altimeter capital letter

United Continental Holdings, Inc. Altimeter Growth Corp. 2 raised $400 million in a January IPO. Altimeter Growth Corp. raised $450 million in an October 2020 IPO. 2,06,700 crore) a year and capped annual investment in the metaverse to $5 billion (roughly Rs . I hear you but look, there are, there are some people who think and it's not maybe it's not a Snowflake, but it's a you know, a basket of these kinds of names that may never get back. Form of Letter Agreement between the Registrant, the Sponsor and each director and executive officer of the Registrant. Altimeter Capital owns a stake of about $320 million, according to the Wall Street Journal, but that only equates with a 0.1% share of the company, according to Meta's latest filings with the. 9/29/2022 1:05 AM. The firm also considers investments in the consumer products and services, gaming, retail, and transportation sectors. It's a better version of Zoom. I'll acknowledge that Roblox and other names like that are in a much smaller, are in a much more perilous position in this market because they're not generating as much free cash as some of these other companies that I already mentioned. Whether it is making Whatsapp more seamless or making content and ads more useful on Instagram, Reels and Facebook AI is a globally scarce resource that already is driving noticeable improvements for Metas three billion customers and advertisers. The silver lining is that unlike many companies, this popular narrative obscures the truth. UPDATE: Altimeter Capital, PAR Capital Issue Letter to United Continental Board - United Airlines Holdings (NASDAQ:UAL) - Benzinga SPY 397.68 0.74% QQQ 293.61 0.83% BTC/USD 22299.46 5.109%. Last fall, Brad Gerstner from Altimeter Capital published an open letter, telling Meta it has "lost the confidence of investors" and telling the company to throw in the towel on its metaverse project. Meta Platforms, which is set to report third-quarter results on Wednesday after markets close, declined to comment. 2023 Benzinga.com. Chief Executive Officer We believe in this team. Conforti plans to join a new firm as a co-founder with former Whale Rock Capital Management partner Kristov Paulus, said one of the people, who asked not to be identified because the information is private. We are confident that these employees will find replacement jobs and quickly be back to work on important inventions that will move us all forward. They're building their own ad platform, right, that can deal with this. I don't think Mark did a particularly good job of explaining the meta investments. Altimeter's nominees are: Those three companies are all down that amount because it turns out that this year people got off their couch, they went out and they went to restaurants and they went in and did things instead of buy things. That's because enterprises love their product. QUARTERLY LETTER 2022 | Vol.1 1345 AVENUE OF THE AMERICA S 33RDFLOOR NEW YORK, NY 10105 HAYDENCAPITAL.COM HAYDEN CAPITAL 2 May 20, 2022 Dear Partners and Friends, The last six months have been extremely painful - by far, the worst period since we started Hayden. What Does Metaverse Mean and How Does This Virtual World Work? GERSTNER: Well, first let's talk about what took Facebook down, right? We had given most of that up by middle of December. Altimeter Capital Chair and CEO Brad Gerstner said in an open letter to the company and CEO Mark Zuckerberg on Monday that Meta has too many employees and is moving too slowly to retain the confidence of investors. He said the money the company is currently spending to develop VR could add up for a decade before it comes to fruition. Brad Gerstner founded the. As such, we would encourage the company to move aggressively and cut at least 20% of employee-related expenses by January 1, 2023. That's why even the sell side consensus numbers have their growth rate accelerating, almost doubling between Q2 and Q4 of this year and we think it will accelerate even faster. Despite public skepticism at times warranted we have been supporters With all of this said, we truly believe that the company should be making some of these important investments. The reductions for the Quest Pro start March 5 in the U.S. and Canada, and on March 15 in other countries where it is supported. Altimeter Capital Chair and CEO Brad Gerstner, in an open letter to the company, said Meta has too many employees and is moving too slowly to retain the confidence of investors. With that said, we have a shortage of talent in Silicon Valley. Activist investor Brad Gerstner, founder and CEO of tech-focusedhedge fundAltimeter Capital, sent anopen letterto CEOMark Zuckerbergin October calling for a pullback in metaverse spending. If