SpiceJet - SpiceJet's Turnaround Story - From Forced Grounding To World's Top Airline Stock in 2 Years - The Economic Times

11/8/2019 SpiceJet: SpiceJet’s turnaround story: From forced grounding to world's top airline stock in 2 years - The Economic
n 2 years - The Economic Times

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★★★★★
SpiceJet’s turnaround story: From forced

grounding to world's top airline stock in 2
years
The stock is up 124% in 2017 and has gained 800% since the firm’s near-demise in Dec
2014.
Bloomberg | Jun 27, 2017, 02.03 PM IST Save
6
Comments
By Anurag Kotoky and Santanu Chakraborty
Two and a half years after SpiceJet NSE -1.26 % Ltd. was
forced to ground its entire fleet on its inability to pay a
mere $2.2 million in fuel bills, the budget airline has
become the world’s best-performing airline stock -- with
$26 billion in plane orders to boot.
The company’s co-founder and Growth at Reasonable Price
Chairman Ajay Singh has played the The company’s co-founder and Chairman Ajay Singh has
white knight, injecting capital and
HDFC 2220.60 1.80%
played the white knight, injecting capital, cutting loss-
cutting loss-making routes. Larsen & Toubro 1453.05 0.92%
making routes and aggressively adding capacity in one of
the world’s fastest growing markets. To top it all off, crude prices are staying low. HCL Technologies 1148.35 -0.89%
Larsen & Toubro Infot… 1645.15 -1.33%
Company Summary
For investors, that’s been a winning formula:
NSE BSE
SpiceJet shares are the best performers on
Spicejet Ltd. -1.45 (-1.26%) a Bloomberg Intelligence index of airline
stocks this year. The stock is up 124 per
cent in 2017 and has gained more than 800 per cent since the company’s near-demise in Why follow tips? Choose your winners
rationally in 3 simple steps!
December 2014, giving SpiceJet a market value of $1.2 billion.
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Most Read Most Shared
Moody’s downgrades outlook on SBI, HDFC Bank,

Infosys, TCS and 17 others
Not Rs 25,000 cr, FM actually gave us a Rs

1,25,000 cr boost: Vishal Kampani
Why is Sensex rallying despite poor health of the

economy?
MFs shift some weight from TCS to Infosys as

valuations turn attractive
Alibaba hires more banks on up to $15 Ayodhya verdict big positive for market, How to read corporate earning
1 grounding to world's top airline stock in 2 2 billion listing: Sources 3 economy, say Dalal Street veterans 4 sheets to make investing decis
years D-Street made Rs 43 lakh crore in 3 years since
hb d th t k d th t
https://economictimes.indiatimes.com/markets/stocks/news/spicejets-turnaround-story-from-forced-grounding-to-worlds-top-airline-stock-in-2-years/ar… 1/21
11/8/2019 SpiceJet: SpiceJet’s turnaround story: From forced grounding to world's top airline stock in 2 years - The Economic Times
cash ban; and these stocks made the most
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The outlook for aviation stocks looks good “as long as oil prices are under control,” said
Mutual Funds
Mahesh Patil, co-chief investment officer of Birla Sun Life Asset Management Co., which
has $30 billion in assets. Birla held a stake of about 1.2 per cent in SpiceJet as of May 31,
according to Bloomberg data.
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More people will prefer to travel by plane as ticket prices fall, Patil said, declining to Index Funds Alternative to
comment specifically on the carrier. Savings Account
SpiceJet rose 0.2 per cent to 128.30 rupees as of 9:30 a.m. in Mumbai on Tuesday while
the broader S&P BSE Sensex index was up 0.3 per cent.
Top Rated Multi Cap Best Balanced

SpiceJet’s stock is “greatly undervalued” even at these levels, Chairman Singh said in an
Funds Funds
interview to Bloomberg Television on Monday in Washington, ruling out any plan to sell a
stake. Only 3 per cent of Indians fly today, offering a huge room for growth, he said.
“There’s no reason for us to sell any stake at this valuation,” he said. “We think there’s
tremendous potential in India’s aviation market.” ELECTRIC VEHICLES
The electric Chetak:

the challenges for
India, which was the world’s fastest growing aviation market last year, is crucial for Bajaj
planemakers like Boeing Co. and Airbus SE, as airlines see increased demand from the
Bajaj gets to start from scratch, but then, an
rising middle class. Demand has pushed Singapore Airlines Ltd. and AirAsia Bhd. to set up EV is fundamentally differen...
local units that are grappling with poor infrastructure, stiff competition resulting in below-
cost fares and taxes that make jet fuel the costliest in Asia. REGULATION
Can amending laws

