 13 (Reuters) - India wants to more than triple annual defence exports to $5 billion by 2024/25 from $1.5 billion currently as it looks to ramp up domestic manufacturing, Prime Minister Narendra Modi said on Monday while inaugurating the Aero India show. "Today, India is not just a market for defence companies, it is also a potential defence partner," Modi said in his speech at the show. "I call on India's private sector to invest more and more in the country's defence sector." India, for decades one of the world's biggest importers of defence equipment, now exports to 75 countries, he added. India's airlines are also expanding, with Tata Group's Air India expected to announce a potentially record deal to buy nearly 500 jets from Airbus and Boeing, worth more than $100 billion at list prices.

BENGALURU, India, Feb 13 (Reuters) - Boeing Co (BA.N) plans to invest about $24 million in India to set up a logistics centre for airplane parts, Salil Gupte, president of the local unit told Reuters on Monday, boosting its footprint in the country amid a large plane order. Boeing's share includes 220 planes split as 190 737 MAX narrowbody jets, 20 787 widebodies, and 10 777Xs. Boeing forecasts India's carriers will need 2,200 new planes over the next 20 years, and with narrowbody planes making up the bulk Gupte expects that to be a focus area for Boeing. "As the middle-class grows and as India leads the world economic growth, you will see more and more people fly. That means we need to ensure our customers have the narrowbody aircraft they need to serve this market," he said.

☆ Alibaba sells remaining stake at India's Paytm as it continues to exit market
▼ + stars: | 2023-02-13 | by ( Laura He | ) edition.cnn.com time to read: +3 min

In January, Alibaba sold about 3% of Paytm for $125 million, cutting its holdings from 6.26%, based on NSE data. ‘India’s Alipay’Founded in 2010, Paytm is India’s largest payment platform, with more than 300 million registered customers and over 20 million merchants. Paytm and Ant Group had been working on “synergies” since Ant made the initial investment, the company said. In early 2021, Alibaba sold a major stake in BigBasket, an online grocery retailer, to Indian conglomerate Tata Group. In May 2022, Alibaba and Ant Group offloaded their entire stake in Paytm Mall, the e-commerce platform of Paytm.

BENGALURU/PARIS, Feb 10 (Reuters) - French planemaker Airbus (AIR.PA) on Friday signed an agreement with Air India for 250 jets, as part of the Indian carrier's jumbo deal under its new owners, Tata Group, industry sources told Reuters. This is part of a potentially record order for close to 500 jets split equally between Airbus and rival planemaker Boeing (BA.N), which was first reported by Reuters in December. Air India did not immediately respond to an email seeking comment outside of regular business hours. While the Airbus figure is slightly lower than the 275 originally envisaged, sources did not rule out a provision by Air India for top-up acquisitions or leases at a later point. Air India also wants to win a bigger share of regional international traffic and the domestic market, setting up a battle on both fronts with IndiGo.

☆ Is the iPhone's 'Made in India' era beginning as Apple breaks with China?
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

Minister of Commerce and Industry Piyush Goyal said Apple was already making between 5% and 7% of its products in India. His comments come at a time when Foxconn (HNHPF), a top Apple supplier, is looking to expand its operations in India after suffering severe supply disruptions in China. For years, Apple had relied on a vast manufacturing network in China to mass produce iPhones, iPads and other popular products. China headaches mountBut the world’s most valuable company posted shockingly weak earnings this month, partly because of its recent problems in China. According to Counterpoint’s Pathak, India accounts for 16% of the global smartphone production, while China constitutes 70%.

☆ India's Kalyan Jewellers Q3 profit rises on strong festive demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 7 (Reuters) - Kalyan Jewellers India Ltd (KALN.NS)reported a near 11% rise in quarterly profit on improved demand during the festive season and said the ongoing wedding season is pushing sales higher. Demand picked up in the quarter during the festive season when Indians spend heavily on big-ticket items such as cars, electronic appliances, and jewellery. The Indian jeweller's consolidated net profit rose to 1.49 billion rupees ($18.02 million) for the third quarter that ended Dec. 31 from 1.35 billion rupees ($16.33 million) a year earlier. Revenue increased 13% to 38.84 billion rupees, boosted by sales at newly opened showrooms. Kalyan's earnings outshine its Tata Group-owned larger rival Titan Co Ltd (TITN.NS), which last week reported a surprise fall in profit.

☆ Tata's Air India to seal half of jumbo plane order - sources
▼ + stars: | 2023-01-26 | by ( Aditi Shah | ) www.reuters.com time to read: +4 min

Air India did not respond to a request for comment. Reuters reported last month Air India was closing in on a deal for about 500 jets. The aim is to corner 30% of the domestic air travel market over the next five years thus narrowing the gap with market leader IndiGo. Tata's four airlines, including two budget carriers, Air India and Vistara its joint venture with Singapore Airlines (SIAL.SI), have a combined market share of 24%. Analysts have said Air India has the ability to claw back some passengers from rival Gulf carriers but not before it matches their quality of fleet and service.

