
Gaya to Medina: SpiceJet kicks off Haj 2025 ops with new jets and 18% more pilgrims
SpiceJet
has started its
Haj 2025
operations with the inaugural flight taking off from Gaya to Medina, beginning this year's pilgrimage. The airline will run a total of 45 flights in the first phase, connecting Gaya, Srinagar, Guwahati, and Kolkata with the Saudi Arabian cities of Medina and Jeddah.
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This first phase of operations will continue until May 29, 2025. Flights from Guwahati to Medina are scheduled to begin on May 3, followed by flights from Srinagar to Medina starting on May 4. Services from Kolkata to Jeddah will begin on May 16. The return leg of the Haj operation is planned between June 13 and July 11.
SpiceJet
will be carrying about 15,500 pilgrims this year, which is an 18% rise from the 13,000 passengers the airline flew for Haj in 2024. The increase highlights the growing importance of Haj operations as a major source of revenue for the airline.
In 2024, SpiceJet had operated 102
Haj flights
from seven Indian cities — Srinagar, Gaya, Guwahati, Bhopal, Indore, Aurangabad, and Vijayawada — and earned Rs 209 crore in revenue through the operation.
To improve the travel experience for pilgrims this year, the airline has added two wide-body Airbus A340 aircraft to its fleet. Each of these planes can carry 324 passengers and will be deployed on the Srinagar–Medina, Guwahati–Medina, and Kolkata–Jeddah routes. A 189-seater Boeing 737 has been assigned to the Gaya–Medina route.
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'It is an honour for SpiceJet to once again play a meaningful role in facilitating the sacred Haj pilgrimage. Every year, we strive to make this journey smoother and more comfortable for thousands of pilgrims. Our continued participation in this important operation reflects our deep commitment to serving communities across the country with care, efficiency, and dedication,' said Debojo Maharshi, Chief Business Officer at SpiceJet.

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The Print
5 hours ago
- The Print
Operation Sindoor: How Rafales, Pakistani J-10s & lots of propaganda moved global defence markets
But as the fog of war began to clear and these claims were found to be exaggerated, Dassault's shares staged a recovery, reflecting a broader market correction. A rally in defence stocks, particularly among Chinese firms, may be attributed to the speculation or claims that Pakistan Air Force (PAF) fighters, mainly Chinese-origin JF-17s and J-10Cs, had downed multiple Indian Rafale jets. This was the first instance of Chinese fighter jets being tested in real combat, attracting attention from defence watchers globally. Equally, it was the first time any claim emerged of a Rafale being shot down, an event that weighed on market sentiment, including on Dassault Aviation's stock. New Delhi: The impact of Operation Sindoor extended far beyond the battlefield as aerial battles continued in the stock markets. After India carried out precision strikes on nine terror camps in Pakistan and Pakistan-occupied Kashmir in the early hours of 7 May, global defence markets reacted with notable fluctuations, reflecting investor sensitivity to regional tensions. ThePrint examines how the 88-hour India-Pakistan standoff sent ripples through global defence markets, impacting the stock prices of the Aviation Industry Corporation of China (AVIC) and its subsidiaries, as well as Lockheed Martin and Dassault Aviation. Stock prices are compared from the day Operation Sindoor began through to the closing figures on Thursday, with all values converted to INR using the prevailing exchange rates at the time of reporting. Also read: Defence stocks surge continues amid escalating India-Pakistan tensions since Pahalgam attack Pakistan's propaganda of multiple Rafale jets being shot fuelled Chinese defence stocks China's state-owned Aviation Industry Corporation of China (AVIC), particularly its Chengdu Aircraft division, saw one of the sharpest stock moves. AVIC Chengdu, which designs and manufactures the JF-17 and J-10C fighter jets used by the Pakistan Air Force, surged from Rs 828 on 7 May to Rs 1,145 by 12 May, witnessing a massive 38 percent jump in five days. Although the stock had cooled to Rs 939 by Thursday, it retained a net gain of 13 percent since the launch of Op Sindoor. Furthermore, another subsidiary of the state-owned AVIC group—AVIC Airborne Systems—which supplies precision avionics and weapons for the J-series jets operated by Pakistan, also saw a modest rise. Its stock climbed from Rs 