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Meanwhile, India’s aviation sector stayed under pressure on Monday as the spotlight returned to IndiGo. Civil Aviation Minister Ram Mohan Naidu blamed the disruption on weak crew rostering and internal planning. He said the lapses were avoidable.
The stress showed up in the financials, too. Moody’s warned of near-term revenue pressure and cut IndiGo’s human-capital score. It also flagged weak readiness for regulatory changes.
Dalal Street turned risk-off. The Nifty slipped below 26,000. Midcaps saw their steepest fall in four months as selling intensified into the close.
In corporate news, Biocon Chairperson Kiran Mazumdar-Shaw said new global shareholders will not alter the strategy during the Biologics integration. India and the US begin three-day trade talks on December 10.
Globally, Paramount Global launched a hostile bid for Warner Bros. Discovery, taking on Netflix.
Back home, Starlink revealed India pricing. A possible stake sale in the Rajasthan Royals is also being explored.
We’ll be back tomorrow with another edition of Top 10@10.
IndiGo crisis triggered by crew rostering and internal planning system issues, says Aviation Minister
Union Civil Aviation Minister Ram Mohan Naidu on Monday (December 8) said the IndiGo crisis happened due to problems in its crew rostering and internal planning system. Over 300 IndiGo flights were cancelled today, impacting thousands of passengers. The airline has been facing a difficult time since last week, as over 1600 flights were cancelled during this time.
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IndiGo Fiasco Aftermath | Moody's warns of revenue loss, downgrades score on human capital
Credit rating agency Moody’s Ratings on Monday (December 8) said InterGlobe Aviation Ltd (IndiGo) faces credit negative implications due to inadequate planning and weak preparedness for regulatory changes, despite the airline’s strong market position and stable Baa3 rating.
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Nifty breaks below 26,000; midcaps log worst fall in four months
The stock market fell sharply on Monday, with losses deepening across mid- and small-cap stocks as risk sentiment weakened and selling pressure intensified through the session. Benchmark indices closed at the day’s lows, while the broader market saw its steepest single-day decline in four months.
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Large investors won’t sway Biocon’s strategy, says Kiran Mazumdar-Shaw after Biologics merger
Biocon Executive Chairperson Kiran Mazumdar-Shaw has said that the entry of large strategic shareholders, including Serum Institute and Viatris, will not influence the company’s long-term strategy, even as Biocon moves to fully integrate its biosimilars arm, Biocon Biologics.
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India, US trade team to start three-day talks from December 10: Sources
The visit is crucial as India and the US are working to finalise the first tranche of the pact. ”The three-day talks will start on December 10. It will conclude on December 12, and it is not a formal round of talks,” said one of the sources. The US team will be led by Deputy United States Trade Representative (USTR) Rick Switzer.
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Majority stake sale in IPL team Rajasthan Royals in play; The Raine Group roped in as advisor
British-Indian entrepreneur Manoj Badale promoted Rajasthan Royals, the winner of the inaugural edition of the Indian Premier League (IPL) in 2008, has kick-started the process for a proposed big-bang deal aimed at offering a controlling stake in the popular cricket franchise, multiple industry sources in the know told Moneycontrol.
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Starlink reveals India subscription price as Elon Musk’s satellite internet nears launch
Elon Musk-owned SpaceX is preparing for the launch of the satellite internet firm Starlink in India and has officially revealed its subscription prices. Starlink was granted a five-year regulatory permit to conduct business in India in July.
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Thailand launches airstrikes along the border with Cambodia as tensions reignite
Thai army spokesperson Maj. Gen. Winthai Suvaree said the Cambodian troops fired first into Thai territory in multiple areas. He said one Thai soldier was killed and four other soldiers were wounded, and civilians were being evacuated from the affected areas.
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Paramount vs Netflix for Warner Bros. Discovery: What we know so far
A full-blown bidding war has erupted in Hollywood after Paramount Global, controlled by media scion David Ellison, launched a hostile all-cash offer for Warner Bros. Discovery (WBD), just days after the company agreed to be acquired by Netflix in a $72 billion transaction.
Paramount has now bypassed the WBD board and gone directly to shareholders, escalating the fight for control of one of the world’s most formidable entertainment empires.
Read more here
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