IndiGo Q4 profit jumps five-fold to Rs 589.6 crore

New Delhi: InterGlobe Aviation, the parent company of IndiGo airline, on Monday reported a five-fold jump in profit after tax to Rs 589.6 crore for the January-March quarter compared to Rs 117.6 crore in the corresponding period of 2017-18. The carrier’s total income rose by 35.5% to Rs 8,259.8 crore in the quarter ended March 2019 compared to Rs 6,097.7 crore in the year-ago period, the company said.  IndiGo CEO Ronojoy Dutta said, “Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intense competitive environment.” “However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery,” he added. PTI 

Fiat Chrysler mulls merger with Renault

Paris: Fiat Chrysler proposed on Monday to merge with France’s Renault to create the world’s third-biggest automaker and save billions of dollars needed to invest in the race to make new electric and autonomous vehicles. The merged company would reshape the global industry. It would make some 8.7 million vehicles a year, leapfrogging General Motors and trailing only Volkswagen and Toyota. Shares of both companies jumped over 10% on the news of the offer, which would see each side’s shareholders split ownership in the new manufacturer. Renault welcomed the idea. The company’s Board met today at its headquarters in Boulogne-Billancourt outside Paris to discuss the proposal and said afterward that Renault will study it “with interest.” AP

GAIL posts highest-ever profit; Rs 54K-cr capex plan 

New Delhi: State-owned gas utility GAIL India Ltd on Monday reported its highest-ever net profit, record dividend payout and largest-ever capital expenditure of Rs 54,000 crore as it builds infrastructure to take clean fuel to unconnected parts of the country to aid transition to a gas-based economy. The country’s biggest transporter and marketer of natural gas reported that net profit rose 10% in the fourth quarter to Rs 1,122 crore and by 30% to record Rs 6,026 crore in the financial year ended March 31, its chairman and managing director BC Tripathi said. GAIL Board recommended a final dividend of Rs 1.77 per share to take total dividend payout to highest ever of Rs 8.02 per share in the fiscal, he said. PTI