avert a PMC Bank
SpiceJet’s majority shareholder and Singh announced an order for the latest variant of repeat?
Boeing’s workhorse 737 model worth $4.7 billion on June 19. A day later, he followed up Stakeholders believe better monitoring and
with an order for as many as 50 Bombardier Q400 turboprops worth $1.7 billion. coordination between the regulat...
ECONOMY
Profits, Funding
Macro indicators point
SpiceJet is “doing extremely well” and expects profit to rise this year, spokesman Tushar to a bigger trouble
Srivastava said separately in an email. Funding arrangements for the plane orders are
coming together and Srivastava sees “no great challenge” to financing the aircraft, he said. A story in six charts explains what went
wrong with the Indian economy.
None of the analysts covering SpiceJet recommends selling the stock, according to
Bloomberg data. HDFC Securities Ltd., the only firm recommending the equivalent of a
hold rating, still predicts profitability will increase “sharply” on a stronger rupee and weak
oil prices.
Enterprenuer Ajay Singh and London-based Indian businessman Bhulo Kansagra started
SpiceJet by reviving Royal Airways in 2005 and they both left the company in 2010.
1 groundingfortune
SpiceJet’s to world'shit
top a
airline
bottomstock in 2 billion
in 2December 2014 when
listing: 3 economy,
lessors took away some
Sources aircraft,
say Dalal Street veterans 4 sheets to make investing decis
years
the carrier missed salary payments and canceled more than 2 000 flights that month State Rs 399/month
the carrier missed salary payments and canceled more than 2,000 flights that month. State Rs. 399/month
oil companies added to the airline’s troubles by refusing to fuel the jets unless dues were
cleared.
Singh came back to rescue SpiceJet -- which names each of its aircraft after a spice like
mint, coriander and pepper -- with an initial investment of 5 billion rupees in February
2015. The government then permitted the carrier to accept forward bookings, which
brought money into the airline’s accounts and giving it a new lease of life. Singh cut costs,
renegotiated contracts with vendors and piggy-backed on a surge in domestic aviation
traffic to help turn around the fledging airline.
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investors. Rs. 349/month
Read more on SpiceJet Ajay Singh Sensex Bloomberg Stocks Boeing
AirAsia Travel
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years
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Alibaba hires more banks on up to $15

billion listing: Sources
The online Chinese retail giant has appointed Citigroup, JP Morgan and Morgan Stanley to
work on the deal.
Reuters | Nov 09, 2019, 01.50 PM IST
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Comments
Reuters HDFC 2220.60 1.80%

HONG KONG: Alibaba has extended its investment
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banking syndicate as it works towards a $10 billion to $15
billion listing in Hong Kong at the end of the month, HCL Technologies 1148.35 -0.89%
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matter.
The online Chinese retail giant has appointed Citigroup,

JP Morgan and Morgan Stanley to work on the deal, as Why follow tips? Choose your winners
Reuters revealed on Friday that the
was first reported on Saturday by Bloomberg. rationally in 3 simple steps!
Alibaba listing process will begin the
week of Nov. 25.
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The deal is being led by China International Capital
Corporation (CICC) and Credit Suisse, with the company due to face a Hong Kong Stock
Exchange listing committee hearing this coming Thursday, Nov. 14. Related Most Read Most Shared
Accor and Alibaba Group Enter into a Strategic

Alibaba, JP Morgan and Morgan Stanley representatives declined to comment on the
Partnership
appointments. A Citigroup spokesman did not immediately respond to Reuters.
With discounts galore and Taylor Swift, Alibaba
eyes another record Singles' Day
Reuters revealed on Friday that the Alibaba listing process will begin the week of Nov. 25.
Alibaba-like MSME marketplace soon: Nitin Gadkari
Not making enough money in stocks? Click here for real-life stories of successful Alibaba to resume Hong Kong listing plans as soon
investors. as November: sources
Ambani readies India’s Alibaba with $24 billion

holding firm
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Accor and Alibaba Group Enter into a Strategic Partnership
With discounts galore and Taylor Swift, Alibaba eyes another record Singles' Day
Alibaba-like MSME marketplace soon: Nitin Gadkari
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Ayodhya verdict big positive for market,

economy, say Dalal Street veterans
"The market is definitely going to take it (Ayodhya Verdict) very positively."
By Rahul Oberoi, Shubham Raj, ETMarkets.com | Updated: Nov 09, 2019, 01.05 PM IST
0
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Growth at Reasonable Price
PTI
Market analysts and economists on Saturday said the
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Supreme Court verdict, ending an over a century-old
dispute, would be good for the economy and markets in
general, as it has removed a major uncertainty over the HCL Technologies 1148.35 -0.89%
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It will help improve confidence of global investors towards

