My Application Form Status

Check the status of your application form with Angel Broking.
  • Companies
  • Everything else
Search
Maruti skids as yen strengthens on global risk aversion
Jun 16,2016

Meanwhile, the S&P BSE Sensex was down 378.51 points or 1.42% at 26,347.83.

On BSE, so far 75,732 shares were traded in the counter as against average daily volume of 79,351 shares in the past one quarter. The stock hit a high of Rs 4,166.45 and a low of Rs 4,063.45 so far during the day. The stock had hit a record high of Rs 4,789 on 23 November 2015. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had outperformed the market over the past one month till 15 June 2016, surging 9.43% compared with Sensexs 4.85% rise. The scrip had also outperformed the market in past one quarter, gaining 15.14% as against Sensexs 8.86% rise.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

The Japanese yen surged against the dollar on global risk aversion generated by Brexit fears. The Japanese currency is perceived as a haven in times of global financial and global economic worries. Brexit refers to the referendum on 23 June 2016 by British voters to decide whether the country should remain a member of the European Union or leave it. The latest strength in the Japanese currency materialized after Japans central bank the Bank of Japan (BOJ) voted to leave its monetary policy unchanged after a policy review. The BOJ voted to keep its annual asset-purchase target unchanged at 80 trillion yen (around $760 billion) a year and its deposit rate steady at minus 0.1%. The decision was on expected lines.

A strong yen adversely impacts Maruti Suzuki Indias (Maruti) operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.

Maruti Suzuki Indias net profit declined 11.7% to Rs 1133.60 crore on 12.5% growth in net sales to Rs 14929.50 crore in Q4 March 2016 over Q4 March 2015.

Maruti is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 31 March 2016).

Powered by Capital Market - Live News

Oil E&P stocks slide alongside fall in global crude oil prices
Jun 16,2016

Cairn India was off 1.39% at Rs 138.35. ONGC was off 1.26% at Rs 211. Oil India, however, was up 0.16% at Rs 350.45.

Index heavyweight Reliance Industries was off 1.10% at Rs 971.65.

Meanwhile, the S&P BSE Sensex was off 367.41 points or 1.38% at 26,357.88.

Lower crude oil prices will result in lower realization from crude oil sales for oil exploration & production (E&P) firms if the prices are sustained at lower level.

Crude oil prices edged lower on risk aversion in global markets ahead of a referendum in UK on 23 June 2016 that could end Britains membership in the European Union. Brent for August 2016 settlement was currently off 40 cents at $48.57 a barrel. Brexit refers to the referendum on 23 June 2016 by British voters to decide whether the country should remain a member of the European Union or leave it.

The Brent August contract lost 86 cents or 1.73% to settle at $48.97 a barrel yesterday, 15 June 2016.

Powered by Capital Market - Live News

Ujjivan Financial Services slips as RBI places restrictions on further purchases by FPIs
Jun 16,2016

Meanwhile, the BSE Sensex was down 367.98 points, or 1.38%, to 26,358.36.

On BSE, so far 6.10 lakh shares were traded in the counter, compared with an average volume of 14.29 shares in the past two weeks. The stock hit a high of Rs 391.15 and a low of Rs 372.35 so far during the day.

The Reserve Bank of India (RBI) yesterday, 15 June 2016, notified that the aggregate foreign shareholdings through foreign institutional investors (FII)/registered foreign portfolios investors (RFPIs)/foreign direct investment (FDI)/non-resident Indians (NRI)/American depository receipts (ADR)/global depository receipts (GDR)/persons of Indian origin (PIO) in Ujjivan Financial Services has crossed the permissible limit. Hence no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPI/FDI/NRI/ADR/GDR/PIO.

Shares of Ujjivan Financial Services listed on the stock exchanges on 10 May 2016. The stock debuted at Rs 227, a premium of 8.10% to the initial public offer (IPO) price of Rs 210.

