Good morning. Here is your daily summary on Indian business and tech.

TRANSPORTATION

Air India Flies High landing $2.5 Billion Deal with Modi administration

🚀 India is spreading its wings as Air India placed a $7 billion order for 30 Boeing 737 Max planes, while also inking a deal with Airbus for 56 planes. PM Modi and French President Emmanuel Macron oversaw the signing during their White House meeting. With this, India hopes to gain a foothold in the global airline market, which has been hit by the pandemic. The deal shows India's commitment to bolstering the aviation industry, which has struggled during the pandemic. Airbus and Boeing have had their own struggles, including the 737 Max's recent issues, but this deal could be the ticket to better times ahead. The Indian aviation industry is soaring and there's a lot of runway for growth in the coming years.

If you're an aviation buff or just like to stay updated on all things Indian business, this news is for you! Air India has placed a massive order for planes from both Boeing and Airbus. With PM Modi and French President Emmanuel Macron presiding over the signing, it was a true display of Indian prowess on the world stage. It's great to see India investing in the aviation industry, which has taken a hit during the pandemic. Hopefully, this deal will help both companies get off the ground and soar to new heights. Keep an eye on this space for more news on the Indian aviation industry!

BUSINESS

Can Adani Group keep up?

Looks like Adani Group is in some hot water - the company is trying to reassure its investors that it can manage its whopping $27 billion debt load. Adani Group has seen huge expansion in recent years, but that doesn't come without some bumps and bruises. Will Adani be able to juggle its ambitious plans and its debt obligations? Only time will tell. For now, investors are keeping a close eye on the company's next moves.

OIL & GAS

ONGC posts 26% rise in Q3

⛽️ The country's biggest oil and gas producer, ONGC, announced a 26% YoY rise in its net profit for the third quarter of the fiscal year, owing to increased crude oil and natural gas prices. ONGC's net profit for Q3 2021 was ₹11,045 crore, up from ₹8,773 crore in the same quarter of the previous fiscal year. This jump in profits was largely due to the company's improved realization for crude oil and natural gas, which rose by 39.3% and 18.4%, respectively. ONGC also announced that it will pay a dividend of ₹4 per share, marking a payout of ₹6,536 crore to its shareholders.

While ONGC's performance was impressive, the company's stock price fell by 2.5% in response to the announcement, as investors were reportedly hoping for an even higher dividend payout. The company is also facing increased competition from private players in the oil and gas sector, as well as pressure to modernize and streamline its operations.

As always, we'll keep a close eye on how this news affects ONGC and the broader Indian oil and gas sector. Stay tuned for more updates!