the Indian economy, they felt.
Nine years after an Allahabad High
Why follow tips? Choose your winners
Court ruling in the case, the apex court
Nine years after an Allahabad High Court ruling in the rationally in 3 simple steps!
on Saturday ruled that the Hindus
would get the entire disputed 2.77 case, the apex court on Saturday ruled that the Hindus START NOW
acres in Ayodhya. would get the entire disputed 2.77 acres in Ayodhya.
SpiceJet’s turnaround story: From forced Muslims will get alternate land either in the surplus 67
1 grounding to world's top airline stock in 2
acres acquired in and around the disputed 2 billion
structure 3 or
by the central government
listing: Sources any say Dalal Street veterans
economy, 4 sheets to make investing decis
years Related Most Read Most Shared
th i t l th t l d
other prominent place, the court ruled.
Will not challenge Ayodhya verdict: Litigant Iqbal
Ansari
The entire 2.77 acres will remain with the receiver and will be handed over to a trust to be
Will seek review of Ayodhya verdict: Sunni Waqf
formed within three months to build a temple. The Nirmohi Akhara is not the sebait (priestly
Board
right), the court held. Instead it will get to be a member on the trust.
Ayodhya verdict: Security ramped up in Delhi
The court said it was not ruling on faith, but the fact that Muslim possession over the inner Why is SC delivering the Ayodhya verdict on
Saturday?
courtyard was always contested by the Hindus, who continued to pray at the spot.
Meet the five judges who delivered the Ayodhya
“The market is definitely going to take it very positively. Any measure that has been taken verdict
to facilitate smooth functioning of the country will inspire a lot of confidence among global UP Police on high alert ahead of Ayodhya verdict
investors on our country,” said Deven Choksey, a market veteran and MD of KR Choksey
Investment Managers.
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Mutual Funds
The five-judge Constitution bench, headed by Chief Justice Ranjan Gogoi, put an end to
the long dispute. The court said the mosque should be constructed at a “prominent site”
and a trust should be formed within three months for the construction of the temple at the
site many Hindus believe Lord Ram was born.
Funds
“Uttar Pradesh (UP) plays a very big role in our economy. For India to become a $5 trillion
economy, it is necessary to get a contribution of $1 trillion from that state alone,” said
Mumbai-based investor Vijay Kedia.
He said by simple logic, once the temple and mosque are ready, about 50 lakh people are High Performing Mid Best Large Cap
Cap Funds Funds
estimated to visit Ayodhya. Once the environment becomes peaceful, it would give boost
to tourism in the state.
Sanjiv Bhasin, EVP for Markets at IIFL Securities, said the decision tells you that the
government is doing what has not been done in last 70 years. Index Funds Alternative to
Savings Account
“First the Article 370 in Kashmir was abrogated and now this. I think you will get more
reforms, maybe LTCG and personal tax concessions going by what Moody's has done,”
said Bhasin.

He said Friday’s decline in the market should be used to buy stocks. “I am extremely
Funds Funds
bullish on the market with new highs just a matter of time now,” he said.
Equity benchmark BSE Sensex tanked 330 points on Friday as sentiment soured after
Moody's cut India's credit rating outlook, citing growth concerns.
Kedia said the verdict opens the doors for 50,000 to 1 lakh tourists from different part of
India and abroad to visit Ayodhya on a daily basis “It can easily be like Vaishno Devi and
Tirupati, which have changed the economies of those regions. Ayodhya will be bigger than
all of them,” he pointed out. Trending in Markets
Not making enough money in stocks? Click here for real-life stories of successful Budget Sensex Stock Market
investors. Stock Recommendations IPO Upcoming IPO
Read more on Ayodhya Verdict Ranjan Gogoi Nirmohi Akhara Ayodhya
Allahabad High Court Vaishno Devi Constitution Of India Sunni Waqf Board
BSE Sensex

1 Also Read
grounding to world's top airline stock in 2 2 billion listing: Sources 3 economy, say Dalal Street veterans 4 sheets to make investing decis
years
Will not challenge Ayodhya verdict: Litigant Iqbal Ansari
Will seek review of Ayodhya verdict: Sunni Waqf Board
Ayodhya verdict: Security ramped up in Delhi
Why is SC delivering the Ayodhya verdict on Saturday?
Meet the five judges who delivered the Ayodhya verdict
NEXT STORY
How to read corporate earnings & balance

sheets to make investing decisions
Earnings reports are followed very closely by market participants.
ET CONTRIBUTORS | Updated: Nov 09, 2019, 03.01 PM IST
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By DK Aggarwal
HDFC 2220.60 1.80%

There are numerous factors that influence price
movement of stocks, such as global cues, market HCL Technologies 1148.35 -0.89%
sentiments, political developments and so on. But the Larsen & Toubro Infot… 1645.15 -1.33%
most critical factor that really influences market sentiment
is quarterly earnings.
The earnings season is a binary event

for the market and, therefore, a stock
Earnings reports are released four times a year and are Why follow tips? Choose your winners
followed very closely by market participants. Growing rationally in 3 simple steps!
can move either way based on the
outcome of the earnings report. earnings are a good indication that a company is on the
START NOW
right path to providing solid returns to investors and vice
versa. Also, companies tend to pass on part of their profit to shareholders in the form of a
dividend during earnings announcements. Related Most Read Most Shared
Analysts expect contraction in profits for earnings

The numbers in a company's financial statement reflect the health of the business and its
products, services and macro-fundamental events. Early trends show Europe is in an earnings
recession
Thus, a balance sheet is a snapshot at a single point in time of the company, such as Amazon earnings fall for first time in two years
assets, liabilities and shareholders' equity. The earnings season is typically a time of Microsoft India earnings at $1b on cloud push
increased volatility in stock prices, which can mean additional risk and also opportunity for
McDonald's earnings dip on higher technology
investors.
costs
European shares dip after flood of earnings