Ujjivan Financial Services reported net profit of Rs 122.30 crore on revenue from operations of Rs 713.20 crore for 9 months ended 31 December 2015. Net profit stood at Rs 75.78 crore on revenue from operations of Rs 599.31 crore for the year ended 31 March 2015.

Ujjivan Financial Services is transforming itself into a small finance bank (SFB). It is one amongst the 10 companies in India to receive in-principle approval from the RBI to set up a small finance bank. As per the regulatory requirements, the foreign shareholding in the company is to be brought down before it converts itself into a small finance bank. This is one of the reasons why existing foreign investors in the company are pruning their stake in Ujjivan Financial Services through the IPO.

Powered by Capital Market - Live News

InterGlobe Aviation extends gains as Govt strives to boost regional connectivity
Jun 16,2016

Stock prices of two other aviation firms were in red. The decline in both these stocks in percentage terms was lower than the decline in the S&P BSE Sensex. SpiceJet was off 0.4% at Rs 66.10. Jet Airways (India) was off 0.4% at Rs 558.50. The Sensex was off 371.74 points or 1.39% at 26,354.60.

The stock price of InterGlobe Aviation has risen 2.78% in two trading sessions from its close of Rs 989.25 on 14 June 2016. The stock prices of SpiceJet, Jet Airways (India) and InterGlobe Aviation rose 0.21% to 3.5% yesterday, 15 June 2016, after media reports suggested that the Union Cabinet has approved the long awaited civil aviation policy. The official announcement of the governments nod for the civil aviation policy was made in the Press Information Bureau website after trading hours yesterday, 15 June 2016.

The civil aviation policy aims to enhance regional air connectivity through fiscal support. This will be implemented by way of revival of airstrips/airports as No-Frills Airports at an indicative cost of Rs 50 crore to Rs 100 crore. The selection of airports/airstrips for revival will be based on expected demand and in consultation with state government and airlines. Regional Connectivity Scheme (RCS) will available only in those states which reduce VAT on ATF to 1% or less, provide other support services and bear 20% of Viability Gap Funding (VGF). There will be no airport charges and lower services tax on tickets on 10% of the taxable value for 1 year initially. Airlines can avail lower excise duty at 2% on ATF picked at RCS airports.

The Viability Gap Funding (VGF) will be funded by a small levy per departure on all domestic routes other than Cat II/Cat IIA routes, RCS (Regional Connectivity Scheme) routes and small aircraft at a rate as decided by the Ministry of Civil Aviation from time to time. A detailed scheme will be put up in the public domain for stakeholders consultations. The VGF will be shared between the Ministry of Civil Aviation (MoCA) and state governments in the ratio of 80:20. For the North Eastern states, the ratio is 90:10.

In a major policy change, the government has abolished the requirement of 5 years of domestic flying as one of the two key prerequisites for starting international operations by an Indian carrier. Henceforth, an airline can commence international operations provided it deploys 20 aircrafts or 20% of its total capacity (in term of average number of seats on all departures put together), whichever is higher, for domestic operations.

The regime of bilateral rights and code share agreements will be liberalised leading to greater ease of doing business and wider choice to passengers. Open skies policy will be implemented on a reciprocal basis for SAARC countries and countries beyond 5,000 kilometer from Delhi. A method will be recommended by a committee headed by the Cabinet Secretary for the allotment of additional capacity entitlements wherever designated Indian carriers have not utilised 80% of their bilateral rights but the foreign airlines/countries have utilised their part and are pressing for increase in the capacity.

The civil aviation ministry will continue to encourage development of airports by the state government or the private sector or in public private partnership (PPP) mode and endeavour to provide regulatory certainty. Future greenfield and brownfield airports will have cost efficient functionality with no compromise on safety and security. Meanwhile, the existing ground handling policy is being replaced with a new framework to ensure fair competition. All domestic scheduled airline operators including helicopter operators will be free to carry out self-handling at all airports.

Powered by Capital Market - Live News

Lux Inds jumps as Kolkata plant is commercially operational
Jun 16,2016

The announcement was made after market hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 359.10 points, or 1.34%, to 26,367.24.

