Air India Strike Continues; DGCA Plans Strict Action

Air India pilots on strike might be in for a negative surprise as DGCA is considering cancellation of licenses. Many pilots have been issued show cause notice.

After the tough message sent across by aviation minister Ajit Singh, there are expectations that Air India pilots can return to work. The minister did not meet the pilot representatives and asked them to join their duties before any further talk.

Indian Pilots’ Guild has been derecognised by the Indian government and DGCA is considering tough action against office bearers of IPG.

Air India has been suffering massive losses in the past few quarters. After the government offered funds to keep the day-to-day business running at the national carrier, there has been pressure on Air India to register positive growth.

The aviation sector in India has been under pressure due to higher fuel costs. Vijay Mallya owned Kingfisher is private carrier facing trouble due to massive losses.

Indian Markets Recover; Asian Markets Lower

Indian Markets bounced back on Thursday with NSE Nifty strongly over 5000 mark and BSE Sensex nearly a per cent higher at 16635.

Gold was trading at 28,440 per 10 grams while Silver was nearly a per cent down at 54,700.

In today’s trading session, IDFC was up by 5% at Rs 121. Cairn India was trading higher by 3.9% at Rs 320. BHEL and Kotak Mahindra Bank were also among major gainers.

After yesterday’s rally, pharmaceutical major Ranbaxy Labs was trading lower today. PNB was also trading lower. Among other losers were auto major Maruti Suzuki and technology leader Infosys Technologies.

Indian markets are expected to close positive today. Among sectoral indices, BSE Auto was up by 101 points. Capital Goods and BSE Metals indices were also trading with decent gains.