Air India plans to reassign jet maintenance work from Turkish firm amid diplomatic strain
Air India CEO and MD Campbell Wilson said on Sunday the carrier plans to shift the heavy maintenance of its wide-body aircraft from Turkish Technic to other global MRO (Maintenance, Repair and Overhaul) providers, in light of recent geopolitical developments involving Turkiye.
The move comes after the Indian government took a firm stance against Turkiye, following its public support for Pakistan and condemnation of India's counter-terrorism strikes in May under 'Operation Sindoor'.
On May 15, aviation security regulator BCAS revoked the security clearance of Turkish ground handling firm Celebi Airport Services India Pvt Ltd, citing "interest of national security."
Adding to the strain, the Directorate General of Civil Aviation (DGCA) on May 30 granted a final three-month extension to IndiGo for operating two Turkish Airlines Boeing 777s under a damp lease, directing the airline to terminate the lease by August 31.
Asked about Air India's continued use of Turkish Technic for wide-body aircraft maintenance, Wilson emphasised in a PTI news agency interview the complexity of global aviation logistics.
"It does take a while to adjust when the circumstances change around us but we are obviously sensitive to the national sentiment and perhaps the national wishes. So, regardless of which country we are talking about, we would clearly take cognisance of what people like us to do and expect us to do," PTI quoted the Air India CEO as saying.
Air India's wide-body Boeing 777 and 787 aircraft currently undergo heavy maintenance at Turkish Technic facilities. However, Wilson said the airline is now actively working to reduce its dependence on Turkiye and redirect maintenance operations to other international locations.
'With this most recent development, we will look to recalibrate where we send our aircraft, reduce the amount that we are sending to Turkiye and send it to other places,' he said.
"But that does take some time because aircraft have to be maintained... we are cognisant of recent developments and we will look to adjust our plans," he said.
In the short term, Air India will continue to send some aircraft for MRO works overseas, including to facilities in the Middle East, Southeast Asia, and the United States, while gradually scaling up domestic capacity for such services.
The airline currently operates a fleet of 191 aircraft, including 64 wide-body planes.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
27 minutes ago
- Mint
Geojit's Vinod Nair flags ‘cautious outlook' for IT stocks amid market volatility, geopolitical uncertainties
India Inc's Q4 earnings season has outperformed expectations, with broad market PAT rising by 12% YoY. Nifty50 companies reported earnings growth of 6–7%, exceeding the earlier forecast of 0–3%, which is expected to lead to a marginal upgrade in India's EPS forecasts for FY25 and FY26. This strong performance was largely driven by lower input costs and moderating inflation, which improved operational profitability. Performance across sectors was mixed. The metals and mining segment stood out, benefitting from higher QoQ realizations amid global supply chain disruptions. The pharma sector also performed well, supported by increased sales of complex drugs and declining chemical costs. Domestic-facing sectors such as private and public banks and telecom also posted better-than-expected results. However, Auto, IT, and FMCG sectors showed flat to weak earnings growth, impacted by both global and domestic slowdowns. Global headwinds, including slowing demand and geopolitical tensions, have had a nuanced impact on India Inc's performance. However, the recent reduction in global inflation and crude oil prices has helped India lower its input costs, while tariff-related risks have paradoxically boosted sector-specific orders and inquiries. The weakening of the US dollar has also supported Indian markets through fiscal gains and increased FIIs inflows lately. However, further depreciation of the dollar could pose risks to global equity markets. On the rural front, consumption volumes have shown signs of recovery, aided by a strong rabi harvest and easing domestic inflation. In contrast, subdued urban demand has continued to drag on the performance of FMCG and Consumption-linked sectors. Looking ahead, expectations of a favourable monsoon, sustained inflation moderation, and potential income tax relief are expected to stimulate consumption across both rural and urban segments. The IT sector's Q4FY25 results reflected a cautious industry outlook, with hiring slowing due to global uncertainties inand the ongoing transition to new technologies. Q1FY26 has started on a muted note, with subdued global discretionary spending. Nevertheless, the sector remains optimistic, supported by strong order pipelines and strategic initiatives such as AI upskilling and cost optimization. After the recent 2-months rally the sector valuations are slightly above their long-term averages while earnings outlook is subdued. A further revival in the IT stocks momentum is contingent on the stabilization of U.S. interest rates and progress in tariff negotiations. In the banking and NBFC space, the credit cycle has moderated over the past year, their current focus is on managing yield spreads and preserving asset quality. FY25 witnessed asset quality challenges, particularly in the microfinance and personal loan segments, prompting a more cautious stance from lenders. However, recent trends suggest these risks are easing, with asset quality expected to improve through the year. Looking ahead to FY26, the earnings growth outlook has improved slightly, buoyed by better-than-expected Q4 results. If inflation, interest rates, and tariff uncertainties ease, market sentiment could turn more positive. Additionally, cut in taxation and increased government expenditure are expected to further stimulate domestic demand. Currently, projections place India's earnings growth at 10–12% for FY26, up from sub-5% in FY25. Sectors likely to lead this growth include rate-sensitive ones like Banks, NBFCs, Auto, and Realty, driven by anticipated demand increases and reduced operational costs. Domestic consumption is also expected to rise, benefiting FMCG, Consumer Durables, Fertilizers, and the Agri sector. In anticipation of improvement in broad economy, portfolio strategies are shifting, with increased diversification into mid- and small-cap equities. The valuation premium of midcaps over large caps has normalized, and with domestic risks easing and global risks potentially moderating—like BTA finalization—investors are positioning for broader market participation in the coming quarters. Lately, domestic equity indices have remained rangebound with a slight negative bias, in that large-cap stocks are facing greater pressure. This could be primarily due to the lack of support from FIIs due to high volatility in global currency. USD has been depreciating heavily in the last 3 months, even to Asian peers like Japan & India. Additionally, retail investors are on a profit booking mode. After the two months rally India valuation has breached 20x one year forward P/E, 21x is the 3years peak. Some lingering concerns are reciprocal tariff June deadline, India-US trade, US-EC trade and weakening dollar posing as key external risk. India's earnings visibility needs to improve in tandem with the macros and peaking valuation, for which we may have to wait to get a better foresee of the upcoming June quarter, could be a vital stabilizer to the market trend. Despite the better than holistic view tendered by Q4 the market needs to see a solid upside in FY26 earnings, Q1 could be the leading clue.