On BSE, so far 3,844 shares were traded in the counter, compared with an average volume of 1,409 shares in the past two weeks. The stock hit a high of Rs 669.35 and a low of Rs 650 so far during the day. The stock hit a 52-week high of Rs 781 on 5 January 2016. The stock hit a 52-week low of Rs 534 on 29 February 2016.

Lux Industries said that 15 June 2016 is the commercial operation date (COD) of its Dankuni plant near Kolkata, West Bengal.

Net profit of Lux Industries rose 26.66% to Rs 15.44 crore on 6.86% decline in net sales to Rs 269.73 crore in Q4 March 2016 over Q4 March 2015.

Lux industries makes underwear. Its offerings include various kinds of hosiery products for men, women and children.

Powered by Capital Market - Live News

SBI associate banks on a roll on reports of Govt go ahead for merger with parent
Jun 16,2016

State Bank of Mysore was locked at 20% upper circuit on BSE at Rs 657.45. State Bank of Travancore was up 18.6% at Rs 568. State Bank of Bikaner and Jaipur was up 17.9% at Rs 707.20. All these three stock rose by their respective 20% maximum permissible daily level yesterday, 15 June 2016. In just two trading sessions, the stock price of State Bank of Mysore has risen 43.98%, the stock price of State Bank of Travancore has jumped 42.32% and that of State Bank of Bikaner and Jaipur has jumped 41.52%.

The stock price of parent State Bank of India (SBI) was currently up 0.5% at Rs 216.85. The stock surged 3.9% to settle at Rs 215.65 yesterday, 15 June 2016.

Meanwhile, the S&P BSE Sesnex was off 299.71 points or 1.12% at 26,426.63

On 17 May 2016, SBI had announced that it was seeking in principle sanction of the Government of India (GoI) to enter into negotiation with its 5 subsidiary banks viz. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore to acquire their businesses including assets and liabilities. SBI also said at that time that it was considering acquisition of the newly-created Bharatiya Mahila Bank.

SBI holds 90% stake in State Bank of Mysore, 79.09% stake in State Bank of Travancore and 75.07% stake in State Bank of Bikaner and Jaipur. State Bank of Hyderabad and State Bank of Patiala are not listed on the bourses.

Powered by Capital Market - Live News

Jaiprakash Power gains ahead of board meeting
Jun 16,2016

The announcement was made after market hours yesterday, 15 June 2016.

Meanwhile, the BSE Sensex was down 280.62 points, or 1.05%, to 26,406.81.

On BSE, so far 1.99 lakh shares were traded in the counter, compared with an average volume of 2.06 crore shares in the past one quarter. The stock hit a high of Rs 5.19 and a low of Rs 5.03 so far during the day. The stock hit a 52-week high of Rs 8.42 on 7 August 2015. The stock hit a record low of Rs 3.65 on 2 June 2016. The stock had outperformed the market over the past one month till 15 June 2016, rising 19.48% compared with 3.70% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 7.94% as against Sensexs 8.30% rise.

The small-cap company has an equity capital of Rs 2938 crore. Face value per share is Rs 10.

Jaiprakash Power Ventures said that a meeting of the board of directors of the company will be held on Friday, 17 June 2016, to consider the recommendations of committee of directors for transfer of 500 megawatts (MW) Jaypee Bina Thermal power plant of the company to its subsidiary company.

Jaiprakash Power Ventures reported net loss of Rs 352.85 crore in Q4 March 2016 as against net loss of Rs 141.54 crore in Q4 March 2015. Net sales declined 26.62% to Rs 669.01 crore in Q4 March 2016 over Q4 March 2015.

Jaiprakash Power Ventures is a power company and a part of Infrastructure conglomerate - Jaypee Group. The company plans, develops, implements and operates power projects in India.

Powered by Capital Market - Live News

PSU OMCs mixed after hike in fuel prices
Jun 16,2016

HPCL (down 0.40%) and Indian Oil Coporation (down 0.43%), edged lower. BPCL was up 0.33%.

