Visakhapatnam : Commercial flight operations commenced at the newly developed Alluri Sitarama Raju International Airport at Bhogapuram in Vizianagaram district from midnight as Visakhapatnam Airport in Andhra Pradesh slipped into history.

All commercial operations at the Civil Enclave at Visakhapatnam Airport (INS Dega) shifted to Bhogapuram Airport, about 45 km away, with effect from 00.01 hours on Monday (August 17).

The International Air Transport Code “VTZ” for Visakhapatnam Airport was transferred to Bhogapuram International Greenfield Airport. Scoot Airlines’ flight to Singapore was the first to take off from the new airport around midnight.

IndiGo flight from Hyderabad landed at Bhogapuram Airport at 6.45 a.m. GMR representatives, airport and Vizianagaram district officials welcomed the flight. Passengers were presented with Etikoppaka toys as mementoes.

First domestic flight from the new airport took off for Hyderabad at 7.30 a.m. Later flights to Bengaluru, Delhi and Hyderabad were operated.

Earlier, teary-eyed staff at Visakhapatnam Airport bid an emotional farewell to the last flight, which took off at 10.45 p.m. on Sunday. IndiGo 6E 2018 was the last flight to take off for Delhi.

Built during World War II and opened to civilian operations in 1962, the airport has been a key part of Visakhapatnam’s aviation history. However, the shifting of airport operations to Bhogapuram has rendered about 1,000 people unemployed at Visakhapatnam Airport. The workers have appealed to the state and Central governments to provide them alternate jobs.

According to the notification issued by the Civil Aviation Ministry late last month, the commercial operations at the Civil Enclave at Visakhapatnam Airport (INS Dega) will cease for 30 years, except for airport activity at time of national emergency or by aircraft owned or operated by or for the Indian Air Force or other Armed Forces of India or police or any such other authorities or for transportation of dignitaries by special government owned, leased or hired VIP aircraft.

Authorities are operating 20 electric buses from Visakhapatnam to Bhogapuram Airport for the convenience of air travellers.

IndiGo, Air India Express and other airlines are operating services to domestic destinations like Hyderabad, Tirupati, Chennai, Bengaluru, Delhi, Kolkata and Mumbai. Scoot Airlines and Air India operate flights to Singapore while IndiGo operates flights to Abu Dhabi.

All airlines shifted their operations from Visakhapatnam Airport to Bhogapuram Airport.

According to officials, 31 flights will be operated from Bhogapuram Airport on the first day. About 6,000 to 7,000 passengers will travel by these flights.

Prime Minister Narendra Modi inaugurated Bhogapuram Airport on August 1.

Developed and operated by GMR Visakhapatnam International Airport Limited (GVIAL) under the Public Private Partnership model at a cost of nearly Rs 4,727 crore, Bhogapuram is among the fastest-completed Greenfield international airports in India. It was completed within 31 months, nearly five months ahead of schedule.

The airport has been designed to handle six million passengers annually in the first phase, with a master plan to expand capacity to 40 million passengers annually in the future.

Its airside infrastructure includes a 3,800-metre Code 4E runway, capable of handling wide-body aircraft such as the Boeing 777, Boeing 787 Dreamliner, Airbus A330 and Airbus A340, a parallel taxiway, rapid-exit taxiways and 18 aircraft stands.

The airport is also equipped with advanced airfield lighting, navigation aids and CNS/ATM infrastructure to support both domestic and international operations.

The project is expected to play a pivotal role in boosting economic growth, tourism, industrial investment, exports, logistics, and the aerospace and defence sectors across the erstwhile Visakhapatnam, Vizianagaram, and Srikakulam districts.

The integrated project spans 2,703.26 acres, including 2,203.32 acres for the airport, 500 acres for the aviation hub, and 136.63 acres for Aviation University/EduCity.

New Delhi: The clearing corporation of BSE — BSE Clearing Limited — on Monday launched three‑working‑day contracts in the Securities Lending & Borrowing segment to provide greater flexibility for short‑term securities borrowings and delivery requirements.

The statement from BSE Clearing Limited said the shorter tenor can also facilitate inter-exchange arbitrage and greater price alignment across trading venues, enabling participants to respond more efficiently to temporary market opportunities.

The initiative builds on the flexibility provided under SEBI’s SLB framework for introducing contracts of different tenures based on the evolving needs of market participants.

The contracts will feature a T+1 first leg and a T+3 reverse leg, excluding settlement holidays, and will initially be available for securities in the F&O segment under the “D” series prefix, the statement said.

The shorter-tenor contracts provided market participants with an additional avenue for short-term securities borrowing and lending through the BSE SLB platform.

The SLB platform will continue to operate through an automated, screen-based order matching mechanism based on price-time priority, the statement noted.

There will be no foreclosure in the event of an AGM (Annual General Meeting) or EGM (Extraordinary General Meeting), and the contracts will not have a facility for Repay, Recall or Rollover.

“The introduction of shorter-tenor SLB contracts is an important step towards making the securities lending ecosystem more responsive to the evolving needs of market participants,” said Vaisshali Babu, MD & CEO, BSE Clearing Limited.

By providing greater flexibility in contract tenures, the facility will support short-term securities requirements, facilitate greater price alignment and further deepen participation in the SLB market, she added.

NSE Clearing Limited has earlier announced the introduction of shorter-tenure contracts under the Securities Lending and Borrowing (SLB) Scheme from August 17.

Mumbai, Aug 16: Five of India’s 10 most-valued companies together saw more than Rs 1 trillion (Rs 1 lakh crore) wiped off their market capitalisation last week as weakness in domestic equities weighed on investor sentiment, with Tata Consultancy Services (TCS) emerging as the biggest laggard.

The broader market remained under pressure during the week, with the Sensex falling 489.92 points, or 0.62 per cent, while the Nifty declined 204.65 points, or 0.83 per cent.

Among the top-10 valued firms, TCS recorded the sharpest erosion in market value. The IT major’s market capitalisation fell by Rs 34,263.28 crore to Rs 8.53 lakh crore.

Reliance Industries, the country’s most-valued company, also witnessed a substantial decline, with its valuation dropping by Rs 31,869.13 crore to Rs 17.70 lakh crore.

State Bank of India suffered the third-largest loss among the top firms, with its market capitalisation shrinking by Rs 25,891.88 crore to Rs 9.86 lakh crore.

HDFC Bank’s valuation fell by Rs 7,165.37 crore to Rs 11.21 lakh crore, while ICICI Bank lost Rs 2,792.65 crore in market value, ending the week with a valuation of Rs 10.18 lakh crore.

Despite the overall weakness, five companies in the top-10 pack managed to add a combined Rs 55,149.45 crore to their market capitalisation.

Life Insurance Corporation of India (LIC) led the gainers, with its market valuation rising by Rs 26,438.49 crore to Rs 5.23 lakh crore.

Bharti Airtel also posted strong gains, adding Rs 20,592.13 crore to take its valuation to Rs 12.43 lakh crore.

Bajaj Finance’s market capitalisation increased by Rs 3,548.79 crore to Rs 6.77 lakh crore, while Larsen & Toubro added Rs 2,490.66 crore, pushing its valuation to Rs 5.59 lakh crore. Hindustan Unilever’s market value rose by Rs 2,079.38 crore to Rs 4.91 lakh crore.

At the end of the week, Reliance Industries retained its position as India’s most-valued company, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.