you click the "Accept" button, you consent to the use of cookies on our website. This heavy equipment maker is a good buy on dips stock; heres why, Tears from smokeless cooking gas as consumers continue to bear price hikes on top of subsidy cuts. And I think they have to execute against the underlying operations in the business. And now we've shot right through the five-year average. Please refer to the section on cookies in our Website Privacy Policy As a result, the team hastily pivoted the company toward the metaverse including a surprise re-naming of the company to Meta. I have been told that Amazon spent far less in total to build AWS. According to Hedge Follow, it was authored by Brad Gerstner, CEO and founder of technology investment firm Altimeter Capital. To accomplish this goal, we recommend a three step plan that will double FCF to $40 B per year and focus the companys teams and investments: Reduce headcount expense by at least 20%;Reduce annual capex by at least $5 B from $30B to $25B; andLimit investment in metaverse / Reality Labs to no more than $5B per year. Whatever the reason, that is certainly the perception. How big are the margins, ultimately Snowflake will be worth a lot more because there is almost endless demand for the product and this is a business that is highly profitable. Altimeter Capital launched its two SPACs in October and January, raising a combined $850 million between the two blank-check vehicles. And then take that part of the world. Meta and other large companies have made it very difficult for start-ups to hire. This compensation may impact how and where listings appear. Altimeter Capital's Brad Gerstner Issues Open Letter to Meta (NASDAQ: META) and Mark Zuckerberg. As such, we think during this period of growth transition and economic uncertainty, the company should decrease capex by at least $5B and maintain this discipline until revenues re-accelerate bringing our capex as a percentage of revenue more in line with our large cap peers. The cumulative benefit of the recommended adjustments outlined above would increase FCF by at least $20B in 2023 ($10B from people-related expense reduction, $5B from capex reduction, and $5B from reduced metaverse spend). Further strengthening our own conclusions, your seemingly desperate actions yesterday appear as a transparent and cynical attempt to maintain your official privileges and power, despite your long historical record of deficient oversight on behalf of stockholders. Altimeter Capital Management LP now owns 2,850,000 shares of the Internet company based in Singapore's stock worth $131,784,000 after purchasing an additional 1,600,000 shares during the last quarter. Altimeter Capital Management, LP ("Altimeter") is an SEC-registered investment adviser. Founder & Chief Executive Officer at Altimeter Capital . browser. Are you as optimistic today as you were in months past? "Jitesh Ubrani: Tweet From March 3, 2023. That stuff was being advertised on Instagram. SCOTT WAPNER: Now let's move to an exclusive interview with a marquee investor who saw the destruction in tech coming, Altimeter Capital's founder and CEO Brad Gerstner. I mean, we're talking about billions of dollars in revenue but you left that out. We believe the future lies in AI. And, while most companies will struggle to monetize AI, we believe Meta is incredibly well positioned to leverage AI to make all of its existing products better. Benzinga does not provide investment advice. Like many other companies in a zero rate world Meta has drifted into the land of excess too many people, too many ideas, too little urgency. We're down on the year. As always, we welcome the opportunity to engage in further discussions focused on this shared objective. And so, for our LPs, the bet is simple. PAR Capital Management, Inc. Do Not Sell My Personal Data/Privacy Policy. Sign up for free newsletters and get more CNBC delivered to your inbox. We have little doubt investors and others would happily support scaling up these investments as the ROI becomes more tangible even if still long-term. 41,300 crore) to $25 billion (roughly Rs. Meta didn't immediately respond to a request for comment. Altimeter. https://www.cnbc.com/video/2022/03/14/we-could-go-lower-before-we-go-higher-in-stocks-says-altimeter-capitalas-ceo-brad-gerstner.html. You got a lot of this right but multiples have come down a heck of a lot to this point. