Discover the top business headlines that are trending across the world today!
SpiceJet announced on Tuesday that it will expand its fleet with 10 additional aircraft by next month, starting with the first induction on October 10. Of these, seven planes will be leased, while three previously grounded aircraft will be reintroduced. Currently, the airline operates only 19 aircraft, with 36 grounded as of October 8, according to Planespotter.net. This expansion follows SpiceJet’s recent capital infusion of Rs 3,000 crore through a QIP and an additional Rs 736 crore from an earlier funding round, strengthening its financial position. The full induction of all seven leased planes is expected by November 15.
Quick commerce platform Zepto is relocating its headquarters from Mumbai to Bengaluru and has secured Total Mall in Sarjapur as its new office space, according to a report by Moneycontrol. Initially planned for November, the move has been delayed to February. Zepto had asked its 1,700-1,800 employees to shift from Powai, Mumbai, to Bengaluru, but delays in securing the location pushed back the timeline. Some roles will begin operating from a temporary Bengaluru office by November 11. The company's tech and product teams, already in Bengaluru, will be joined by other business divisions. The relocation cost is estimated at Rs 3-4 crore, but Zepto expects to save Rs 40-50 lakh monthly on rent. Additionally, the company plans to hire 500 more employees, bringing its workforce to around 2,200-2,300, said co-founder and CEO Aadit Palicha.
India’s new monetary policy committee may prepare for an interest rate cut as global easing trends emerge and growth in the world’s fastest-growing major economy slows. While most of the 35 economists surveyed by Bloomberg expect the Reserve Bank of India (RBI) to maintain the repurchase rate at 6.5%, many predict a shift to a neutral stance, the first since June 2019. This shift could pave the way for a quarter-point rate cut in December, according to HSBC economists. The RBI may retain its growth and inflation targets for the fiscal year at 7.2% and 4.5%, respectively. However, the July-September inflation forecast could be lowered due to strong monsoon rains, which boost rural economic prospects. Economic growth for the April-June quarter slowed to 6.7%, below the RBI’s 7.1% forecast, with signs of weakening urban consumption.
Ola Electric has received a show-cause notice from the Central Consumer Protection Authority (CCPA) regarding 9,948 complaints filed between September 2023 and August 2024. These complaints, lodged through the National Consumer Helpline, include issues like delayed deliveries, faulty vehicles, misleading ads, and poor customer service. Ola has 15 days to respond to the notice, with potential regulatory action if it fails to do so. Despite the notice, Ola stated that its business activities would not be affected. This development follows a social media dispute between Ola's founder, Bhavish Aggarwal, and comedian Kunal Kamra, who criticized the company’s scooters.