Earnings drive stock prices. The release of the earnings guidance is closely watched by
investors, as companies use it as a key mechanism to communicate forward-looking
information to investors. Actually, when company’s quarterly financial statements are Discover POWERED BY
released, they offer an insight into how the company performs and what its prospects may Mutual Funds
look like over
1 grounding the near
to world's term.stock in 2
top airline 2
3
4
How to read corporate earning
billion listing: Sources economy, say Dalal Street veterans sheets to make investing decis
years
So, investors should maintain a close watch on a company’s quarterly report to help
estimate future earnings. Quarterly earnings report can serve as a bellwether for similar SIP starting Rs 500 Top Tax Saver ELSS
companies that still have not reported their numbers. Most importantly, management Funds
decisions regarding investments, R&D, brand development and such expenditure, which
can generate revenue in future also tells about clear prospect of the company to investors.
Other than net profit, there are a few more terms such as gross sales, net sales, debt
structure, expenditure, operating income and earnings per share (EPS) that can help Cap Funds Funds
investors get a better understanding of where the company stands and to play the
earnings theme. In addition, investors can have a close look at the company’s short-term
and long-term goals.
The earnings season is a binary event for the market and, therefore, a stock can move Index Funds Alternative to
Savings Account
either way based on the outcome of the earnings report. One cannot conclude much by
looking at the numbers in quarterly financial statements alone. It is essential to compare
the numbers with prior periods to gauge the direction in which the company is moving.
Investors should always compare the numbers from the same quarter a year before or a
quarter before to make any decision regarding holding or liquidating their stock positions. Top Rated Multi Cap Best Balanced
Funds Funds
A long-term investor need not have to bother much about the short-term volatility and
should abstain from getting lured into making a quick profit on earnings. They should
check other factors such as policies of the company and other fundamentals before
investing.
Trending in Markets
Chairman and MD, SMC Investments and Advisors
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here
do not reflect the views of www.economictimes.com.) Gold Rate Top Gainers Rupee vs Dollar
investors.
Read more on Earnings Market Business Balance Sheets Stocks
Also Read
Analysts expect contraction in profits for earnings
Early trends show Europe is in an earnings recession
Amazon earnings fall for first time in two years
Microsoft India earnings at $1b on cloud push
McDonald's earnings dip on higher technology costs

years
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Jimeet Modi
CEO, Samco Securities & StockNote
The founder & CEO of SAMCO Securities, StockNote and the Indian Trading
League Company, Modi believes that price is the most important factor in
investing. He is credited with developing the AIRM (TM), an approach to
screening stocks and businesses in a scientific manner. His role model is Warren
Buffett.
HDFC 2220.60 1.80%
More pain left? Market has gone into Larsen & Toubro 1453.05 0.92%
correction mode HCL Technologies 1148.35 -0.89%

Investors should avoid companies that are extremely expensive from a valuation
perspective.
ET CONTRIBUTORS | Nov 09, 2019, 11.48 AM IST

0
Comments rationally in 3 simple steps!
Getty Images
The stock market continued its anaemic rally on START NOW
expectation of a cut in the securities transaction tax, but
later rejoiced the announcement of a relief package from
the Finance Minister for the long forgotten real estate Most Read Most Shared
sector. The rhetoric in the market seems positive and

Moody’s downgrades outlook on SBI, HDFC Bank,
sentiments look bullish, which was fuelled time and again Infosys, TCS and 17 others
by the government announcements. But in spite of all
Not Rs 25,000 cr, FM actually gave us a Rs
that, the market is yet to touch new highs, and somehow 1,25,000 cr boost: Vishal Kampani
Certainly, in the short term, all does not
seem well for the bourses although in
there is an inherent fear on Dalal Street. Bank Nifty
the long term, the market is building up currently has the lowest open interest in 12 months and economy?
its structural runway, which could open interest in Nifty50 is also low from its previous peak
support a bigger bull market ahead.
Ayodhya verdict big positive for market, economy,
this year. say Dalal Street veterans
Related MFs shift some weight from TCS to Infosys as
This suggests although the market looks buoyant, people valuations turn attractive
Ridiculous! Analysts, economists
junk Moody’s India outlook are afraid of committing more money at this level. FPIs
More »
‘downgrade’ are buying at an average of Rs 550 crore a day, unlike
Why is Sensex rallying despite poor the DIIs, which are selling stocks of equal amounts.
health of the economy? Discover POWERED BY
Certainly, in the short term, all does not Mutual Funds

seem well for the bourses although in the
Company Summary NSE BSE
long term, the market is building up its
Maruti Suzuk… -86.60 (-1.19%) structural runway, which could support a
bigger bull market ahead. SIP starting Rs 500 Top Tax Saver ELSS
Funds
India’s largest passenger car manufacturer Maruti Suzuki’s parent company Suzuki Motor
has guided for lower sales growth in India considering the bottom-up reality. Since,
automobiles are assumed to be a proxy for consumer purchasing power, it can be
reasonably concluded that although stock markets are near their all-time highs, at
grassroot levels the story seems to be distorted, as there is a lot of pain left. Cap Funds Funds
Event of the week

Titan’s stock price saw adjustment from dismal quarterly performance, which was an apt
reality check for the market. Though the company has reduced its growth guidance by
almost 50 per
1 grounding cent,top
to world's theairline
stock still
stock in 2trades
2 atbillion
73 times its earnings. Such-super3richAyodhya
listing: Sources
verdict big positive for market,
Index
Funds 4
HowAlternative
to read corporate
to earning
sheets to make investing decis
years Savings Account
valuations sooner or later will reach reasonable levels Hence investors should remain
valuations sooner or later will reach reasonable levels. Hence, investors should remain
safe by avoiding companies that are extremely expensive from a valuation perspective.
Technical Outlook
Funds Funds
Trending in Markets
Nifty50 has reversed from the upward sloping parallel line forming a bearish candle on the Infosys Share Price Crude Oil Price
daily chart and a shooting star on the weekly chart, indicating a correction ahead. The
divergence of Nifty and Bank Nifty in the previous week, which earlier had hinted at a
correction, has been confirmed this week with both the indices showing weakness by the
close of the week. Traders can short both Nifty and Bank Nifty with Friday’s high as stop
losses.
Expectation for the week