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Why 20%? We also believe Metas investment in AI will lead to exciting and important new products that can be cross-sold to billions of customers. The same is true for Microsoft, right? Do they want to stand with me and ride that out? Even excluding its large metaverse investment, Meta has gone from $15B in annual capex in 2018, 2019, and 2020 to $30B in annual capex in 2022. The letter is the latest sign that Meta investors are starting to express reservations about the company's recent performance. You would simply do R&D quietly and investors would focus on the core business and the breakthroughs in AI. Over the last three years, Meta has also dramatically increased its capital expenses. They are people with families and kids to support. Altimeter Capital Management is a technology focused investment firm based in Menlo Park, CA and Boston, MA. [3] Right? We are confident that these employees will find replacement jobs and quickly be back to work on important inventions that will move us all forward. As such, we think Meta company should cap its metaverse investments to no more than $5B per year with more discrete targets and measures of success, as opposed to todays much more ambitious and open-ended strategy. Get this delivered to your inbox, and more info about our products and services. Meta. It's also a vote of less confidence about the company's ambitions in the world of virtual and augmented reality. Right? In his open letter, Gerstner asked Meta to cap its expenditure on the metaverse to $5 billion a year from the current announced investment of $10-15 billion. I don't think there's any chance that the Fed is going to raise rates 10 times this year. It will get there three years from now because it's free cash flow margin will continue to expand and if you just get it, give it the multiples that are currently in the market, right, that have already drawn down on free cash flow, you get to that 3X that I quoted. You do, you do great work, excited for the new show and let's stay after it. So take Snowflake as an example. They're fearful about the war. Altimeter is focused on technology investment, and has found multi-billion-dollar success. This is a business it's trading at 12 times free cash flow, X the meta investment and 18 times including. As you know, Altimeter Capital Management and PAR Capital Management are long-term United Continental Holdings, Inc. ("United") stockholders that together own approximately 7.1% of United's outstanding common stock. Consumer confidence is plummeting. This is a region of 700 million plus people. The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn. We have not made this difficult decision lightly, but after thorough, serious, and objective analysis, we feel compelled to act. But the fact of the matter is the entire market has evaporated around these types of stocks. Meta (Facebook) Begins Biggest Layoffs in Company's History, Meta (META) Connect Conference Key Takeaways, Meta (Facebook) Shares Slammed as Earnings, Spending Disappoint. Altimeter Capital owns about 2.46 million Meta shares. Two years from now, people are going to be looking back and say, why the hell didn't you buy Snowflake at 160 bucks a share? I don't think the Fed is going to throw away two years' worth of work to try to avoid a recession in a election year and run us straight into the teeth of a recession while we're trying to fight a war in Europe. . We're not in the business of being long or short bonds generally I'd put them on as a hedge against our growth exposure. But far from being a bad decision, we think the recommendations outlined above will lead to a leaner, more productive, and more focused company a company that regains its confidence and momentum. In fact, we believe that augmented and artificial intelligence has the potential to drive more economic productivity than the internet itself. Their last reported 13F filing for Q4 2022 included $3,652,571,000 in managed 13F securities and a top 10 holdings concentration of 99.95%. Altimeter Capital Management, ISDA 2021 SBS Top-Up Protocol - Adherence. I don't think stocks today reflect a great price discovery about where these stocks are going to be in six months, let alone two years, but I'm also eyes wide open to the fact that we could go lower before we go higher. On top of that we had supply chain challenges. Moreover, I am a strong supporter of founder-led companies especially when they have your successful track record of seeing the future. And Meta certainly has abundant financial resources to invest and / or return to shareholders. In Q1 of 2021, everybody was sitting on their couch. Days Trial. Focusing the Metaverse: the Next Generation of Communication and Collaboration. Meta stock is down over 61% in 2022. ISDA 2021 SBS Top-Up Protocol, Adhering Organization: I have spent over 20 years investing behind some of the worlds great founders who are helping to invent the technologies that move the world forward. You probably know you should capitalize