Mint
31 minutes ago
- Mint
Prostarm Info Systems IPO listing date today. Here's what GMP, analysts indicate about share debut on BSE, NSE
Prostarm Info Systems IPO Listing: The equity shares of power solution products manufacturer Prostarm Info Systems are set to make their debut in the Indian stock market today after the recently concluded initial public offering (IPO). Prostarm Info Systems IPO listing date is today, 3 June 2025. The public issue was open from May 27 to May 29 and the IPO allotment was done on May 30. Prostarm Info Systems IPO listing date 3 June, Tuesday. 'Trading Members of the Exchange are hereby informed that effective from Tuesday, June 3, 2025, the equity shares of PROSTARM INFO SYSTEMS LIMITED shall be listed and admitted to dealings on the Exchange in the list of 'T' Group of Securities. Further in terms of SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012; the scrip will be in Trade-for-Trade segment for 10 trading days,' a notice on the BSE said. Prostarm Info Systems shares will be a part of Special Pre-open Session (SPOS) on Tuesday, June 3, 2025, it said, and the stock will be available for trading from 10:00 AM. Ahead of the Prostarm Info Systems IPO listing today, investors watch out for the trends grey market premium (GMP) to gauge the listing price. Prostarm Info Systems IPO GMP and analysts signal that the share listing would be at a decent premium. Prostarm Info Systems shares are showing a positive trend in the unlisted market. According to stock market experts, Prostarm Info Systems IPO GMP today is ₹ 12 per share. This means that in the unlisted market, Prostarm Info Systems shares are trading higher by ₹ 12 than their issue price. With a positive GMP today, the estimated listing price of Prostarm Info Systems shares is ₹ 117 apiece, a premium of 11.5% to the IPO price of ₹ 105 per share. Analysts also expect the Prostarm Info Systems IPO listing to be at a decent premium on the back of strong demand for the IPO. 'Prostarm Info Systems IPO witnessed an overwhelming response from all investor categories, closing with an impressive overall subscription of 82.42 times. Supported by a Grey Market Premium (GMP) in the range of 16% – 17%, the offering has generated strong listing expectations in the market,' said Gaurav Garg, Lemonn Markets Desk. The bidding period for the Prostarm Info Systems IPO commenced on May 27 and concluded on May 29. The IPO allotment date was May 30, and Prostarm Info Systems IPO listing date is today, June 3. Prostarm Info Systems shares will be listed on both the stock exchanges, BSE and NSE. The ₹ 168-crore Prostarm Info Systems IPO was entirely a fresh issue of 1.60 crore equity shares at a fixed IPO price band of ₹ 105 per share. Prostarm Info Systems IPO was subscribed 97.20 times in total. The retail investors' segment received 39.49 times subscription, while the quota for non-institutional investors (NII) was subscribed 222.14 times. The qualified institutional buyers (QIBs) portion was booked 104.49 times. Choice Capital Advisors Pvt Ltd is the book-running lead manager of the Prostarm Info Systems IPO, while Kfin Technologies is the IPO registrar. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
31 minutes ago
- Mint
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 3 June 2025
Breakout stocks buy or sell: Indian benchmark indices experienced significant volatility during trading on Monday, June 2. Despite a weak start, buying activity by bulls helped stocks rebound from early losses, allowing the markets to end the day with only slight declines. The Nifty 50 pared losses to close down by just 0.14% at 24,716, recovering 189 points from its intraday low. Similarly, the Sensex trimmed its early losses and ended the session marginally lower by 77 points, or 0.09%, at 81,373. Sumeet Bagadia, Executive Director at Choice Broking, believes that despite strong selling during early morning deals on Monday, the key Indian benchmark indices pares the kisses and ended flat, keeping the overall Indian stock market sentiment positive. Speaking on the outlook of Indian stock market, Bagadia said, ' The Nifty 50 index is trading above 24,500 and facing resistance at 25,000. On breaking above 25,000, the 50-stock index may soon touch 25,400. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option." Sumeet Bagadia recommends five shares to buy today — Jubilant Ingrevia, IDBI Bank, SBFC Finance, JM Financial, and City Union Bank. 1] Jubilant Ingrevia: Buy at ₹ 734.05, target ₹ 786, stop loss ₹ 708; 2] IDBI Bank: Buy at ₹ 101.27, target ₹ 110, stop loss ₹ 97; 3] SBFC Finance: Buy at ₹ 114.48, target ₹ 123, stop loss ₹ 110; 4] JM Financial: Buy at ₹ 133.73, target ₹ 143, stop loss ₹ 129; 5] City Union Bank: Buy at ₹ 198.64, target ₹ 213, stop loss ₹ 192. Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