136 to Rs 144 between 7 May and 12 May, marking a 5.9% increase that reflected growing investor confidence in China's deepening role in Pakistan's defence supply chain. By Thursday, however, the stock had eased slightly to Rs 138. Other than the speculation of these Chinese origin fighters performing exceedingly well, these spikes are also driven by investor belief that Pakistan might accelerate fighter acquisitions to strengthen its aerial capabilities following Operation Sindoor. Reports indicate that Pakistan could take delivery of the fifth generation FC-31 stealth fighter, the export version of China's J-35A, later this year. According to the latest Stockholm International Peace Research Institute (SIPRI) report, Chinese equipment accounted for 81 percent of Pakistan's major arms imports over the past five years. Subsequently, during last month's hostilities, Pakistan fielded a range of Chinese-origin platforms, including JF-17 and J-10C fighter jets, HQ-9B long range air defence systems, HQ-16 medium range air defence systems, PL-15E beyond visual range air-to-air missiles (BVRAAM) and Chinese unmanned aerial vehicles (UAVs). Beyond the loss of a couple of PAF aircrafts, several Chinese-supplied HQ-9B long-range and HQ-16 medium-range air defence systems were taken out by Harpy and Harop loitering munitions sourced from Israel. Additionally, the recovery of debris of a PL-15E beyond-visual-range air-to-air missile (BVRAAM) was confirmed by DG Air Operations (DGAO) Air Marshal A.K. Bharti in a press briefing. It was learnt that the much-discussed Chinese PL-15E missile failed to register a single hit during the conflict. Also read: Pakistan to go in for J-31 Chinese stealth fighters. What this could mean for balance of air power Western defence giants and market sentiment Western defence companies, from France's Dassault Aviation to the U.S.-based Lockheed Martin, experienced divergent market responses, shaped as much by battlefield developments, speculative reports and domestic developments. Dassault Aviation, the manufacturer of India's Rafale jets, recorded a 6.4 percent decline between 7 and 12 May, with its stock falling from Rs 31,406 to a low of Rs 29,405. However, it had rebounded back to Rs 31,367 on Thursday, nearly regaining its pre-drop value. Incidentally, while Dassault Aviation hit its lowest point on 12 May, China's AVIC Chengdu registered its highest stock price during the same period, highlighting the contrasting market sentiments around the two defence suppliers amid the conflict. The initial dip may have been driven by concerns over possible losses, as the Indian Air Force did suffer setbacks during the operation, first hinted at by Air Marshal A.K. Bharti during the tri-services briefing held on 11 May and later confirmed by Chief of Defence Staff General Anil Chauhan in a Saturday interview with Bloomberg TV. Yet the Rafale jets, armed with SCALP cruise missiles and AASM Hammer glide bombs, carried out precision strikes on multiple targets across Pakistan and Pakistan-occupied Kashmir. The subsequent rebound in Dassault's stock suggests renewed investor confidence in the aircraft's combat effectiveness and strategic value. Furthermore, on Thursday, it was announced that the Rafale fighter aircraft fuselage will now be manufactured domestically by Tata Advanced Systems, strengthening its position as a strong contender for the Multi-role Fighter Aircraft (MRFA) programme. In contrast, Lockheed Martin, whose F-16 fighters once formed the backbone of the Pakistan Air Force, registered only a modest 1.34 percent gain during the same period, with its stock rising from Rs 40,449 on the day Operation Sindoor was launched to Rs 40,990 by Thursday. The limited uptick can be attributed to heightened interest in the American aerospace giant's F-21, an advanced 4.5-generation fighter pitched as a potential contender for India, especially after unverified reports of Rafale being downed during Operation Sindoor drew the attention of investors and defence analysts. Lockheed Martin's uptick movement in stocks may also be linked to U.S. President Donald Trump's announcement on 15 May for the development of an upgraded 'F-22 Super' and a twin-engine variant of the F-35, provisionally dubbed the F-55. How speculation, politics and perception shape market swings Analysts also point out that stock movements observed since 7 May were driven not just by battlefield results but by narrative, politics and investor psychology. 