proper nouns and the first word of every sentence. JavaScript in your web browser. They just announced that they're going to be profit, full company profitable by 2023. And, while that ultimately is an important long-term measure of success for all of Metas stakeholders, it would be imprudent to make short-term bad decisions just to improve the share price. Perhaps it was the re-naming of the company to Meta that caused the world to conclude that you were spending 100% of your time on Reality Labs instead of AI or the core business. It can do that by making. WAPNER: So let me talk about your overall exposure if I if I could because by last December, you had said you had taken most of your your shorts off and your long exposure was back up to 70%. It added that VR is "a powerful social platform and creative technology, and the more people with access to it, the better. And, while most companies will struggle to monetize AI, we believe Meta is incredibly well positioned to leverage AI to make all of its existing products better. CAPEX Investing Aggressively and Responsibly in the Future of AI. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. I'm going to own these companies, there are a handful of select companies that are free cashflow positive that are going to be worth more in the future. We are generally patient investors. August 2012 Protocol ALID: 66703 I expected that as the world of normalized post Omicron that we would get back to the five-year average multiple. What is the rate of increase? The vast majority of the capex has been an essential and high-returning investment in data centers, Nvidia GPUs and other AI resources to solidify the companys position as one of worlds leaders in AI. But I am confident these companies like Snowflake, like Uber, like Facebook are going to be worth more than they are today at significantly more if you look out two years. All quotes delayed a minimum of 15 minutes. Meta said the cost of the Quest 2 will drop $70 to $429.99, while the price of the higher-end Quest Pro will be slashed to $999.99 from $1,499.99. 10. "Time to Get Fit an Open Letter from Altimeter to Mark Zuckerberg (and the Meta Board of Directors).". GERSTNER: Well, the first thing I would say is this, set aside SPAC. Days Trial Based on yesterday's announcement, it seems the Board now agrees that for many years it operated with a suboptimal composition. Menlo Park, CA 94025 (650) 549-9145 (Name, address, including zip code, and telephone number, including area code, of agent for service) Copies: . Search ISDA ISDA fosters safe and efficient derivatives markets to facilitate effective risk . As always, happy to connect with you and your team. WAPNER: I want to take a look at the stock in "Overtime" here because I think you're moving in I'm looking at what looks to be a higher move as we're having this conversation and that brings me frankly, now to Facebook. Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time. Data is a real-time snapshot *Data is delayed at least 15 minutes. $6.9 M. The deal values the combined company at $35 billion and will. We have little doubt investors and others would happily support scaling up these investments as the ROI becomes more tangible even if still long-term. We know Meta has more reach, more relevance, and more incredible opportunities for growth than almost any platform on the planet. Of course, a company that connects nearly three billion users on phone and text must be investing in the next generation of communication. The definitions and provisions contained in the Protocol Agreement are incorporated into this Adherence Letter, which will supplement and form part of each Protocol Covered Agreement between us and each other Adhering Party. It's my job to ask you about it knowing you're not happy about it and you answered the question. Sign Up. If you have a two-to-three-year time horizon, there is no doubt there are a lot of stocks that are going to be up well over 100% off this bottom. US Jobs Report and Powell Testimony Take Center Stage: Eco Week, Bond Mavens Favor Curve Wagers for Next Encounter With Jobs Data, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Shortage ofMetals for EVs Is Rising Up the Agenda in Automakers C-Suites, Italys CDP, Macquarie Said Set to Make Telecom Italia Grid Offer, In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. articles a month for anyone to read, even non-subscribers! Following careful consideration, we have firmly concluded that meaningful change to United's existing Board of Directors is urgently required in order to reverse long-standing poor Board governance and the resulting many years of substantial and inexcusable Company underperformance relative to United's