Meanwhile, the S&P BSE Sensex was down 216.79 points, or 0.81% at 26,509.55.

Petrol price was raised by Rs 0.05 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of Petrol in Delhi increased to Rs 65.65 a litre. Diesel price was raised by Rs 1.26 a litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi increased to Rs 55.19 a litre.

The government decontrolled petrol & diesel prices. Public sector oil marketing companies (PSU OMCs) undertake fuel price review twice during the month based on the trend in international oil market. The first price review takes place during the middle of the month and the second on the last day of the month.

Powered by Capital Market - Live News

Tata Power slides in early trade
Jun 16,2016

Meanwhile, the BSE Sensex was down 165.80 points, or 0.62%, to 26,560.54.

On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 4.96 shares in the past two weeks. The stock hit a high of Rs 77.10 and a low of Rs 75.90 so far during the day.

Tata Power Company announced that Tata Power Renewable Energy (TPREL), a wholly owned subsidiary of the company, successfully issued and allotted guaranteed, unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible debentures of Rs 575 crore on private placement basis. The NCDs will carry a spread of 0.14% above 6 month marginal cost of lending rate (MCLR) of HDFC Bank payable semi annually and are guaranteed by the company. The proceeds from the NCDs will be primarily used to prepay existing higher cost debt in TPREL. The guarantee agreement has been entered to guarantee payment obligation of TPREL pursuant to the NCDs. The guarantee is capped at Rs 625 crore and will fall off once the NCDs are fully repaid. This will create contingent liability not exceeding Rs 625 crore for the company. The announcement was made after market hours yesterday, 15 June 2016.

Tata Power Companys consolidated net profit rose 126.4% to Rs 360.25 crore on 19.1% growth in net sales to Rs 9333.52 crore in Q4 March 2016 over Q4 March 2015.

Tata Power is Indias largest integrated power company with a growing international presence. The company has presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading.

Powered by Capital Market - Live News

SBI Group shares in demand
Jun 15,2016

State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur hit an upper circuit limit of 20% each. State Bank of India was up 3.78%.

Meanwhile, the S&P BSE Sensex was up 309.97 points, or 1.17% at 26,705.68.

According to reports, the Union Cabinet today, 15 June 2016, gave in-principle approval to the merger of State Bank of India with five of its associate banks, in a move to consolidate the countrys struggling public sector banks.

Earlier on 17 May 2016, State Bank of India (SBI) announced that it is seeking in principle sanction of the Government of India (GoI) to enter into negotiation with its 5 subsidiary banks viz. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore to acquire their businesses including assets and liabilities. The decision is purely exploratory at this stage and there is no certainty in relation to SBI completing the acquisitions, SBI said. SBIs board of directors will take a final call after evaluating all the relevant considerations. SBI also said that it is considering acquisition of the newly-created Bharatiya Mahila Bank.

In May 2016, government officials were quoted by the media as saying that no legislative changes will be required for SBI merger and that the process may get completed within this fiscal. SBI Chairman Arundhati Bhattacharya had told the media that the benefits of merger would be huge and one of them will be 100 basis points reduction in lending cost within a year post this merger.

Brokerages, which see merger a positive development, had reportedly said employee integration and their cost will be the key to watch out for when the merger will take place. According to brokerages, the merger is long term positive for SBI, but financially it may be negative in the near term due to higher retirement cost, reports said.

While explaining the importance of staff cost, a foreign brokerage reportedly highlighted earlier merger of SBI. In its note, the brokerage reportedly said that SBI had to make additional employee provisions in the case of merger with its subsidiaries historically. This was due to likely rationalization of pay scales, and higher retirement related benefits. Currently SBI subsidiaries get only two retirement related benefits versus three at SBI (pension, provident fund and gratuity), reports suggested.

Powered by Capital Market - Live News

PSU bank stocks extend gains
Jun 15,2016

Punjab National Bank (PNB) was up 1.4% Rs 90.75. Bank of India (BoI) was up 1.3% at Rs 91.65. Bank of Baroda (BoB) was up 1.9% at Rs 151.70. Union Bank of India (UBI) was up 2% at Rs 124.50. IDBI Bank was up 1.6% at Rs 70.85.