'From a market perspective, defence procurement is a massive business. During events like Operation Sindoor, exaggerated speculation and misinformation are to be expected, especially when they serve the interests of those looking to profit,' Dr Vikas Gupta, CEO and smallcase manager at OmniScience Capital, told ThePrint. Big-ticket defence exports such as fighter jets are typically sealed through government-to-government agreements that generate employment and strategic influence for the given party, he added. 'At times, even governments may quietly encourage certain narratives if they align with their economic interests.' Dr Gupta also pointed out how China's market mechanics differ from the West. 'In China's case, there's an added layer of complexity. Beijing can directly intervene in markets, banning short selling, for instance, to stabilise or boost the performance of AVIC subsidiaries. That kind of intervention isn't feasible in countries like France, where the government usually avoids market interference.' Ultimately, the swings observed in the wake of Operation Sindoor reinforce a perceived reality of defence stocks remaining highly reactive to geopolitical flashpoints, with prices shaped as much by perception, speculation, politics and investor psychology as by actual battlefield performance. (Edited by Viny Mishra) Also read: Operation Sindoor signals a real paradigm shift, says ex-IAF chief. 'We hit where it hurts the most'


Mint
7 hours ago
- Mint
For Sai Srinivas of Mobile Premier League, the game is always on
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With over 220 million users across MPL and GameDuell in 32 countries, a unicorn valuation as of the last fund raise in 2021, presence in Asia, Europe, North America and Africa, and 600-odd employees, the company straddles the challenging business of skill gaming. Its revenue in FY24 was $130 million. Sai was in Mumbai in early May for the World Audio Visual and Entertainment Summit (Waves), a government-sponsored event. In the business centre of the Sofitel Hotel in Bandra Kurla Complex, close to the venue for Waves where MPL had a booth, the 37-year-old, dressed casually in a collared T-shirt, slacks and a cap, orders an Americano. He has an easy-going manner, and a dimpled boyish smile that he uses liberally. Sai is temporarily stationed in Singapore these days, where M-League is headquartered, while his co-founder Shubh Malhotra and Galactus Funware Technology Pvt Ltd, the operating entity for MPL, are based in Bengaluru. Since losing his father last year, Sai says he has started valuing his time more and separating his professional and personal identities. 'One of my core philosophies in life is anonymity. I want to focus on my business," he explains. 'I really enjoy travelling; I can travel literally 60 days with one suitcase, keep moving from one place to the other." Born in Hyderabad—his father was a deputy manager in a bank, mother a teacher in a government school—Sai's academic journey fell into two innings. He was 'not very good" in the beginning, but an inexplicable switch turned after class VI. By the time he reached the board exam stage, he wanted to study aerospace engineering. Also read: What Siddharth Roy Kapur wants: Fresh stories told in unique voices He got into IIT Kanpur which had, among other things, a dedicated leased line for fast (for those times) internet speed. 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Zynga, with its popular game Farmville, was going 'absolute gangbusters" at the time, which put Sai in the 'right place, right time". It also helped that he didn't like Delhi too much and moving to Bengaluru was not a challenge. The third benefit, unbeknownst to him at the time, was that the friend's place he temporarily stayed at had another roommate, Malhotra. A year-and-a-half later, Sai and Malhotra got ready with their first venture, CREO Tech. Their first product, Tewee, was a wireless HDMI dongle to stream videos over a Wi-Fi network, like the Amazon Firestick. The idea seemed to fit in at a time when streaming services were making their forays into the country. 'We were foolish enough to say let's make hardware," he says now. 'We used to download these documents in Chinese and spend days translating them and figuring out what they hacked our way to getting the product out." They sold over 50,000 units, but making hardware was challenging. Other similar products were getting into the market; the duo realised they needed to pivot. In the company of some 'smart engineers" they hired through their college network, their next venture was an Android-based operating system and smartphone, which also turned out to be an error in hindsight. 