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The Corporate Affairs Ministry is expected to introduce rules next month that will require offshore digital transactions exceeding ₹2,000 crores to obtain approval from the Competition Commission of India (CCI) before proceeding with the combination. This move, part of the Competition (Amendment) Act 2023, aims to regulate high-value transactions in the digital industry and new age enterprises involved in M&A deals. The Election Commission of India may be approached for permission to issue these rules during the ongoing general elections. The new regulations seek to bridge enforcement gaps in the digital industry by focusing on deal values rather than traditional markers like assets or turnover, aligning with global trends. The final norms on determining the "India nexus" are eagerly awaited by the industry, as many digital transactions with high valuations previously escaped CCI scrutiny due to the existing asset and turnover-based thresholds. 
Air India Express has terminated 25 cabin crew members after a mass sick leave incident led to disruptions in flights, with 85 flights cancelled and 283 planned for operation on Thursday. The airline cited unprofessional behavior and inconvenience to passengers as reasons for the terminations, with a town hall meeting scheduled to address the issue. CEO Aloke Singh emphasized efforts to minimize guest inconvenience and urged passengers to check flight statuses. The Ministry of Civil Aviation has requested a detailed report and adherence to DGCA norms for passenger facilities, highlighting the need for prompt resolution of the situation.
A fire at Lahore airport's lounge area disrupted international flights, including the inaugural Hajj journeys, but swift action from emergency responders contained the flames, ensuring no harm to individuals. The fire, originating from the immigration counter's ceiling, filled the lounge with smoke, leading to passenger evacuation. Images showed the chaotic scene, with a specialised team investigating the cause and significant damage to the immigration counter. Flight schedules were affected, with delays for the first Hajj departure and five other international flights, including Qatar Airways flight QR 629. Despite concerns, incoming international flights continued to land at Lahore airport without diversions. The Civil Aviation Authority managed operations from the domestic departure lounge, with efforts to resume regular operations and prioritise seamless immigration processes for arriving flights.
Passengers at Thiruvananthapuram, Kochi, and Kannur airports in Kerala were left stranded as Air India Express abruptly canceled flights to Gulf nations for the second consecutive day, causing frustration and inconvenience among travelers who relied on the airline's assurances. Some passengers, including those with expiring work visas, faced the risk of losing their jobs due to the sudden cancellations. The airline has issued termination letters to cabin crew members who reported sick, leading to the cancellation of over 90 flights, and has canceled at least 60 flights for Thursday due to the non-availability of staff. This mass leave by cabin crew has caused significant disruptions for passengers, with some expressing disappointment at the lack of assistance in securing alternative travel arrangements.
Bain & Company, a global consultancy, predicts that Private Equity-Venture Capital deals in India will remain cautious in 2024, despite a decline in activity in 2023. Prabhav Kashyap, a Partner at Bain & Company, believes that India has the potential to become an $80-100 billion market for such activities within the next 4-5 years. Traditional sectors like healthcare, advanced manufacturing, infrastructure, and renewable energy are expected to attract significant investments. While the Indian PE-VC deal activity decreased in 2023, Kashyap remains optimistic about the future, anticipating a potential increase in private equity flows in 2024. He also expects a rise in buyout activity and emphasizes the importance of quality deals in the coming quarters. Healthcare investments, in particular, are projected to be prominent in 2024, with a record $5.5 billion invested in 2023.
The Indian Rupee strengthened by 8 paise against the US dollar, trading at 83.44 in early trade on Thursday, with the American currency easing from its recent highs. However, the rupee remained under pressure due to negative trends in domestic equities and continued foreign fund outflows. Anil Kumar Bhansali, from Finrex Treasury Advisors LLP, noted that Foreign Portfolio Investors (FPIs) sold stocks worth over ₹6,000 crore, leading to increased dollar buying. Despite efforts by the Reserve Bank of India to support the rupee, the dollar index was trading lower at 105.51. Additionally, Brent crude futures rose to $83.94 per barrel, while the domestic equity market saw a decline with the BSE Sensex dropping 176.2 points and the NSE Nifty falling 49.75 points. Foreign Institutional Investors were net sellers, offloading shares worth ₹6,669.10 crore.
Delhi-based IG Drones, led by founder and CEO Bodhisattwa Sanghapriya, is collaborating with the Kerala Government to train a drone workforce for Gulf countries, particularly in agriculture. Sanghapriya highlighted the potential for drone data analysis to create a large processing workforce in India, similar to the satellite imagery analysis sector. IG Drones has trained 10,000 farmers in drone technology and aims to upskill 10 million youth. The company's drones, integrated with 5G technology, offer autonomous operation for precision farming. Sanghapriya noted the role of ITI students in the drone industry, with increased income and dignity. The company is expanding to Dubai and MENA region, mentoring institutes in drone technology. With policies supporting drone adoption, drones are used for monitoring crops, irrigation, and terrain mapping, with FPOs procuring drones and receiving incentives from the government.
NLC India is embarking on a corporate strategy to expand its presence in coal and lignite mining, thermal power plants, renewables, and energy storage, with an investment exceeding ₹90,000 crore by 2030. The company aims to transform into an integrated clean energy giant, focusing on solar and wind power, energy storage systems, green hydrogen, and more. Plans include increasing thermal power capacities to 11.14 GW, adding renewables to reach 6.97 GW, and boosting mine output to 102.5 MTPA by 2030. Additionally, NLC India plans to monetize its renewable energy assets through an IPO, targeting ₹5,000 crore for expansion. The company's efforts align with a broader shift towards sustainable energy practices and technological advancements in the energy sector.
India, the world's second-largest sugar producer, has banned sugar exports since June 2022 to ensure local consumption and divert sucrose to ethanol production. The government is still deliberating on whether to allow exports this year, with Secretary of Food and Public Distribution, Sanjeev Chopra, stating that a decision will take several months. Chopra emphasized the priority of ethanol production over exports, with the government requiring guarantees of sufficient sugar for local demand and ethanol production before considering exports. The Indian Sugar Mills Association (ISMA) has requested permission to export 2 million metric tons, but a response is pending. ISMA estimates that India will have 9 million tons of sugar available for consumption and exports by the end of the current season in September.
Air India Express has terminated 25 cabin crew members following a mass sick leave incident that disrupted flight operations, affecting over 95 flights and 10,000 passengers. The airline deemed the sick leave a pre-meditated and unjustifiable abstention from work, leading to the immediate termination of employees violating service rules. CEO Aloke Singh announced plans to reduce flight operations in response to the disruptions caused by the sick leave, emphasizing that the actions of a few do not represent the dedication of the majority of cabin crew members. The Ministry of Civil Aviation has requested a detailed report from Air India Express and urged the airline to promptly resolve issues and ensure passengers are provided with facilities as per DGCA norms.
Godrej Agrovet Ltd (GAVL) reported a significant 187 per cent growth in net profits for the March quarter of FY24, reaching ₹66 crore compared to ₹23 crore in the same period last year. The company's revenue for the quarter also saw a 4.7 per cent increase, totaling ₹2194 crore. For the full fiscal year, GAVL reported a 21.7 per cent rise in net profits at ₹359 crore, with revenue up 2 per cent at ₹9,561 crore. The growth was attributed to strong performances in the domestic crop protection business, dairy business turnaround, and increased market share in animal feed. Despite challenges in the vegetable oils and Astec Lifesciences sectors, Godrej Agrovet remains committed to long-term sustainability goals. The company's shares rose by 3.27 per cent to close at ₹581 on the NSE.