☆ Air India says pilot's licence suspension over passenger incident 'excessive'
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 24 (Reuters) - Tata Group's Air India said on Tuesday the recent suspension of a pilot's licence by the aviation regulator was "excessive" after a passenger behaved in an unruly manner onboard one of its flights. The regulator also suspended the licence of the pilot-in-command on the New York-New Delhi flight for three months. Air India said the matter should have been classified and reported as unruly behaviour by a passenger, but the flight crew and ground staff did not report it as such. "Air India wishes to acknowledge the good faith efforts made by crew to handle the situation effectively in real time, when not all facts were available," it said in a statement, adding that it deemed "the licence suspension of the commander excessive and will be assisting him with an appeal". ($1 = 81.5780 Indian rupees)Reporting by Tanvi Mehta; Editing by Krishna N. DasOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane MaheDELHI/PARIS, Jan 20 (Reuters) - European planemaker Airbus (AIR.PA) is set to win an order for 235 single-aisle planes as part of a historic purchase of some 495 jets due to be announced by a resurgent Air India on Jan. 27, industry sources told Reuters. Air India and Boeing did not immediately respond to requests for comment. Reuters reported last month that Air India was close to placing orders for around 500 jets from both Airbus and Boeing after months of intense talks on the core plane order. Air India, with its maharajah mascot, was once known for its lavishly decorated planes and stellar service but its reputation declined in the mid-2000s as financial troubles mounted.

☆ Regulator fines Air India $37,000 for unruly passenger incident
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 20 (Reuters) - Air India has been fined 3 million Indian rupees ($37,000) for its handling of an unruly passenger on one of its flights in November, India's aviation regulator said on Friday. Air India, on Friday, said it was studying the regulator's order on the matter, but acknowledged that there were "gaps" in the airline's internal reporting and assured the "relevant steps" were being taken to address them. "We are also strengthening our crews' awareness of and compliance with policies on the handling of incidents involving unruly passengers," said a spokesperson. India's aviation regulator had earlier issued formal paperwork, named show cause notices, to some Air India staff, including the pilots and cabin crew of the flight involved in the incident, asking why enforcement action should not be taken against them. Air India had also issued show cause notices and de-rostered one pilot and four cabin crew as part of its investigation.

☆ Davos: India flexes its muscle as China's star fades
▼ + stars: | 2023-01-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

In 2023, as global recession fears persist, the country is expected to log the best performance of any major economy. An Invest India banner hanging from a building ahead of the World Economic Forum in Davos, Switzerland, on Monday, Jan. 16. India is also due to displace its powerful neighbor as the world’s most populous country this year. They’re a substantial asset — if India’s economy can create enough jobs. “The world needs resilience,” Tata Sons Chairman Natarajan Chandrasekaran told a Davos panel.

☆ Lessor says Air India to order around 500 jets
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, Jan 16 (Reuters) - Air India is set to order around 500 planes as an airline industry recovery takes hold following the pandemic, one of the world's leading aircraft lessors said on Monday. The comments are the first public indication of the scale of the planned order after Reuters reported in December that Air India was close to ordering as many as 500 jets as it carves out a renaissance under the Tata Group conglomerate. Air India did not immediately respond to a request for comment. China last year placed a block order for Airbus jets. "We do expect a number of airlines will place large orders and again most of these orders will be for replacement," Udvar-Hazy said.

☆ Tata considers India, Europe for EV cell manufacturing plants
▼ + stars: | 2023-01-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

GREATER NOIDA, India, Jan 12 (Reuters) - Tata group is considering setting up plants in India and Europe to produce battery cells for electric vehicles (EV), the chief financial officer of its auto unit told Reuters in an interview. With total sales of 50,000 electric cars to date, India's Tata Motors dominates the country's EV market and has outlined plans to launch 10 electric models by March 2026. The company expects electric models to make up a quarter of its total sales by 2025 from around 8% now. Localising cell manufacturing for EV batteries is key to increasing local components in electric cars and will help the automaker develop a local supply chain too, Tata Motors' P.B. Balaji said the investment in cell manufacturing will be made by its parent company Tata Sons but did not elaborate on the quantum or timeline.

☆ India's TCS slips 2.7% on profit miss, weak outlook
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Shares of India's largest IT services provider fell as much as 2.7% to 3,230.1 rupees, dragging the broader market down 0.7%. "While TCS is better placed in a recessionary environment, its rich valuations will likely weigh on stock performance." The Mumbai-based company's order book fell to $7.8 billion from $8.1 billion in the September quarter. (nL4N33U1V6)Profit rose to 108.46 billion rupees ($1.32 billion) from 97.69 billion rupees a year earlier, but missed analysts' estimates of 110.46 billion rupees. The stock fell 12.9% in 2022, after five straight years of gains.

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