ATF for domestic carriers has become 11.22 per cent cheaper since October and is expected to see more price cuts in the next three months.
A consortium led by Ajay Singh is initially expected to invest Rs 1,200 cr, largely to cover liabilities.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
The Netherlands has emerged as India's fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. Exports to the fifth-largest economy in the European Union (EU) bolted 94 per cent to $12.5 billion in the financial year ended March 31. In FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India's largest export destination in the EU. Germany, which was earlier India's top European export destination (eighth position), has now dropped two ranks to 10th place.
A parliamentary panel on Friday recommended for fixing of an upper limit for the economy class airfares to curb the "exorbitant" air fares during the peak tourist seasons.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Large trade deficit and rupee decline against the US dollar are putting pressure on the CAD, and these steps are likely to have a positive impact on the external sector.
Falling jet fuel prices, stable rupee signal lower losses
Announcing a Re 1 crop insurance scheme for farmers, the deputy CM said the government will bear the financial burden of Rs 3,312 crore.
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
The national carrier's capacity is expected to grow by 9.2 per cent with the addition of six more Boeing 787 Dreamliners to the fleet, they said. As of February this year, the airline has 13 Dreamliners in its fleet out of a total order of 27.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
Experts say the margin was impacted primarily because of currency depreciation, rise in the price of aviation turbine fuel and pressure on account of fare wars in the home market.
The warning had come after SpiceJet's dues to AAI (including interest at 12 per cent) exceeded Rs 300 crore (Rs 3 billion) this month -- from Rs 230 crore (Rs 2.3 billion) early December last year.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
This is the third consecutive profitable quarter for SpiceJet.
'Windows shook and rattled, and the thunderous growl of the engines doused even the sound of our noisy helicopter till such time the plane had lifted itself into the skies and disappeared from view.'
Airlines say ATF fuel prices in India are 40 per cent higher than in countries such as Singapore. Jharkhand, Chhattisgarh and Maharashtra
The decision was taken after Prime Minister Narendra Modi announced that the lockdown across the country will be extended till May 3 to fight the coronavirus pandemic.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
Indian state's generosity is not restricted to its poorest citizens.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
The apex court asked the government to get back by March 9 about the policy.
Jet Airways (India) Ltd hopes to minimise the impact of a sharp rupee depreciation by growing its international network over the next few months.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
There were nearly 4,000 cabin crew with Jet when the airline was grounded; every fifth remains without a job to date. One cabin crew member with 10 years of experience has been forced to take up a teaching job; some have branched out into small businesses. Aviation jobs were scarce even before the Covid-19 pandemic arrived on Indian shores in early 2020. The situation has been exacerbated since.
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Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Officials said the oil marketing companies had provided data to the Income Tax department.
Holidayers' plans have gone topsy-turvy of late and the options have got limited.
Adani Group on Thursday said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for sale of green hydrogen in Japan, Taiwan and Hawaii markets. Billionaire Gautam Adani-led conglomerate is investing up to $50 billion over the next 10 years in setting up a fully integrated green hydrogen ecosystem in India. This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonne later.
the Sensex lost 23 points to close at 28,185 levels and the Nifty shed 7 points to end at 8,515 mark.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
A ministry's internal note proposes caps on minimum and maximum fares airlines can charge, keeping in mind their cost structure, profit margin and ensuring the last minute fares are not out of bounds of passengers.
To reduce those not even meeting variable costs to 19% of network by March, from 38% five months ago.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
IIP for November 2015 and CPI for December 2015 will be announced today.
The response to the sale has been overwhelming.
Experts expect a net loss of Rs 26.7 billion for IndiGo and Rs 10.1 billion for SpiceJet in Q1FY21 driven by low traffic volume, low fleet utilisation and poor coverage of fixed costs.
The government also said it will hold consultations with the airlines to explore the possibility of curbing the menace of charging exorbitant airfares during emergency situations.
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