Mr Market is in the last leg of the earnings discounting season. On the profitability front,
the numbers looked exceptional, but India Inc’s topline growth has been average to below
average. But in spite of all this,
Nifty has still not crossed new highs. This being the case, hopes of the market climbing
and sustaining beyond the 12,000 mark looks dim. Investors can consider booking profits
in FMCG, consumer durables, consumer discretionary and insurance stocks and wait for a
correction before investing further.
Nifty closed the week 0.14% higher at 11,908.

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here
do not reflect the views of www.economictimes.com.)
investors.
Read more on Nifty Outlook Market Outlook Indian Markets Dalal Street
Stock Market Suzuki

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WeWork, ex-CEO Neumann, Softbank sued

over botched IPO, plummeting value
WeWork on Friday revealed plans to divest all non-core businesses and cut jobs.
Reuters | Nov 09, 2019, 10.43 AM IST
0
Comments
Reuters
NEW YORK: WeWork officials, including co-founder and
HDFC 2220.60 1.80%
former Chief Executive Adam Neumann, are being sued
by minority shareholders to recoup losses as the shared
workspace provider pulled its initial public offering and HCL Technologies 1148.35 -0.89%
saw its value plunge more than 87 per cent. Larsen & Toubro Infot… 1645.15 -1.33%
In a proposed class action filed this week in San

Francisco Superior Court, former WeWork employee
Sojka said she was a WeWork
shareholder while employed there for
Natalie Sojka accused the company’s board of directors Why follow tips? Choose your winners
of breaching its fiduciary duties to minority shareholders rationally in 3 simple steps!
1-1/2 years.
like her.
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The San Francisco resident faulted the board for letting Japan’s SoftBank Group (9984.T)
rescue WeWork by boosting its stake to a potential 80 per cent from 29 per cent at a “fire- Related Most Read Most Shared
sale” price, and granting Neumann a $1.7 billion (£1.33 billion) exit package.
RailTel IPO process gains momentum
Softbank and its chairman, Masayoshi Son, are among the 10 named defendants in the Burger King India files papers for IPO
Nov. 4 complaint, which also accuses them and Neumann of self-dealing. Railways protest over under-pricing of IRCTC IPO
CSB Bank gets Sebi's go-ahead for IPO

“WeWork believes this lawsuit is meritless,” a spokeswoman said on Friday. Softbank, its
outside representatives, and Sojka’s lawyer did not respond to requests for comment. Shareholders of UTI AMC to pare stake via IPO
Mukesh Trends Life Style files papers for IPO

The lawsuit is a new hurdle for WeWork, whose New York-based parent, the We Company,
shelved its IPO on Sept. 30 after investors grew wary of its losses, its business model and
its corporate governance. Neumann had resigned the previous week. Discover POWERED BY
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Estimates of WeWork’s valuation have sunk to as little as $5.9 billion, based on the value
of Softbank’s proposed $9.5 billion rescue, from $47 billion in August.

WeWork on Friday revealed plans to divest all non-core businesses and cut jobs, and
Funds
Neumann’s former chief of staff sued him last week for pregnancy discrimination.
Though shareholder lawsuits are often associated with publicly traded companies,
WeWork’s private status “has no bearing” on the merits of a case, said Michael Klausner, a
corporate law and governance professor at Stanford Law School. High Performing Mid Best Large Cap
Cap Funds Funds
He also said a self-dealing claim “is something a court will look at very carefully, and can
be difficult for defendants to dismiss.”
Sojka said she was a WeWork shareholder while employed there for 1-1/2 years.
Savings Account
SheSpiceJet’s
said that following
turnaround her
story: voluntary
From forced departure, she exercised stock options after being
1 grounding
told WeWork to world's
intendedtop airline
to gostock
public 2 and
in 2 soon the
billion value
listing: of its stock would rise 3significantly.
Sources economy, say Dalal Street veterans 4 sheets to make investing decis
years
Instead, Sojka said the defendants caused a big drop in the stock’s value, and threatened
“irreparable harm” from the Softbank rescue and other transactions. Top Rated Multi Cap Best Balanced
Funds Funds
The lawsuit seeks to block WeWork from rubber-stamping further transactions with
Softbank and Neumann, and restrict stock repurchases from minority shareholders. It also
seeks punitive damages.
Softbank’s proposed rescue included $3 billion to repurchase WeWork shares from

existing shareholders, including as much as $970 million from Neumann.
The case is Sojka v Neumann et al, California Superior Court, San Francisco County, No. Trending in Markets
CGC-19-580474.
Not making enough money in stocks? Click here for real-life stories of successful Gold Rate Top Gainers Rupee vs Dollar
investors. Share Market Silver Price Nifty 50 Nifty Bank
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RailTel IPO process gains momentum
Burger King India files papers for IPO
Railways protest over under-pricing of IRCTC IPO
CSB Bank gets Sebi's go-ahead for IPO
Shareholders of UTI AMC to pare stake via IPO
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NY Fed's Williams says economy is in a

good place, monetary policy well positioned
Williams said economic data points to a strong labor market with low rates of
unemployment.
Reuters | Nov 09, 2019, 10.35 AM IST

