India exports around Rs 18,000 crore worth of spices annually and over the years its dominance has come down to a few spices such as chilli, cumin, turmeric and spice oils and oleoresins from around 20 items. Exporters claim duty credits ranging from 2-7 % under MEIS which they discovered were disabled by DGFT from August 1, resulting in a slowdown in shipments.
Spicejet Chairman and Managing Director Ajay Singh on Wednesday said that the airline is studying the market and may start operation to UAE's Ras Al Khaimah by the beginning of next year. "Just like we operate flights to Dubai, we can operate flight to Ras Al Khaimah," he said, adding that while bilateral rights between Indian cities and Ras Al Khaimah are thin.
SpiceJet will first start flight operations between India and Ras Al Khaimah by early next year and after that establish a new airline in the UAE city.
Vedanta lost some ground after its Q2 numbers and pulled Nifty Metal index nearly 2% lower.
Nalco reported a consolidated loss of Rs 28.25 crore in the quarter ended September 30.
SpiceJet also said that the airline’s losses were higher due to new accounting standard norms and grounding of Boeing 737 MAX.
Maruti Suzuki India (MSI) remains 'cautiously optimistic' over sales prospect going ahead.
A recent NASSCOM report said that the Indian SaaS market is estimated to hit $3.3-3.4 billion by 2022. This will be largely on the back of talent availability, a lower cost workforce and adoption of emerging technologies like AI.
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