Sensex Turns Red; Jet Airways Bleed

Thu, 18 Apr 12:30 pm

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Stock markets in India are presently witnessing selling pressure. The BSE Sensex is trading down by 111 points and the NSE Nifty is trading down by 34 points. Meanwhile, both the BSE Mid Cap index and the BSE Small Cap index are trading down by 0.8%.

Among the sectoral indices, telecom stocks, realty stocks and metal stocks are witnessing selling pressure, while automobiles stocks and energy stocks are leading the pack of gainers.

In the news from the aviation sector. Aviation stocks are in focus today, especially after Jet Airways, which plunged 27%, on temporarily adjourning its operation due to lack of funds.

The fall in Jet Airways provided strength to SpiceJet and Indigo, which gained 8% and 2%, respectively.

On Wednesday, Jet flew its last scheduled flight from Amritsar to Mumbai, as the debt-ridden company decided to suspend its operations on a temporary basis with no cash to run operations any further.

The development comes after lenders led by State Bank of India decided to reject the plea for emergency funds.

Interestingly, the development brings cheers to SpiceJet and Indigo with SpiceJet announcing the addition of six more Boeing 737-800 NG aircraft on dry lease.

Reportedly, these 6 aircrafts are in addition to the 16 B737s and 5 Q400s that the airline will soon induct.

The total number of planes to be inducted in the immediate future now stands at 27. The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals the aircraft would begin joining SpiceJet's fleet in the next ten days, the reports noted.

Note that, Jet Airways used to be a frontrunner once. What went wrong?

Well, one of the many reasons was the challenge from the entry of budget carriers. This led to dropping of fares by Jet Airways. Some tickets were sold even below the breakeven cost.

Then, provincial taxes of as much as 30% on jet fuel were added to its expenses. Further, the rise in oil prices was a death blow to their earnings.

Jet Airways: Bleeding Red

On a consolidated level, the company has bled in nine of the last eleven fiscals. In other words, it has kept its bottomline in the black in only two out of the last eleven years.

To know more about the company, you can access to Jet Airways Q3FY19 result analysis and Jet Airways 2018-19 Annual Report analysis on our website.

At the time of writing, Jet Airways was trading down by 27%.

Moving on to the news from the pharma sector. Zydus Cadila on Wednesday received final nod from the US health regulator to market generic Acetazolamide injection.

Acetazolamide is effective in the control of fluid secretion, for example in some types of glaucoma and treatment of certain convulsive disorders.

The company has received final approval from the United States Food and Drug Administration (USFDA) to market Acetazolamide for injection 500 mg per single-dose vial.

The product will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.

It is a generic version of Diamox for injection, the reports noted.

The group now has 262 approvals and has so far filed over 350 abbreviated new drug applications (ANDAs) since the commencement of its filing process.

To know more about the company, you can access to Cadila Healthcare's latest result analysis and Cadila Healthcare's stock analysis on our website.

At the time of writing, Cadila Healthcare share price was trading down by 0.4%.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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