ENGINE
Budget 2024: Engineering sector seeks policies that will ease liquidity issues and encourage R&D
The engineering sector, a key contributor to the economy, is seeing export growth. To maintain this trajectory. It wants better access to credit and incentives to modernise technology and machinery.
Govt implements uniform 5% tax for all aircraft, aircraft engine parts
India has implemented a uniform 5% tax on all imports of aircraft components and engine parts starting immediately, replacing varying rates that previously ranged from 5% to 28%. The decision, recommended by India's GST Council in June, aims to streamline tax rates for items like aircraft parts, testing equipment, tools, and tool-kits.
DD Robocon 2024: Epic showdown of India's top engineering minds
DD Robocon India 2024: This year's theme, 'Harvest Day,' challenged robots to simulate planting rice seedlings and collecting seed balls for storage. The teams that successfully planted the most saplings were celebrated for their technical acumen and innovative solutions.
Q1 results today: Jio Financial, SpiceJet, HDFC Life among 36 companies announce earnings on Monday
HDFC Life, Jio Financial, HDFC AMC, Angel One, SpiceJet, and 36 other companies including Hatsun Agro, KBC Global, Kelton Tech, Modern Engineering, Monarch Networth Capital, Oasis Securities, Rajoo Engineers, Sheetal Cool Products, Tahmar Enterprises, Styrenix Performance will announce Q1FY25 earnings. Important aspects to watch include HDFC Life's APE and VNB estimates.
Azad Engineering shares hit 5% upper circuit on order win from Siemens Energy Global
Azad Engineering shares rose by 5% following a major contract win with Siemens Energy Global GmbH & Co. KG, Germany. The company specializes in manufacturing critical components for various industries and has shown significant growth in its stock price.
Release four engines to lessor: NCLT to Go First resolution professional
The NCLT has directed Go First's resolution professional to return four engines to lessor Engine Lease Finance BV, citing a Delhi High Court ruling. This decision adds to the challenges facing the grounded airline's insolvency resolution process. The tribunal has adjourned the matter to August 9 to allow time for further instructions from lessors' counsel. A revised resolution plan has been submitted, reducing the offered amount to ₹195 crore. The DGCA's deregistration of 54 planes earlier this year has complicated the situation for Go First.
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NCLT directs Go First to release four aircraft engines of ELF
The NCLT directed Go First to release four aircraft engines to Engine Lease Finance (ELF) BV, with the resolution professional already initiating the return process for one engine. ELF, based in Shannon, Ireland, is a prominent engine financing and leasing company. The tribunal scheduled further hearings for August 9 to consider objections from other engine lessors.
Inside Goldman Sachs' expanding but risky financing engine
The fund finance unit, housed in the bank's global banking and markets division, lends money secured by different types of assets to private equity and other funds. Such assets, however, can be hard to value and trade, and some loan products are yet to be tested in a downturn, making lending against them risky.
Sadbhav Engineering seeks debt restructuring; interim debt at two SPVs
The company's chief executive officer appeared before the tribunal, stating that a restructuring package had been proposed to all financial creditors and the court asked to convene a meeting of lenders, as reported by ET on July 2.
India needs 1 million high-tech engineers as economy expands
India’s $250 billion tech sector plays an important role in the economy, employing about 5.4 million people. Tech services make up about 7.5% of the country’s $3 trillion-plus gross domestic product.
Legal trouble for SpiceJet: Delhi HC orders registration of contempt case for failing to return engine to lessor
SpiceJet Contempt Notice: The Delhi High Court orders contempt case against SpiceJet directors for failing to comply with court orders to hand over aircraft and engines to lessor TWC Aviation Capital. SpiceJet's counsel claims "substantial" compliance, but court disagrees, emphasizing strict adherence to deadlines. Contempt proceedings may be dropped if compliance is met by July 8.
Janky Patel new chairperson of Patel Engineering after death of Rupen Patel
Janky Patel has been appointed as the chairperson of Patel Engineering following the death of her husband, Rupen Patel, who was the company's chairman and managing director. He passed away late Friday, according to a statement from the company. The statement from Patel Engineering announced, "Rupen Patel, Chairman and Managing Director of Patel Engineering Limited, passed away in the late hours of Friday."
Telangana engineering admissions 2024: AICTE asked to cancel extra 20,000 computer science seats
JNTUH registrar K Venkateswara Rao requested AICTE to rescind 20,000 computer science engineering seats for 2024-25. Concerns include faculty shortages, economic slowdown and layoff in IT sector. Academicians also supported JNTUH's stand.
Court allows two-hour custody parole to Engineer Rashid to take oath as MP
Kashmiri leader Sheikh Abdul Rashid, also known as Engineer Rashid, was granted custody parole to take his oath as a Lok Sabha MP. He had sought interim bail for the oath-taking and parliamentary functions. Rashid has been in Tihar jail since 2019 under the UAPA for alleged involvement in a terror funding case.
