Latter's market share rises to 36.1% in Dec; best on-time performance across metro airports
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
Hit by the third wave of the COVID-19 pandemic and soaring fuel prices, airlines are flying towards record losses with a likely loss of a whopping Rs 20,000 crore for the full fiscal year, warns a report. The airlines are flying towards their steepest-ever net loss of over Rs 20,000 crore this fiscal, which will be 44 per cent more than Rs 13,853 crore they bled last fiscal, Crisil said in a report. This will push back the industry's recovery beyond fiscal 2023, the report based on three large listed airlines--Indigo, Spicejet, and Air India--which together command 75 per cent of the domestic traffic, warned.
No-frills carrier IndiGo's market share stood at 36.8 per cent in February while that of Jet Airways was 18.4 per cent.
Gangwal said he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Gangwal wants a seven-member board.
No IndiGo flights will be available on the Mumbai-Bangkok route from March.
The aircraft involved in the incident were operating on Coimbatore-Hyderabad and Bengaluru-Cochin routes.
Sources say the arilines has inducted a senior pilot from IndiGo to head its safety team.
Rahul Bhatia set up IndiGo and the Ibis hotels in India.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
Going 'long' is becoming an overcrowded trade on Dalal Street, and any negative trigger could lead to a sharp correction, warn experts. However, given the strong momentum, particularly in IT stocks, the downside could be protected in the immediate term. "With the Nifty50 surging to new life-time highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out.
IndiGo CEO Ronojoy Dutta announced on Thursday that the airline was instituting pay cuts for senior employees and he would himself take the highest cut of 25 per cent amid the novel coronavirus pandemic that has hit the aviation industry hard.
IndiGo had debt of Rs 3,912 crore at end of the June quarter.
IndiGo gained a market share of 14.7 per cent, closely followed by Kingfisher Red at 13.3 per cent whereas Kingfisher slipped two notches to the fifth position at 11.6 per cent. Kingfisher stood at No.3 in October, followed by Kingfisher Red and IndiGo at fourth and fifth, respectively.
There was no word from IndiGo's CEO Aditya Ghosh.
Budget carrier Go Airlines, which has rebranded itself as 'Go First', has filed preliminary papers for an initial share sale worth Rs 3,600 crore.
Among the impacted flights, Air India's flight AI 185 from the national capital to Vancouver that was to depart early in the morning was rescheduled.
Mayank Agarwal is believed to be out of danger after drinking liquid from a pouch, which he thought was water and was kept on his seat as he was on board with IndiGo airlines
154 people on board an IndiGo aircraft had a narrow escape on Wednesday following a problem in its landing gear that caused thick smoke to emanate after touching down at the airport in New Delhi, leaving some passengers with minor injuries during evacuation.
West Asian carriers are up against Air India and IndiGo in the battle for seats on lucrative international routes.
IndiGo will add Nagpur to its flight map from October 20 with daily flight to Mumbai and Kolkata.
Bharti Airtel, the country's largest mobile operator, has already joined the global Seamless Alliance to provide in-flight connectivity.
Spicejet receives maximum complaints regarding refunds
Ghosh said the Tata Trusts Cancer Care Initiative is one of the largest health care programmes in the world
Airlines like IndiGo and Jet Airways have been quick to take the cue to keep their fuel costs under check.
Low-cost airline IndiGo on Tuesday said it has no plans to take on-board an overseas partner to expand its business.
The Indian aviation sector is on the cusp of a change as airlines look to induct a record number of aircraft. This, analysts said, will put the sector on a growth runway, though keeping it viable for only long-term investors. According to Vinit Bolinjkar, head of research at Ventura Securities, expectations of strong air traffic, coupled with low penetration, is the prime reason for a solid long-term outlook.
Rakesh Gangwal had raised concerns that various RPTs involving Bhatia's InterGlobe Enterprises Group were executed without seeking the audit committee's approval and without seeking competitive bids from third parties.
Analysts have questioned the Aditya Ghosh-led company's negative net worth due to a huge dividend payout ahead of an IPO.
This issue was recently decided by the South Mumbai Forum.
Aviation consultancy CAPA on Thursday said allowing domestic airlines to take advance bookings from April 15 is "unfair" to consumers since a decision on lifting the nationwide lockdown is yet to be taken. During the lockdown period only special flights approved by aviation regulator Directorate General of Civil Aviation, medical evacuation flights and those carrying cargo, including medical equipment, to and from different parts of the country are operational.
No frills airlines SpiceJet and IndiGo have merged fuel surcharge with the base fares, saying it would simplify the prevailing fare structure.
ir India provided facilities such as refreshments, refunds.
Currency depreciation also hits earnings of all domestic carriers
Since the company's senior management was privy to the price-sensitive information of Ghosh's resignation, Sebi wanted to check whether the information was disseminated properly to bourses
Aircraft lease rentals are fixed costs and account for around 15 per cent of an airline's expense and since these are paid in dollars are also subject to currency fluctuations.
IndiGo carried 12.05 lakh passengers last month, followed by Jet Airways-JetLite combined flying 11.01 lakh.
Civil Aviation Minister Ashok Gajapathi Raju has sought an independent probe by the Directorate General of Civil Aviation after a video surfaced on Tuesday showing an IndiGo ground staff brawling with passenger Rajeev Katiyal at the Delhi airport last month.
Private airlines Jet Airways and IndiGo joined the race for low-fares, offering their customers hefty discounts, after Air India rolled out a similar offer to challenge Vistara, the latest full-service entrant in the domestic market.
'I hope they all survive, but it is a tough world.' 'The carriers who are already established are already struggling.'
