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(March 9): A group of Air India Ltd employees has been ruled out of a bidding process to take control of the loss-making national carrier, as the government moves ahead with its years-long attempt to offload the airline. “I write to you with a heavy heart on the outcome of our bid to acquire Air India,” the airline’s commercial director Meenakshi Malik wrote in a letter to employees dated March 8. “We have been unsuccessful in qualifying to the next phase of the ‘Disinvestment Acquisition process.’” Citing a letter from Ernst & Young, which is advising the government on the sale, Malik said the group didn’t meet eligibility requirements. They include submitting three years of audited financial statements for foreign consortium members and being an appropriately regulated foreign investment fund. The group of employees partnered with a Seychelles-based fund for the bid. ....
SpiceJet Ltd has added 14.09% over last one month compared to 3.21% gain in S&P BSE Industrials index and 3.64% rise in the SENSEX SpiceJet Ltd fell 9.24% today to trade at Rs 83. The S&P BSE Industrials index is down 1.34% to quote at 3195.09. The index is up 3.21 % over last one month. Among the other constituents of the index, J Kumar Infraprojects Ltd decreased 6% and Universal Cables Ltd lost 5.35% on the day. The S&P BSE Industrials index went up 10.25 % over last one year compared to the 9.22% surge in benchmark SENSEX. SpiceJet Ltd has added 14.09% over last one month compared to 3.21% gain in S&P BSE Industrials index and 3.64% rise in the SENSEX. On the BSE, 5.5 lakh shares were traded in the counter so far compared with average daily volumes of 18.09 lakh shares in the past one month. The stock hit a record high of Rs 120 on 01 Jan 2020. The stock hit a 52-week low of Rs 30.8 on 25 Mar 2020. ....