Comments
Shutterstock.com HDFC 2220.60 1.80%

NEW YORK: New York Federal Reserve President John
Williams said on Friday the US economy is in a good
place, reiterating his view that the interest rate cuts made HCL Technologies 1148.35 -0.89%
this year should appropriately address the potential risks Larsen & Toubro Infot… 1645.15 -1.33%
SpiceJet’s turnaround story: From forced of the trade war with China and a global economic
1 grounding to world's top airline stock in 2 2 billion listing: Sources
slowdown. 3 economy, say Dalal Street veterans 4 sheets to make investing decis
years
“I think monetary policy is well positioned right now,” Why follow tips? Choose your winners
He also said that the low
Williams said during a moderated discussion before an rationally in 3 simple steps!
unemployment rate of 3.5 per cent is
not leading to high inflation. audience of financial professionals in New York.
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Williams said economic data points to a strong labor market with low rates of
unemployment. He also said that the low unemployment rate of 3.5 per cent is not leading Related Most Read Most Shared
to high inflation.
Economy to BJP: Are you listening?
ET View: Economy, the winner

Fed officials voted to cut interest rates last week to a target level of 1.50 per cent to 1.75
per cent. What's ailing the economy and how to fix it
Not making enough money in stocks? Click here for real-life stories of successful FM reviews state of economy at FSDC meeting
investors. Priyanka Gandhi slams govt on state of economy

economy?
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Monetary Policy Discover POWERED BY
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Economy to BJP: Are you listening?
ET View: Economy, the winner

What's ailing the economy and how to fix it
Funds
FM reviews state of economy at FSDC meeting
Priyanka Gandhi slams govt on state of economy
Cap Funds Funds

Savings Account

Funds Funds
Trending in Markets
SpiceJet’s turnaround story: From forced Infosys Share Price Crude Oil Price
years
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Brickwork ratings downgrades Vodafone

Idea NCD
VIL had faced a similar downgrade from Care Rating on its long-term bank facilities.
PTI | Nov 09, 2019, 10.16 AM IST
0
Comments
Getty Images
New Delhi: Vodafone Idea Ltd on Friday said Brickwork
HDFC 2220.60 1.80%
Ratings has downgraded the firm's rating on non-
convertible debentures (NCDs) citing recent court ruling
on adjusted gross revenue and extension of timeline with HCL Technologies 1148.35 -0.89%
regard to the sale of stake in Indus Tower to Bharti Larsen & Toubro Infot… 1645.15 -1.33%
Infratel.
Bharti Airtel faces a liability of around

Rs 42,000 crore after including licence The rating agency has downgraded Vodafone Idea Ltd
fees and spectrum usage charges. (VIL) from 'A+' (with negative outlook) to 'A-' rating, which Why follow tips? Choose your winners
says "watch with negative implications". rationally in 3 simple steps!
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Company Summary NSE BSE
"It is hereby informed that Brickwork Ratings
has downgraded its rating on non-
Vodafone Ide… -0.15 (-3.85%)
convertible debentures as per the rating Related Most Read Most Shared
rationale uploaded on its website today (Friday)," VIL said in a regulatory filing.
Regulator steps up pressure on Brickwork and
CARE Ratings
Last month, VIL had faced a similar downgrade from Care Rating on its long-term bank
Brickwork downgrades outlook on Edelweiss NCDs
facilities and NCDs.
Brickwork Ratings cuts outlook on Edelweiss’ NCDs
to negative
Airtel, Vodafone Idea and other telecom operators may have to pay the government a
whopping Rs 1.4 lakh crore following the recent Supreme Court order that sent shock DHFL tanks 5% as Brickwork Ratings cuts credit
rating
waves through an industry already grappling with billions of dollars in debt and an intense
tariff war to retain customers. Brickwork Ratings downgrade Bank of India, Union
Bank of India and four others
The Supreme Court, last month, upheld the government's position on including revenue
from non-telecommunication businesses in calculating the annual AGR of telecom Discover POWERED BY
companies, a share of which is paid as licence and spectrum fee to the exchequer. Mutual Funds
According to the telecom department's calculations, Bharti Airtel faces a liability of around
Rs 42,000 crore after including licence fees and spectrum usage charges, while Vodafone
Idea may have to pay about Rs 40,000 crore. Jio may have to pay around Rs 14 crore. SIP starting Rs 500 Top Tax Saver ELSS
Funds
investors.
years
g g g p
Vodafone Idea Brickwork Ratings NCDs Care Rating Cap Funds Funds
Read more on
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Regulator steps up pressure on Brickwork and CARE Ratings
Brickwork downgrades outlook on Edelweiss NCDs Index Funds Alternative to

Savings Account
Brickwork Ratings cuts outlook on Edelweiss’ NCDs to negative
DHFL tanks 5% as Brickwork Ratings cuts credit rating
Funds Funds
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Bitcoin’s break below $9,000 risks erasing