Meanwhile, the S&P BSE Sensex was up 317.40 points or 1.2% at 26,713.11

The PNB stock has risen 9.4% in just two trading sessions from its close of Rs 82.95 on 13 June 2015. The stock price of BoI has gained 4.7% in two trading sessions from its close of Rs 87.50 on 13 June 2016. The BoB stock has risen 3.97% in two trading sessions from its close of Rs 145.90 on 13 June 2016. The UBI stock has gained 4.97% in two trading sessions from its close of Rs 118.60 on 13 June 2016.

The Reserve Bank of India (RBI) after market hours on 13 June 2016 announced the scheme for sustainable structuring of stressed assets or S4A as an optional framework for lenders for the resolution of large stressed accounts. The S4A envisages determination of the sustainable debt level for a stressed borrower and bifurcation of the outstanding debt into sustainable debt and equity/quasi-equity instruments which are expected to provide upside to the lenders when the borrower turns around. The S4A is aimed at providing an avenue for reworking the financial structure of entities facing genuine difficulties, according to a Reserve Bank of India (RBI) statement.

The S4A can be implemented only where a project has already commenced commercial operations. Another condition set by the Reserve Bank of India (RBI) for implementation of S4A is that the aggregate exposure (including accrued interest) of all institutional lenders in the account is more than Rs 500 crore (including rupee loans, foreign currency loans/external commercial borrowings. Under the scheme, banks can split the loans of struggling firms into sustainable and unsustainable debt. Sustainable debt refers loans that can be serviced with a firms existing cash flow. Banks have been given the option of converting the unsustainable debt, which cannot be serviced with cash flow, into equity.

State Bank of India (SBI) was up 3.9% at Rs 215.75, with the stock getting an additional boost from media reports that the Union Cabinet has cleared SBIs proposal for merger of its associate banks with itself. The SBI stock has risen 6.7% in two trading sessions from its close of Rs 202.20 on 13 June 2016.

Powered by Capital Market - Live News

Emami Infra surges on merger of subsidiaries with company
Jun 15,2016

The announcement was made after market hours yesterday, 14 June 2016.

Meanwhile, the BSE Sensex was up 279.35 points, or 1.06%, to 26,675.06.

On BSE, so far 1.39 lakh shares were traded in the counter, compared with an average volume of 1.47 lakh shares in the past one quarter. The stock hit a low of Rs 43.50 in intraday trade. The stock hit a 52-week high of Rs 53.45 on 2 September 2015. The stock hit a 52-week low of Rs 30.25 on 26 February 2016. The stock had underperformed the market over the past one month till 14 June 2016, falling 2.45% compared with 2.89% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 16.62% as against Sensexs 6.94% rise.

The small-cap company has an equity capital of Rs 4.86 crore. Face value per share is Rs 2.

Emami Infrastructure announced that the High Court at Calcutta yesterday, 14 June 2016, sanctioned the scheme of arrangement for amalgamation of Emami Realty and Emami Rainbow Niketan, the wholly-owned subsidiaries, with Emami infrastructure.

The amalgamation will be effective upon filing of the certified copy of the order of the High Court with the registrar of companies, the company said.

Emami Infrastructure reported net loss of Rs 0.85 crore in Q4 March 2016 as against net loss of Rs 0.08 crore in Q4 March 2015. There were no sales reported in the quarter ended March 2016 and during the quarter ended March 2015.

Powered by Capital Market - Live News

GAIL (India) inches up ahead of IPO of Mahanagar Gas
Jun 15,2016

Meanwhile, the S&P BSE Sensex was up 253.82 points or 0.96% at Rs 26,649.53.

On BSE, so far 74,647 shares were traded in the counter as against average daily volume of 1.21 lakh shares in the past one quarter.

The large-cap firm has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

The GAIL (India) stock has risen 1.35% in three trading sessions from its close of Rs 369.10 on 10 June 2016.

