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Stock markets in the United States opened with a slight decline, surrendering a portion of their gains from May, which marked their strongest performance since 2023. During early Monday trading, the S&P 500 declined by 0.3%. The Dow Jones Industrial Average dropped 174 points, representing a 0.4% decrease, whilst the Nasdaq composite fell by 0.2%.This was driven by crude oil prices that surged more than 4%. Despite OPEC+ nations agreeing to boost their output further, market analysts noted this decision was largely anticipated by investors. Additionally, Ukrainian strikes within Russian territory over the weekend heightened concerns regarding global oil and gas distribution.Global trade tensions also contributed to the decline as Beijing dismissed US claims regarding breach of tariff reduction agreements. Simultaneously, tensions with the European Union escalated following Trump’s proposal to increase steel duties twofold.This was in line with the expectation of Wall Street opening on Monday. The intensifying Russia-Ukraine situation over the weekend heightened market concerns and drove oil prices upward.Prior to Monday’s opening bell, S&P 500 futures declined 0.4%, whilst Dow Jones Industrial Average futures decreased 0.3%. The Nasdaq futures showed a reduction of 0.6%.The escalating Russia-Ukraine conflict, coupled with OPEC+’s decision to implement a smaller-than-anticipated production increase, led to rising oil prices and gains in oil company shares.Devon Energy experienced a 2.5% increase, whilst Chevron, Exxon and ConocoPhillips each gained between 1% and 1.5%.The US benchmark crude oil rose by $2.54, exceeding 4%, reaching $63.33 per barrel. Simultaneously, Brent crude, the global benchmark, increased by $2.34 to $65.12 per barrel.Steel sector shares witnessed substantial gains after President Donald Trump announced to Pennsylvania steelworkers on Friday his decision to increase steel import tariffs to 50%, doubling the previous rate to safeguard their industry. This significant increase could potentially raise prices for steel, a crucial material in housing, automotive and various other manufactured goods.

Photo: https://archive.nclt.gov.in/

The National Company Law Tribunal (NCLT), Mumbai has admitted insolvency plea against Reliance Infrastructure Ltd. filed by IDBI Trusteeship Services Ltd.

In April 2022, IDBI Trusteeship had filed a petition for initiating corporate insolvency resolution process (CIRP) against Reliance Infrastructure, under section 9 of the Insolvency and Bankruptcy Code, alleging a default of ₹88.68 crore as on August 28, 2018 as well as interest at 1.25% a month from 30 days of the date of receipt of each invoice until the payment date.

It was based on default in the payment of 10 invoices issued between 2017 and 2018 by Dhursar Solar Power Private Ltd. (DSPPL) for supplying solar energy to Reliance Infrastructure as per the energy purchase agreement in 2012. IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance Infrastructure. 

In its order on May 30, NCLT said it was aware of the attempts of both the parties to amicably settle the matter.

“We provided sufficient opportunities for the same but the efforts did not yield any result and also noted that the pre-mediation process between the parties has not become successful,” it added.

The NCLT said it has come to a definite conclusion that IDBI Trusteeship has become successful in establishing operational debt due and payable against Reliance Infrastructure and that the company is in default.

It also appointed Tehseen Fatima Khatri as the interim resolution professional (IRP) of the company.

The NCLT also declined the Reliance Infrastructure lawyer’s request to stay the order of admission of CIRP and also to direct the IRP not to take charge of the company.

“We find that there is no provision in the IBC to stay an order of CIRP initiated in respect of the Corporate Debtor (CD). This Adjudicating Authority also has no power to direct an Interim Insolvency Professional appointed, not to take charge of its CD once CIRP is ordered,” it added.

NEW DELHI: Vodafone Idea CEO Akshaya Moondra, during an investor call following the release of the company’s Q4 and FY25 financial results, confirmed that the company is actively engaged in discussions with the government regarding the long-standing Adjusted Gross Revenue (AGR) issue. He noted that there are no existing restrictions that prevent the government from extending support.“As far as the government relief is concerned, I think we are engaged with the government… what the government will do, I cannot comment on their behalf. But definitely post the judgment, we continue with our engagement with the government to find a solution to the AGR matter,” Moondra said, as quoted by news agency PTI.Highlighting broader challenges in the telecom sector, Moondra pointed out that India continues to have the lowest Average Revenue Per User (ARPU) globally, while industry returns remain below the cost of capital. He called on the urgent need for a revised pricing framework, stating that higher data consumption should be charged proportionally more- a departure from the current pricing model.Moondra also referred to the 2021 telecom reforms, emphasizing that despite Public Interest Litigations (PILs) in the Supreme Court, the court upheld that policy decisions fall within the government’s domain. He suggested this precedent indicates the government retains the authority to implement relief measures for the sector.The CEO further clarified the government’s position regarding its 49 per cent stake in Vodafone Idea, acquired through a recent dues-to-equity conversion. “There is no intent to take up any board seat, the shareholding of the government is a consequence of the government providing support in reducing dues,” he stated.This clarification gains importance as Vodafone Idea seeks a waiver of approximately Rs 30,000 crore in AGR dues. The company is grappling with statutory liabilities and a declining subscriber base. According to TRAI data, VI lost 6.47 lakh mobile users in April, bringing its total to 20.47 crore subscribers.Following the Supreme Court’s dismissal of its AGR relief plea, Vodafone Idea informed the Department of Telecommunications that its operations beyond FY26 would be unsustainable without government intervention, a key concern in ongoing discussions with banks regarding future funding.Also read: ‘No more conversion of equity in Voda-Idea’Financially, the company reported a reduced net loss of Rs 7,166.1 crore for the March quarter. Its revenue for Q4FY25 rose 3.8 per cent year-on-year to Rs 11,013.5 crore. For the full fiscal year, losses narrowed to Rs 27,383.4 crore from Rs 31,238.4 crore in FY24.To strengthen its financial position, Vodafone Idea’s board has approved a fundraising plan of up to Rs 20,000 crore, subject to regulatory and shareholder approvals. The capital infusion may be raised “either by way of further public offer or private placement or through any other permissible mode as may be considered appropriate,” the company said.