competitors. Login See the Top Performing Hedge-Funds > Brad Gerstner . The Meta investor recommends a plan to get the company's "mojo back.". Ray Dalio's: Bridgewater Associates. Altimeter Capital Management is a hedge fund with 17 clients and discretionary assets under management (AUM) of $17,950,309,162 (Form ADV from 2022-05-27). click here! The facts are startling. We can just go through the list, Uber, Facebook, Roblox. . WAPNER: I know I know you're not happy about it. 2550 Sand Hill Road, Suite 150. At Meta, the number of employees is up over 3x from 25k to 85k employees in just the last four years! The firm's private equity arm makes all-stage venture capital investments, primarily in the technology sector. 233 South Wacker Drive United Urgently Needs a Course Correction: United's stockholders, customers, and employees deserve better Board governance, better Board leadership, and better Board performance. Now you didn't address any of the iOS changes and the revenue hit that Facebook is is assuming from that and those are legitimate changes. So we believe not only you're going to get dramatically accelerated earnings, right, we think they're going to be a little bit more cautious about how they're spending those meta investment dollars, how they're spending dollars across the business. Over time, we intend to share with United's stockholders our detailed analysis, which has led us to conclude, among other things, that: Nov. 16, 2021 at 2:38 p.m. Altimeter said annual free cash flow can be doubled to $40 billion if it cut headcount by at least 20%, trimmed capital expenditure by at least $5 billion to $25 billion a year and capped. Our best guess is that maintenance capex for Meta is less than $10B annually. Or it's well over a trillion, Microsoft 3 trillion. Chief Executive Officer I think you're gonna see monetization gains against IDFA and either way we lap that issue in Q3 and Q4. The purpose of this letter is to confirm our adherence as a Protocol Participant to the ISDA 2021 SBS Top-Up Protocol Agreement as published by the International Swaps and Derivatives Association, Inc. on February 25, 2021 (the Protocol Agreement). United has an Underqualified, Ineffective, and Entrenched Board: While presiding over United's stunning long-term underperformance, we believe that the incumbent Board (and a majority of the newly-expanded 15-person Board): (1) lacks sufficient leadership, expertise, and experience to challenge management and hold management accountable, to direct an operational and financial turn-around, and to maximize stockholder value; (2) has entrenched itself by implementing various mechanisms to financially penalize stockholders for making meaningful Board changes; (3) has failed to adequately align management compensation with stockholder interests; and (4) is too stale to effectively represent stockholders. Gordon Bethune, former CEO of Continental Airlines; board member of Honeywell, Prudential Financial, and Sprint; Frankly, if I was Sea Limited, if I was Uber, I might be looking at consolidating the business. The stock is 51% off of its high. All Rights Reserved. This company is perfectly positioned to capitalize on that they have the, the ad network to monetize it. effective risk management for all users of derivative products. Meta Platforms (META) shares jumped 6% after the tech giantannouncedbig price cuts for its virtual reality (VR) headsets. Moreover, Meta has industry leading capabilities in key future technologies like artificial intelligence and immersive 3d that will help drive new products and future growth. The company has lost investor confidence as it ramped up spending and pivoted to the metaverse, the technology-focused hedge fund with a 0.1% stake said, and suggested a three-step plan. . In addition, people are confused by what the metaverse even means. GERSTNER: Without a doubt the single biggest lever on growth multiples is rates. There is no doubt that doubling annual FCF will improve share price. But listen, there's massive uncertainty in the world. How big is that market? Over the last three years, Meta has also dramatically increased its capital expenses. I would take it a step further and argue that these incredible companies would run even better and more efficiently without the layers and lethargy that comes with this extreme rate of employee expansion. committed hundreds of millions of dollars to Sequoia Capital, Altimeter Capital Management and Multicoin . We did not see this talk of 10 rate hikes and we certainly didn't see a war developing in Europe. Includes DocuBay and TimesPrime Membership. