Business News Update; Air India Express case | Air India Express cabin crew flights of Air-India Express canceled | 75 flights of Air-India Express cancelled: Tata Motors’ annual profit increased by 1000%, gold became costlier by Rs 1,384 on Akshaya Tritiya.

Yesterday’s big news was related to Air India Express. Air India Express also canceled around 75 flights on Friday due to shortage of cabin crew. Airline operations are expected to return to normal by Sunday.

At the same time, the profit of automobile company Tata Motors has increased by more than 1000% to Rs 31,807 crore in the financial year 2024. The profit in FY 2023 was Rs 2,689 crore.

Before tomorrow’s big news, today’s major events to keep an eye on…

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1. 75 flights of Air-India Express canceled due to shortage of crew: Airline suffers loss of Rs 30 crore in 4 days, operation expected to be normal by Sunday

Air India Express also canceled around 75 flights on Friday due to shortage of cabin crew. Airline operations are expected to return to normal by Sunday. The airline has suffered a loss of around Rs 30 crore since Tuesday due to flight cancellation.

News agency PTI, in one of its reports, quoted an official as saying that the number of flight cancellations on Saturday is expected to be around 45-50. The airline has canceled more than 260 flights since Tuesday due to crew shortage.

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2. Tata Motors’ annual profit increased by 1000%: Company’s Indian business is debt free, declared dividend of Rs 6 per share.

Automobile company Tata Motors’ profit has increased by more than 1000% to Rs 31,807 crore in the financial year 2024. The profit in FY 2023 was Rs 2,689 crore. Tata Motors has released its fourth quarter and annual results today i.e. on May 10.

At the same time, the profit of Tata Motors for the fourth quarter i.e. three months of January-March has increased by 218.93% on an annual basis to Rs 17,528.59 crore. In the same quarter a year ago, the company had registered a consolidated net profit of Rs 5,496.04 crore.

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3. Gold became costlier by Rs 1,384 on Akshaya Tritiya: Price of 10 grams became Rs 73,008, this year it became costlier by Rs 9,656; Silver became Rs 84,215 per kg

Gold and silver prices increased on Akshaya Tritiya. According to India Bullion and Jewelers Association (IBJA), on Friday (May 10), the price of 10 grams of 24K gold has increased by Rs 1,384 to Rs 73,008. At the same time, one kg silver has become costlier by Rs 1,873. It is being sold for Rs 84,215.

So far this year, the price of gold has increased by Rs 9,656. On January 1, gold was at Rs 63,352. Silver has also become costlier by Rs 10,820. On January 1, 2024, the price of one kg silver was Rs 73,395. However, before Akshaya Tritiya, gold prices had decreased in the past few days.

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4. There will be a sharp correction in the stock market if the government changes: Defense stocks will rise if Modi government is formed, Cochin Shipyard rose 361% in a year

Union budget and election results have a big impact on the stock market. All governments make business policies according to their own, on which depends how fast which business will grow. How will the country’s economy grow? Lok Sabha elections are being held this year, the results of which will be declared on June 4, 2024.

The stock market is hopeful that this time Narendra Modi’s government can be formed again. However, if the current government changes, a sharp correction may be seen in the market. If Modi government comes back to power, stocks related to engineering, defence, railways, power, healthcare and EV sectors may rise.

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5. Go Digit General Insurance’s IPO will open on May 15: You can apply till May 17, Virat Kohli and Anushka Sharma are also investors in this company.

The initial public offer (IPO) of Bengaluru-based insurtech start-up Go Digit General Insurance will open for public subscription on May 15. Retail investors will be able to bid for this IPO till May 17.

According to the draft prospectus, the company wants to raise ₹2,614.65 crore through this issue. For this, the company will issue new shares worth ₹ 1,125 crore and existing investors of the company will sell 5.47 crore shares worth ₹ 1,489.65 crore through Offer for Sale i.e. OFS.

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6. Mutual fund SIP crosses ₹20,000 crore mark: It doubled in less than 2 years, mutual fund AUM ₹57.26 lakh crore

In April 2024, the monthly investment figure in mutual funds through Systematic Investment Plan or SIP has crossed ₹ 20,000 crore. According to the data released by the Association of Mutual Funds in India (AMFI), ₹ 20,371.47 crore has been invested in mutual funds through SIP in the month of April.

In the same month last year, ₹13,728 crore was invested through SIP, which is 48.39% more on an annual basis. Whereas, earlier in the month of March, this figure was ₹ 19,270.96 crore, which has increased by 5.71% on monthly basis (MoM).

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7. 100-year edition launch of Comet, Aster, Hector and ZS EV: New evergreen exterior design in MG cars, prices starting from ₹ 9.40 lakh

British automobile brand Morris Garages Motor India today (May 10) has launched the 100-Year Limited Edition of the cars included in its lineup in India to mark 100 years of its establishment. The company has not made any changes in the specs, features, dimensions and performance of the four models.

In this, the models Comet, Astor, Hector and ZS EV have been introduced along with the iconic color Evergreen color which has become the identity of British racing. Apart from this, some cosmetic changes have also been made in all four models.

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