IndiGo to receive compensation from Pratt & Whitney for grounded aircraft
IndiGo's parent company, InterGlobe Aviation, has announced that it will receive a "customised" compensation from Pratt & Whitney's affiliate firm International Aero Engine for grounded aircraft. The company has amended an existing agreement with IAE to provide IndiGo with a customized compensation for the ongoing situation of grounded aircraft due to engine unavailability.
NCLT to hear insolvency plea filed by Engine Lease Finance against SpiceJet on August 2
The National Company Law Tribunal (NCLT) has sent a notice to SpiceJet following an insolvency plea initiated by Engine Lease Finance BV, an aircraft engine lessor involved with the financially troubled airline.
Air India utilising group airlines' engineering skills for improved aircraft maintenance works
After the takeover by the Tata Group in 2022, loss-making Air India has been making efforts for improvement and has embarked on a five-year transformation plan.
Dispute with Raymach Tech settled: SpiceJet to NCLT
SpiceJet Ltd settled a dispute with Raymach Technologies over ₹2.7 crore worth of unpaid dues at the National Company Law Tribunal.
Environment Day: Noida Airport to have 8-acre forest with local species, 133-hectare green area
Noida International Airport (Google Trends): The Noida International Airport CEO Christoph Schnellmann has emphasized a net-zero emissions philosophy. With 580 trees transplanted and an eight-acre forest reserve, biodiversity preservation is a priority. The airport's eco-friendly initiatives include renewable energy and innovative technology to reduce carbon emissions, paving the way for a greener future in Indian air travel.
Old planes, lack of engineering capacity test Tata’s mettle to turnaround Air India
Customers flying on Air India flights to North America and Europe have been raising issues about frequent delays, broken seats or non-functional in-flight entertainment screens as the Tata group struggles to revamp the airline's fleet, some of which are 15 years old. The original aircraft for the delayed flight to San Francisco, had developed a technical snag. So, the airline had to tow a Boeing 777 which was parked under hot sun in Delhi’s 49 degree temperature. Air conditioning system in plane work.
Engine Lease Finance files fresh insolvency plea against SpiceJet
Engine Lease Finance is the latest of engine lessors that have approached courts accusing SpiceJet of defaulting on payments and seeking repossession of engines.
Engine Lease Finance moves insolvency plea against SpiceJet
SpiceJet, a low-budget airline, has filed an insolvency plea against its debt-ridden debtor, Engine Lease Finance BV, over non-payment of over USD 12 million. ELF has leased eight engines to SpiceJet and has claimed around USD 16 million in interest and rental. The matter was listed before the Delhi-based bench of the National Company Law Tribunal (NCLT), where SpiceJet was directed to file its response. ELF, the world's leading independent engine financing and leasing company, has previously approached the Delhi High Court after terminating a lease for two engines.
Delhi HC asks SpiceJet to pay $4.8 mn to engine lessors in four instalments
Indian carrier SpiceJet has been directed by the Delhi High Court to pay $4.8 million in four instalments as an interim arrangement to continue using their three leased engines. If the payment is not made, SpiceJet will be liable to ground and return the engines within 15 days.
Delhi HC upholds order asking SpiceJet to return two leased aircraft, three engines
While dismissing as withdrawn the airline’s appeal, a bench led by Justice Rajiv Shakhder granted the low cost carrier three weeks time till June 17 to return the aircraft and engines along with technical records. The single judge had asked SpiceJet to return the engines by May 28.
Leh-bound SpiceJet plane suffers glitch; returns to Delhi
A SpiceJet aircraft enroute to Leh suffered a glitch on Sunday morning and returned to the national capital, according to a source. The source told PTI that the plane, carrying around 135 people, landed safely at the Delhi airport.
Air India plane forced to make an emergency landing after its engine erupted into flames, with 179 passengers on board
An Air India Express aircraft carrying passengers from Pune to Kochi caught fire in Bengaluru, resulting in an emergency evacuation of 179 passengers, including six crew members, who were stranded in the Karnataka capital for almost thirteen hours. Smoke was seen coming from the engine, leading to an evacuation with slides being deployed.
Air India Express flight passengers recall harrowing moments after engine fire in Bengaluru
Passengers on a Kochi-bound Air India Express flight encountered an engine fire, prompting an emergency landing at Bengaluru. Despite delays in baggage retrieval, all passengers and crew were safely evacuated.
Air India Express flight from Bengaluru to Kochi makes emergency landing
An Air India Express flight made an emergency landing in Bengaluru due to a fire in one of the engines. All passengers and crew were safely evacuated from the Bengaluru-Kochi flight.
GoFirst engine lessors to wait further; NCLT says it will study Delhi HC order
National Company Law Tribunal to decide on engine lessors for Go First after studying Delhi High Court order allowing lessors to repossess aircraft. Ministry of Corporate Affairs claims aircraft not under Insolvency and Bankruptcy Code. Tribunal grants 10 days for written arguments in land lease dispute with Mack Star Marketing Pvt Ltd.
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