'I'll tell you the problem with making a phone and with hardware in general," he says. 'For example, let's assume I ship software and I left a bug in it. I'm just going to patch the software and I'll fix it. Life is okay, all good. With hardware, even if you make one mistake, the amount of time it's going to take to correct that mistake in the next iteration and then get it right—it's just massive." After several struggles, managing to make only a few thousand of the product Creo Mark 1, they sold the company to messenger service Hike in 2016-17. 'If a river is flowing downstream and you're standing on the bank and you see this guy on a boat going really fast, you tend to assume that it's the person rowing. But it's actually the underlying river. That's the market: If you're in the right place, right time, right market, even if you are really stupid, you'll be okay," says Sai. After going through a period of angst, when they felt like they would never work together again, Malhotra and Sai made a deal not to have friends as employees, and that 'the outcome is always more important than output". Having decided that their next turn would be in the field of online gaming, because of his experience in the field, the newly formed Galactus Funware went live with the MPL in September 2018. With about $5.5 million ( ₹36.5 crore at the time) at the get-go, a fairly large seed round, from Sequoia Capital, their ascent was rapid—a term sheet in April, an early team by May and the first prototype by July. A friends and family round by end of August leading up to the launch. By December, MPL had a million daily active users. But the challenges were continuous and constant. In May 2019, MPL was kicked out of the Play Store due to Google's developer policy (it relaxed its policy on real-money gaming last year), along with other gaming platforms like Dream11. 'We would be the only company in India's ecosystem that started, raised a lot of money, got to a million daily active users and shut its doors within the year," Sai says grinning. Then by the second half of 2019 they almost ran out of money, looking to raise a bridge round which came in the form of $90m led by Susquehanna Asia Venture Capital. '2019 for me was the most foundationally painful year. If Creo was tough from a different standpoint, this was toughness induced by my own stupidity," he says. Cricketer Virat Kohli came on board as their brand ambassador. The following year, MPL signed on with the Board of Control for Cricket in India to be the kit sponsor for the Indian team. With the pandemic, the founders had to navigate working remotely, and between 2020-21, the company went from 120 employees to 1,200, perhaps hiring too many people too fast. 'In my 10 years of doing start-ups, I believe, that is the most unpardonable mistake," he admits. As MPL went global, especially into the US in July 2021, and acquired European company GameDuell in early 2022, 'one of the smartest things to have done", it also laid off 10% of its force and shut down its Indonesia office. But the business, on the back of the pandemic-induced lockdown that catalysed the online gaming industry, grew by 50%. Just when 2023 seemed on the up, hitting 200 million users and a foray into Africa, the government in August announced a 28% GST on funds online gaming companies collect from customers. Mint had in November quoted a report by gaming-focused venture capital firm Lumikai, which had India's gaming market growing 23% year-on-year by revenue to $3.8 billion in 2023-24 despite 28% GST on online gaming. Propelled by the pandemic-induced lockdowns, online gaming is booming, despite some amount of social stigma, and some legal battles, most of which have been dismissed by the courts. 'We looked at this entire GST thing and said this is essentially the start line being redrawn," remembers Sai. MPL laid off 350 employees—half of its force—to survive the tax burden in 2023. Recovery was aided by GameDuell, which helped grow revenue more than three times. MPL started to take off in the US and Brazil, with 40% of its current revenues coming from abroad. 'It's a personal ambition that we want to build a product that stands globally," Sai explains. 'The professional ambition is that things are evolving in a developing country, so there is no certainty for a business to thrive." While MPL as a business competes with platforms like WinZO and Zupee among others, it is more comparable to Nazara Technologies, which is publicly listed. Sai, though, prefers to see his competition coming from Chinese gaming conglomerate Tencent. As he gets ready to head back to Waves, he talks about reading, spending a lot of time just being idle, really enjoying the mundane. 'One of the reasons why I enjoy living in Singapore," he says thoughtfully, 'or spending time with my partner in Dubai, is that in India, these amazing pleasures of doing your own domestic chores have been taken away thanks to the massive amount of help, which is great. But I really enjoy doing my breakfast, putting my clothes in these daily rituals." Also read: Vaibhav Kala of Aquaterra Adventures: The outdoors man