Xi-inspired rally
Bitcoin fell as much as 5.8% to $8,679 on Friday in New York trading.
Bloomberg | Nov 09, 2019, 10.13 AM IST
0
Comments
AFP
By Claire Ballentine and Vildana Hajric
HDFC 2220.60 1.80%

Bitcoin’s push back below $9,000 has a key technical
indicator suggesting the cryptocurrency risks entering a HCL Technologies 1148.35 -0.89%
selling trend. Larsen & Toubro Infot… 1645.15 -1.33%
The GTI Vera Convergence Divergence Indicator shows a

narrowing gap between the signal and vera lines, which
The cryptocurrency faces resistance at
suggestsAlibaba
the $10,000 level, with investors
a trend change may be on the horizon.
hires more banks on up to $15
If this Why follow tips? Choose your winners
Ayodhya verdict big positive for market, How to read corporate earning
1 grounding to world's top airline stock in 2 2 billion listing: Sources 3 economy, say Dalal Street veterans
rationally in 34simple
sheetssteps!
uncertain
yearsabout what catalyst could occurs, the largest digital currency could retest the lows to make investing decis
help break that barrier. seen before its rampant run following comments by
START NOW
China’s President Xi Jinping in October.
Related
Bitcoin no longer seen as the
Related Most Read Most Shared
driving force in crypto market
Bitcoin no longer seen as the driving force in crypto

market
Bitcoin surges as much as 18% in bounce back

from 5-month low
Bitcoin is posting biggest weekly decline since

November
Bitcoin blows through $8,000 as traders look for

next support
The world’s most-used cryptocurrency isn’t bitcoin
Bitcoin tumbles as cryptocurrency's 2019 surge

starts to waver
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Mutual Funds
Bitcoin rallied after Xi said that China plans to increase investment to “keep our country at
the very forefront” of blockchain technology in the search for industrial advantages.
Traders said speculators took those comments as a positive for the underlying technology Funds
that runs Bitcoin.
The cryptocurrency still faces resistance at the $10,000 level, with investors uncertain
about what catalyst could help break that barrier.
Cap Funds Funds

Savings Account

Funds Funds
“It’s had a decent move to the downside today, but to me, it’s going to remain range-bound
for a while,” said JJ Kinahan, chief market strategist at TD Ameritrade. “I don’t know what
the stimulus would be to take us outside of that range. It’s similar, to me, to what we see in
the market overall.” Trending in Markets
Bitcoin fell as much as 5.8% to $8,679 on Friday in New York trading, according to
Bloomberg consolidated pricing. Other tokens such as Ether, Litcoin and XPR also
SpiceJet’s turnaround story: From forced Infosys Share Price Crude Oil Price
slumped.
1 grounding to world's top airline stock in 2 2
3
Ayodhya verdict big positive for market, How to read corporate earning
4 sheets to make investing decis
billion listing: Sources economy, say Dalal Street veterans
years
--With assistance from Kenneth Sexton (Global Data).
investors.
Read more on Bitcoin Xi Jinping Cryptocurrency Technical Indicator
Economy Of China Bloomberg L.P.
Also Read
Bitcoin no longer seen as the driving force in crypto market
Bitcoin surges as much as 18% in bounce back from 5-month low
Bitcoin is posting biggest weekly decline since November
Bitcoin blows through $8,000 as traders look for next support
The world’s most-used cryptocurrency isn’t bitcoin
NEXT STORY
SAT lifts Sebi ban on ex-Gammon head

Gammon India is currently fighting a bankruptcy petition filed by banks .
ET Bureau | Nov 09, 2019, 09.46 AM IST
0
Comments
PTI
New Delhi: The Securities Appellate Tribunal (SAT) has
overturned a Sebi order banning former Gammon India
chairman Abhijit Rajan from trading in shares for alleged HDFC 2220.60 1.80%
insider trading. Larsen & Toubro 1453.05 0.92%
HCL Technologies 1148.35 -0.89%

The stock market regulator had found Rajan to have been
guilty of trading in shares on the basis of unpublished
price-sensitive information six years ago.
The stock market regulator had found
Rajan to have been guilty of trading in
shares on the basis of unpublished The appellate tribunal in an order released on Friday said
price-sensitive information six years the information itself was not price sensitive in its view. It rationally in 3 simple steps!
ago. also noted that Rajan had been able to demonstrate that
he required the funds that he raised from the shares sold START NOW
Related
by him for purposes of infusing capital in one of his
Sebi extends second phase of UPI
implementation for retail investors companies that was undergoing corporate debt
Related Most Read Most Shared
till March 2020 restructuring at the time.
Sebi allows cross-margining facility Sebi issues operational guidelines for FPIs
to offset positions in co-related ET saw a copy of the SAT order.
SpiceJet’s
equity indicesturnaround story: From forced Sebi issues clarifications onHow
PIT Regulations
Alibaba hires more banks on up to $15 Ayodhya verdict big positive for market, to read corporate earning
years
Sebi chief Ajay Tyagi says Infosys
The information allegedly used by Rajan pertained to a Indiabulls Housing to consult SEBI for buybacks
The information allegedly used by Rajan pertained to a g y
probe underway
joint investment agreement between Ask almighty: Sebi chief on Nilekani's God remark
Gammon India and Simplex for construction
Sebi issues circular on Aadhaar e-KYC for investors
Company Summary NSE BSE of two highway projects which was later
cancelled.
Gammon Ind… -0.05 (-2.94%) Discover POWERED BY
Securities and Exchange Board of India Mutual Funds

(Sebi) had alleged that the information about the cancellation was available to Rajan as an
insider and he used the same to sell the company’s shares ahead of an official
announcement to the stock exchanges.
Funds
“I was banned to trade in capital markets and could not raise funds crippling the company
on such a non-issue,” Rajan told ET when contacted. He claimed that his reputation had
been tarnished by the insider trading charges.
Gammon India is currently fighting a bankruptcy petition filed by banks in the National High Performing Mid Best Large Cap
Company Law Tribunal. Cap Funds Funds
investors.

