Stock Market Closing News :-
Spicejet
has come a long way in regaining customer confidence of stocks and operational on this course
correction, in the last one year, says the company’s Chairman, Ajay Singh, in
an exclusive Report The total payables including bank debt and
vendor liabilities has reduced from approximately Rs 2200 crore at the time of
change in ownership to Rs 700 crore now, he says adding the plan is to reduce
this further to Rs 300-400 crore over one year. The airline has now reached the
best on-time performance standards in the industry with significantly lower
flight cancellations, he says. He points out that while most other hurdles have
been cleared out, the focus over the next 9-12 months will be on stickier costs
like acquisition and lease rentals, maintenance cost of fleet etc 1:30 pm
Buzzing: Shares of NTPC fell more than 3 percent intraday as its two-day offer
for sale has opened for subscription. In previous session also ahead of OFS
announcement, the stock lost more than 2 percent. The government is going to
sell 41,22,73,220 equity shares (representing five percent stake) in NTPC via
offer-for-sale (OFS) with hopes of collecting around Rs 5,000 crore. Stake sale
is spread over two days with non-retail investors (institutional bidders)
getting the first chance to participate in OFS today. On second day, retail as
well as non-retail investors are allowed to buy shares.
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