SpiceJet, Jet Airways, Kingfisher rally on FDI in aviation hopes
Shares of aviation companies such as SpiceJet, Jet Airways rallied over 4% on Wednesday on reports that FDI in aviation will be revised soon.
By ET Online |
NEW DELHI: Shares of aviation companies such as SpiceJet, Jet Airways and Kingfisher Airlines rallied over 4 percent on Wednesday on reports that FDI in aviation will be revised soon.
Civil Aviation Minster Ajit Singh reiterated in an interview with ET that foreign participation is likely to be revived very soon.
"Creating an enabling aviation environment is a pre-requisite to make India a hub. Allowing Indian carriers to fly on international routes and getting permission to do so is the first step we have taken in this direction. If we have to make India a hub, we can't allow foreign air carriers to take away our traffic," Singh said.
"We need to bolster connectivity so that people fly directly out of India, rather than via other places. I have also written to Finance Minister Pranab Mukherjee to slash the service tax to make ticket prices cheaper," Singh added.
At 12:25 p.m., Kingfisher Airlines was trading 6.1 percent higher at Rs 11.29. It has hit a high of Rs 11.48 and a low of Rs 10.76 so far.
Jet Airways rose 3.8 percent to Rs 329.25. It has hit a high of Rs 331.30 and a low of Rs 317.65 so far.
SpiceJet Ltd was trading at Rs 31.45, up 5.3 percent. It has hit a high of Rs 31.70 and a low of Rs 30.20 so far.
Civil Aviation Minster Ajit Singh reiterated in an interview with ET that foreign participation is likely to be revived very soon.
"Creating an enabling aviation environment is a pre-requisite to make India a hub. Allowing Indian carriers to fly on international routes and getting permission to do so is the first step we have taken in this direction. If we have to make India a hub, we can't allow foreign air carriers to take away our traffic," Singh said.
"We need to bolster connectivity so that people fly directly out of India, rather than via other places. I have also written to Finance Minister Pranab Mukherjee to slash the service tax to make ticket prices cheaper," Singh added.
At 12:25 p.m., Kingfisher Airlines was trading 6.1 percent higher at Rs 11.29. It has hit a high of Rs 11.48 and a low of Rs 10.76 so far.
Jet Airways rose 3.8 percent to Rs 329.25. It has hit a high of Rs 331.30 and a low of Rs 317.65 so far.
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SpiceJet Ltd was trading at Rs 31.45, up 5.3 percent. It has hit a high of Rs 31.70 and a low of Rs 30.20 so far.
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