Hans India
9 hours ago
- Hans India
Tata-Dassault fuselage deal will boost manufacturing in general
The signing of four Production Transfer Agreements by Dassault Aviation and Tata Advanced Systems Limited (TASL) to manufacture the Rafale fighter fuselage in India is a big fillip to not just defence production in the country but also manufacturing in general. The French plane-maker rightly said that it marks 'a significant step forward in strengthening the country's aerospace manufacturing capabilities and supporting global supply chains.' The fuselage of an aircraft is its central body portion, excluding the engines, tail, and wings. It houses the cockpit, avionics, fuel, and payload—essentially serving as the backbone of the aircraft. In the case of Rafale, a multirole fighter jet renowned for its agility, advanced avionics, and combat effectiveness, manufacturing the fuselage involves high-precision engineering, advanced composites, and tight tolerances. Bringing such a sophisticated process to Indian soil reflects the maturity of the country's aerospace manufacturing environment and the trust global original equipment manufacturers (OEMs) are increasingly placing in Indian firms. In recent years, numerous Indian companies have emerged as key players in the defence manufacturing sector, contributing to the country's vision of self-reliance under the Atmanirbhar Bharat programme. Major public sector undertakings like Hindustan Aeronautics Limited, Bharat Electronics Limited, and Bharat Dynamics Limited have long been at the forefront of producing aircraft, radars, missiles, and other critical defence systems. Alongside them, private sector giants such as TASL, Larsen & Toubro (L&T), Mahindra Defence Systems, and Bharat Forge have significantly expanded their footprint in defence production. These companies manufacture a wide range of equipment, including artillery systems, armoured vehicles, UAVs (unmanned aerial vehicles), and missile components. Their growing capabilities are further boosted by partnerships with global defence firms, enabling technology transfer and joint ventures. This robust participation from both public and private sectors is crucial for reducing import dependence and building a strong, indigenous defence industrial base. The Dassault-TASL partnership is a testament to the vision of the Make in India initiative, which has been pushing for increased localisation in defence procurement. By transferring production capabilities to India, Dassault is enabling Indian companies to climb up the value chain—from low-end assembly to high-end design and production. The collaboration with TASL, a company already experienced in aerospace production, enhances India's ability to build a complex, high-performance defence product and helps cultivate a local ecosystem of skilled workers, advanced suppliers, and engineering talent. Furthermore, this move significantly reduces India's reliance on imports for critical defence hardware, contributing to strategic autonomy. Over the decades, India has been one of the world's largest arms importers. While importing advanced weapon systems has been necessary to meet immediate defence requirements, long-term sustainability lies in indigenisation. The Rafale fuselage manufacturing agreement is, therefore, more than a business deal—it is a step toward building a sustainable and technologically advanced defence industrial base within India. The economic implications of this development are equally profound. High-technology manufacturing generates employment across the value chain—from technicians and engineers to logistics and quality assurance personnel. The joint venture will not only create direct employment but also foster ancillary industries, leading to the development of an aerospace manufacturing cluster with potential spillover benefits to the civilian aviation sector. The infrastructure and capabilities established through this programme can later be leveraged for commercial aerospace production, such as passenger aircraft components, thereby further integrating India into the global aerospace supply chain.