Savings Account
Read more on Sebi SAT Stock Market Debt Gammon India
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Sebi issues operational guidelines for FPIs Top Rated Multi Cap Best Balanced
Sebi issues clarifications on PIT Regulations Funds Funds
Indiabulls Housing to consult SEBI for buybacks
Ask almighty: Sebi chief on Nilekani's God remark
Trending in Markets
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Mutual
1 fund assets2surge on higher flows
grounding to world's top airline stock in 2
billion listing: Sources 3
4
How to read corporate earning
sheets to make investing decis
years
into liquid schemes
into liquid schemes
This is the eleventh month, where SIP inflows are hovering above the Rs 8,000-crore
mark.
By Prashant Mahesh, ET Bureau | Nov 09, 2019, 09.38 AM IST

Comments
Getty Images HDFC 2220.60 1.80%

Mumbai: Assets under management of the Indian mutual
fund industry surged by Rs 1.33 lakh crore or 7.4 per cent
on a monthly basis to touch a record Rs 26.33 lakh crore HCL Technologies 1148.35 -0.89%
in October this year, aided primarily by inflows of Rs Larsen & Toubro Infot… 1645.15 -1.33%
93,202 crore in liquid funds. Retail investors continued to
invest through the SIP route, pouring in Rs 8,245 crore
compared with Rs 8,262 crore in September 2019. This is
As per CARE Research, this is the
the eleventh month, where SIP inflows are hovering Why follow tips? Choose your winners
highest net inflow into liquid funds
above the Rs 8,000-crore mark. rationally in 3 simple steps!
reported since November 2018.
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However, lumpsum flows — Rs 6,026 crore in October against Rs 6,609 crore in the
previous month — into equity mutual funds have slowed down. Net inflows into equity
funds were at Rs 9,152 crore in August and Rs 8,112 crore in July. Related Most Read Most Shared
How are Mutual Funds taxed?

“Investors continue to prefer the SIP route for equity mutual funds. Fresh investments
through the lumpsum route have been lukewarm,” said Jimmy Patel, CEO, Quantum Reliance Mutual Fund renamed as Nippon India
Mutual Fund
Mutual Fund.
The best mutual funds for SIP investments
Among the debt funds, banking and PSU debt funds, which primarily invest in a portfolio of
Can these mutual funds deliver?
AAA companies, saw inflows to the tune of Rs 4,855 crore. Investors continued to shun
What are the benefits of investing in mutual funds?
credit risk funds with the category seeing outflows of Rs 1,382 crore. Credit risk funds,
which invest in riskier debt securities, saw outflows of Rs 17,517 crore since April 2019. Are mutual funds safe?
Despite the potential of earning double-digit returns in this category, appetite from
Discover POWERED BY
investors has been poor because of the deterioration in the financials of nonbanking
Mutual Funds
finance companies and the happenings in the fixed income space over the past 15
months. Investors are sticking to high quality debt papers these days and prefer categories
such as liquid and banking and PSU debt funds.
After registering net outflows worth Rs 1.41 lakh crore in September 2019, liquid funds saw SIP starting Rs 500 Top Tax Saver ELSS
Funds
net inflows worth Rs 93,202 crore in October 2019. As per CARE Research, this is the
highest net inflow into liquid funds reported since November 2018.
Arbitrage funds, which invest in a mix of shares and stock futures, continued to see inflows
of Rs 2,644 crore as rich investors looking for cheaper valuations in equities preferred this High Performing Mid Best Large Cap
Cap Funds Funds
category over debt funds. They have seen high inflows in the recent past as they enjoyed
better taxation than debt funds.
investors.
Savings Account
Read more on Mutual Fund Funds SIP Investments Banking
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How are Mutual Funds taxed? Funds Funds
ReliancetoMutual Alibaba hires more banks on up to $15 Ayodhya verdict big positive for market, How to read corporate earning
1 grounding world'sFund renamed
top airline stockas
in Nippon
2 2India Mutual Fund 3 4
billion listing: Sources economy, say Dalal Street veterans sheets to make investing decis
years
Can these mutual funds deliver?
What are the benefits of investing in mutual funds?
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11/8/2019 SpiceJet: SpiceJet’s turnaround story: From forced grounding to world's top airline stock in 2 years - The Economic

n 2 years - The Economic Times

SpiceJet’s turnaround story: From forced

By Anurag Kotoky and Santanu Chakraborty

Larsen & Toubro Infot… 1645.15 -1.33%

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Moody’s downgrades outlook on SBI, HDFC Bank,

Not Rs 25,000 cr, FM actually gave us a Rs

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Can amending laws

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sector. The rhetoric in the market seems positive and

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