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. There isnt a day that goes by where I dont find myself using Metas products to communicate, to connect, and to entertain still amazed at the power of these services. In fact, in the most recent quarter, they added 1.4 billion of contracted value. But far from being a bad decision, we think the recommendations outlined above will lead to a leaner, more productive, and more focused company a company that regains its confidence and momentum. Metas core business is one of the largest and most profitable in the world with over $45 B in operating profits last year alone. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Following is the unofficial transcript of a CNBC exclusive interview with Altimeter Capital Founder & CEO Brad Gerstner on CNBC's "Closing Bell: Overtime" (M-F, 4PM-5PM ET) today, Monday, March 14th for the premiere. Can you tell me where that stands now and how you view stocks like that that have gotten absolutely obliterated? We know Meta has more reach, more relevance, and more incredible opportunities for growth than almost any platform on the planet. The vast majority of the capex has been an essential and high-returning investment in data centers, Nvidia GPUs and other AI resources to solidify the companys position as one of worlds leaders in AI. Meta says India most significant country for all new things across its platforms, Meta to cut its headcount expenditure by 20%, Hindenburg-triggered Adani Stock Plunge: SC Names Panel to Review Investor Protection Norms, Insurers Eye Bigger Marine Pool for Russia Shipments, ETtech Explainer: Whats behind Sebis crackdown on YouTube influencers for stock market manipulation, A correction good for IT companies, staff: Nasscom chairperson, Infosys cofounder Narayana Murthy says VCs responsible for current growth culture in startups, Caution, conservative client outlook behind Capgeminis muted guidance: CEO Ashwin Yardi, Parliamentary standing committee has approved data protection bill: Ashwini Vaishnaw, Assembly Elections 2023 Results Highlights, India Post Payment Bank Post Office Savings Bank All India Single Ifsc Delhi Delhi IPOS0000DOP, Dragons Prying Eye In The Sky Why Balloon Gate Should Be On Top Of Indias List Of Worries, How Banks Ceded The Upi Space And Control To Phonepe And Google Pay, Macquaries Double Upgrade Has Sparked Some Interest In Paytm Stock Should You Buy, Amazons Aim To Rule Air Cargo Just Got Wings In India Why This Is Only The Start Of A Long Haul, Why A Minority Investor Wants To Stall The Long Pending Indiabulls Real Estate Embassy Group Merger, In 4 Stories Cognizants Tumultuous Journey, Future Locked In A Crypt Understanding The Crackdown On Crypto Amid A Hope For A Global Framework, 5 Weekend Must Reads Featuring India Taking On The Us In Automobile Reliability, The Worlds Most Important Box In 3 Stories, Silent Epidemic The Health Catastrophe India Is Not Talking About And Why That Should Change, Budget 2023 Tweaked The New Income Tax Slabs, Sensex Surges Over 200 Points Nifty50 Above 10350, Why Boycott Germany Is Trending Here Is All You Need To Know, New Zealand Earthquake Of Magnitude 6 1 Hits Northwest Of Wellington Amidst Cyclone Gabrielle, Now Reach Delhi To Jaipur Within 2 3 Hours Courtesy Delhi Mumbai Expressway, Chatgpt Vs Google Bard How Do These Two Ai Chatbots Stack Up Against Each Other, Air India Boeing Deal Us President Biden Speaks With Pm Modi After Landmark Agreement Of 220 Aircraft, Khalistani Separatist Amritpal Singh Gives Ultimatum To Punjab Govt Cancel Fir In An Hour Or Else, Russia Ukraine War Ukrainian Soldiers Call For More Western Weapons, Explained Us New Move On H1b And L1 Visas, Statestreet Hcl Services India Private Limited, Nclat Upheld Adani Power Bid For Korba West Power Asks Shapoorji Pallonji Co To Pursue Arbitration For Claims, Manish Sisodias Arrest Read How The Delhi Liquor Scam Unfolded, We Aspire To Become A 100 Billion Company By 2030 Deepinder Goyal, Dot Nod Soon For Vodafone Ideas Payment Plan, Rhyme Reason India Is Said To Be A Bright Spot In The Global Economy For Nothing, Adani Stocks Market Cap Slips Below Rs 7 Lakh Crore Mark In Non Stop Selloff, Ipo Drought To End In March With Nine Companies Seeking To Raise Over Rs 17000 Crore, Adani Green Among 9 Companies To See Sharp Rise In Promoter Pledge Last 1 Year, Hiranandani Group Leases 21000 Sq Ft In Thane Township To Multiplex Chain Inox, Why Passive Vaping Can Be A Health Scare For The Smoker And Those Around Him, Us Cuts Visa Delays In India Vows To Do More, Adani To Supply Power To Bangladesh In Reduced Price Report, Pinebridge Looks Past Adani Saga To Load Up On Stocks In India, Drone Wars Cartelisation Complaints Reach Defence Ministry On Armys Bulk Uav Purchase Plans, Indigo Offers Flight Tickets From Rs 2093 2023 For Travel Between March To October.