Damaged nose of an IndiGo aircraft after a bird strike during landing at Birsa Munda Airport, in Ranchi, on June 2, 2025.
| Photo Credit: PTI

Around 175 passengers had a close shave after an IndiGo flight suffered a bird hit and made an emergency landing at Ranchi’s Birsa Munda Airport on Monday (June 2, 2025), an official said.

All the passengers and crew members are safe while the aircraft Airbus 320 suffered damage, he said.

“An IndiGo flight suffered a bird hit near Ranchi. It was approximately 10 to 12 nautical miles away from here, at about 3,000 to 4,000 feet altitude, when the incident occurred. The IndiGo flight was coming from Patna to Ranchi, and the pilot had to make an emergency landing here,” Birsa Munda Airport, Ranchi, Director R.R. Maurya told PTI.

He said all the passengers are safe, but the “aircraft suffered a dent after being hit by a vulture. Engineers are assessing the damage,” he said.

The incident occurred at 1.14 p.m.

Another official said that the aircraft, which was coming to Ranchi, was scheduled to go to Kolkata. IndiGo officials, however, did not make any comment.

In this screenshot from @narendramodi via Youtube on June 2, 2025, Prime Minister Narendra Modi addresses a gathering during Plenary Session of World Air Transport Summit, at Bharat Mandapam, in New Delhi. Photo: @narendramodi/YT via PTI Photo

Prime Minister Narendra Modi on Monday (June 2, 2025) said India’s fast-growing aviation sector offers an excellent investment opportunity for leading global companies.

Addressing the AGM of the International Air Transport Association (IATA) in New Delhi, Mr. Modi said the country aims to increase the size of the maintenance, repair and overhaul (MRO) segment to $4 billion by 2030.

Emphasising that India has an open and supportive policy ecosystem, Mr. Modi said all efforts are being made to make the country a global manufacturing hub.

India is ready for big investments in the civil aviation sector, he noted.

“We want the world to see India not just as an aviation market but also as a value chain leader…Our direction is right, our speed is right…So, we are confident that we will continue to move forward rapidly,” Mr. Modi said.

He further said India is investing in world-class airports and that the number of airports has increased to 162 from 74.

Today, India is the world’s third-largest domestic aviation market.

The success of the UDAN scheme is a golden chapter in Indian civil aviation, the Prime Minister said.

IndiGo CEO Pieter Elbers attends the press briefing during the annual International Air Transport Association meeting in New Delhi, on June 2, 2025.
| Photo Credit: Reuters

Sparring with Emirates President Tim Clark, who once again criticised India’s restrictive policy for foreign carriers, IndiGo CEO Pieter Elbers on Monday said, “if one side makes more and more noise, it doesn’t mean that you are more and more right.”

“It’s called the bilateral agreement, right? That means two sides have to agree on something,” Mr. Elbers said during a press conference at the Annual General Meeting of the International Air Transport Association (IATA) in New Delhi, when asked about India’s protectionist policies towards airlines.

On Sunday (June 1, 2025), Mr Clark had stated that India’s ambitions for developing hub airports to attract connecting passengers were not “compatible” with its restrictive policies for foreign airlines. The UAE has sought a revision of the air service agreement and a doubling of seat capacity between Dubai and India from 65,000 seats per week to 1,40,000 seats. However, the Indian government maintains that it needs to prevent leakage of passengers ferried by foreign carriers through their hub airports such as Dubai, Doha, and Singapore, at the expense of Indian carriers flying long-haul routes such as Air India.

