Top headlines: SpiceJet to cut ops for 8 weeks; Rs 1.6 trn for BSNL revival

DGCA orders SpiceJet to operate just 50% of approved flights for 8 weeks

Aviation regulator DGCA on Wednesday ordered SpiceJet to operate maximum 50 per cent of its flights, which were approved for summer schedule, for a period of eight weeks.

On July 6, the Directorate General of Civil Aviation (DGCA) issued a show-cause notice to SpiceJet following at least eight incidents of technical malfunction in its aircraft since June 19. Read more…

Cabinet approves Rs 1.64-trn package for revival of BSNL: Vaishnaw

The Union Cabinet on Wednesday approved a Rs 1.64-trillion package for the revival of state-owned telecom firm BSNL, Telecom Minister Ashwini Vaishnaw said.

The package has three elements — to improve services, de-stress balance sheet and expansion of fibre network. Read more…

Tata Motors’ Q1 loss widens to Rs 5,007 cr; revenue rises 8%

Tata Motors Ltd posted a bigger first-quarter loss on Wednesday.

The Jaguar Land Rover parent reported a consolidated net loss of Rs 5,007 crore for the quarter ended June 30, compared with a loss of Rs 4,451 crore a year earlier.

The company’s consolidated revenue from operations rose 8% to Rs 71,935 crore as against Rs 66,406 crore in Q1FY22. Read more…

Zomato shares up nearly 7% as analysts project bigger order volumes

Shares of India’s Zomato surged nearly 7% on Wednesday after several analysts projected higher profits in the near term, recovering some losses from a sharp drop in their value after a share lock-in period ended this week.

Ant Group-backed Zomato made a strong debut on the Mumbai market last year, but concerns about its valuation have brought down its market value by about 68% since then. Read more…