GAIL (India) and BG Asia Pacific Holdings Pte, the two promoters of Mahanagar Gas (MGL), are selling about 1.23 crore shares each of MGL via an initial public offer (IPO) of MGL. MGL will not get any proceeds from the IPO. The IPO opens for bidding on 21 June 2016 and concludes on 23 June 2016. The price band for the IPO has been set at Rs 380 to Rs 421 per share.

GAIL (India) and BG Asia Pacific Holdings Pte hold about 4.44 crore shares each in MGL, constituting 45% stake each. The Maharashtra state government holds the remaining 10% stake.

Mahanagar Gas is one of the largest city gas distribution companies in India. It is presently the sole authorized distributor of compressed natural gas and piped natural gas in Mumbai, its adjoining areas and the Raigad district of Maharashtra.

State-run GAIL (India) is Indias largest natural gas company with a market share of over 80% in natural gas transmission. Apart from natural gas transmission, distribution and processing, GAIL has diversified business interests in LPG transmission, petrochemicals, city gas projects and exploration and production activities.

GAIL (India)s net profit 50.8% to Rs 769.99 crore on 18.3% decline net sales to Rs 11627.20 crore in Q4 March 2016 over Q4 March 2015.

Powered by Capital Market - Live News

Zensar Tech gains after winning new order
Jun 15,2016

The announcement was made during trading hours today, 15 June 2016.

Meanwhile, the BSE Sensex was up 141.39 points, or 0.54%, to 26,537.10.

On BSE, so far 6,655 shares were traded in the counter, compared with an average volume of 1.94 lakh shares in the past one quarter. The stock hit a high of Rs 989.80 and a low of Rs 949.85 so far during the day. The stock hit a record high of Rs 1,120 on 28 December 2015. The stock hit a 52-week low of Rs 636.50 on 17 June 2015. The stock had underperformed the market over the past one month till 14 June 2016, falling 1.33% compared with 2.89% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 9.91% as against Sensexs 6.94% rise.

The mid-cap company has an equity capital of Rs 44.63 crore. Face value per share is Rs 10.

Zensar Technologies, a leading provider of digital solutions, software and infrastructure services, announced a multi-million multi-year Managed Services Deal with John Lewis, UKs largest department store retailer. Zensar has been partnering John Lewis through its business transformation process with next gen applications management solutions for many years now.

As part of this agreement spread over a five-year period, Zensar will be responsible for application management and technical analysis services for buying, selling, supply chain, financial management, management information systems, digital and online order management, customer delivery and mobile applications.

This deal underlines Zensars position as one of two key IT operational support partners at John Lewis. John Lewis has embarked on a service and productivity improvement initiative across its business operations in the last 12 months. One of the key outcomes of this partnership involves the establishment of a predictable IT operations cost structure to optimize both direct and indirect costs. As part of the scope, both entities have agreed on building a joint Innovation framework that gives both parties the opportunity to identify, invest and develop solutions of mutual interest.

On a consolidated basis, Zensar Technologies net profit fell 1.89% to Rs 70.19 crore on 1.38% decline in net sales to Rs 746.38 crore in Q4 March 2016 over Q3 December 2015.

Zensar Technologies is a leading software and infrastructure services and solutions provider with industry expertise across manufacturing, retail, insurance, utilities, banking, financial services and government.

Powered by Capital Market - Live News

Aviation stocks take off on reports cabinet clears aviation policy
Jun 15,2016

SpiceJet was up 3.8% at Rs 66.60. Jet Airways (India) was up 1.4% at Rs 568. InterGlobe Aviation was up 2.8% at Rs 1,107.

According to media reports, the Union Cabinet today, 15 June 2016, cleared the long awaited civil aviation policy. Reports said that the government has abolished the 5/20 rule for flying overseas. The rule allowed only carriers with 20 aircraft and five years of flying experience to provide international flights. Reports further said that the new policy provides incentives to airlines for flying to smaller cities and towns.

Powered by Capital Market - Live News