IndiGo’s CEO described the Indian government’s approach as “completely fair and balanced.” Mr Elbers’s remarks, which are usually measured, come at a time when IndiGo is entering the European market, with Manchester and Amsterdam as its maiden destinations from early July. The airline has also doubled its order of widebody Airbus A350 aircraft to 60, enabling it to offer non-stop flights across the world.

Mr Elbers explained that historically there had been an imbalance where several countries with flying rights into India deployed capacity through their airlines for Indian destinations, while Indian carriers lagged behind.

Sharing the stage with Mr Elbers was IATA Director General Willie Walsh, who expressed an opposing view. He said that while flying rights were an issue worldwide, India was now looking at a “fascinating opportunity” as it pivots from domestic to international connectivity. This transition would require greater access to international markets, which in turn would require reciprocity.

“As we see the expansion of the carriers in India accessing new markets, you will have to see a corresponding change to the approach for access,” Mr Walsh maintained.

Errol Musk in Delhi (ANI)

NEW DELHI: Errol Musk, father of Tesla CEO Elon Musk, expressed admiration for India’s push towards green technology, saying he sees immense potential in the country’s commitment to sustainability and energy efficiency. Speaking to ANI, during his visit to Delhi, Musk shared his insights on India as a global power, its green energy landscape, its cultural heritage, and his association with an Indian company, Servotec.Regarding India’s global geopolitical influence, Errol Musk gave his perspective saying, “India is a sleeping giant, there’s no doubt about it. Now, with India having a GDP which is about the third or fourth highest in the world, it’s absolutely incredible. It’s ultimately a world power. What can I say except, it’s terrific. I tell you why it’s terrific, because Indian people seem to me to be very loving people. They are not aggressive, mean people. They are people who embrace a person. So that’s the kind of people we want to be in a position of being an important global power. We’re tired of this other kind.”On India’s readiness to embrace clean energy solutions, Musk said, “It seems that the people here are very ready to go, they want to go on green technology in every possible way. I can’t say anything more than to say that, it’s great. It’s the right way to go.”He also revealed his growing interest in Indian companies contributing to the green energy sector. “I have studied and discovered this company called ‘Servotec’, and I’m very impressed with the sort of work they’re doing. They are one of a number of companies around the world that are springing up to do what is very important – that is to save every little bit of electricity, and make sure every little bit of electricity is used on earth,” Musk said, emphasising the urgent global need for electricity conservation.When asked about Tesla’s potential entry into India, Musk offered a cautious response: “That is something that I have to be careful not to say too much about. Tesla is a public company. It’s not ours…When you look at India and the population, the kind of people you’ve got here, the energy and everything and when I hear that, with great respect, BYD and various others are coming in, and Tatas and Mahindra are making great cars, I’m very inclined to say, wait, why aren’t we having Teslas here. But I can’t say too much. That’s just a personal point of view.”However, acknowledging the rising power demands driven by the EV boom, he also said, “We rely more and more on power and power comes in the form of electricity. Electric vehicles are currently estimated to have a value in India of about $8 billion US, and within five years, expected to be 100 billion. So, that means more electricity is needed, much more electricity is needed. And it’s not only electric vehicles, it’s everything that needs electricity. We can’t have any wastage anymore. Every bit of electricity that’s generated must be used, reused or saved.”Beyond energy and technology, Errol Musk also expressed admiration for India’s ancient civilisation and spirituality. “I am very keen on doing that (visit Ram Mandir in Ayodhya). I have a very humble appreciation of India’s incredible history. To my mind, the history of the world really probably comes back to India at some point. And we know that we have Vedas and so on that go back 14,000 years, and probably earlier. And so India has had lost civilisations, no doubt about that. Some of the Vedas even talk about flying vehicles. I have those Vedas with me. And I wrote a book that includes a lot of stories that includes information about India, Kashmir, Delhi and so on. And, I know India is a fascinating place. There’s no doubt about it, absolutely fascinating.”

A codeshare partnership allows an airline to book its passengers on its partner carrier on a single ticket. File
| Photo Credit: Reuters

Air India and Air Mauritius on Monday (June 2, 2025) announced expanding their codeshare partnership that will provide enhanced connectivity for India with South Africa, Reunion, and Madagascar through Mauritius.

As part of the strengthened bilateral codeshare agreement, Air India and Air Mauritius will place their designator codes on a total of 17 routes between India, Mauritius, Reunion, South Africa, and Madagascar, according to a release.

Generally, a codeshare partnership allows an airline to book its passengers on its partner carrier on a single ticket.

“Air India will place its ‘AI’ designator code on Air Mauritius flights to and from Cape Town and Johannesburg in South Africa, and Antananarivo in Madagascar,” the release added.

The airline already codeshares on Air Mauritius flights between Mauritius and Mumbai, Delhi and Reunion.

The expanded codeshare partnership pact was signed by Air India CEO and MD Campbell Wilson and Air Mauritius Chairman Kishore Beegoo on the sidelines of the annual general meeting of the International Air Transport Association (IATA) in the National Capital.