While we navigate the challenges posed by the current industry environment, our focus and attention remains on safety and operational reliability, said chief executive Vinay Dube.
This is the first time domestic players have announced steep cuts.
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
IndiGo's co-founder and interim CEO Rahul Bhatia said profitability was significantly impacted by costs pressure from the increases in fuel price and the depreciation of rupee as well as competitive fare environment.
Civil Aviation Minister Jyotiraditya Scindia on Tuesday flew on SpiceJet's special flight between Delhi and Gwalior using Boeing's 737 Max plane that has been allowed to return to service after two and half years. All Max planes were grounded in India by the Directorate General of Civil Aviation (DGCA) on March 13, 2019, three days after the crash of an Ethiopian Airlines 737 Max plane near Addis Ababa, which had left 157 people, including four Indians, dead. Along with Scindia, SpiceJet CMD Ajay Singh and Boeing India president Salil Gupte were also present on the special flight on Tuesday.
Perhaps for the first time, petrol in India costs more than the superior jet fuel (ATF) used in aeroplanes, as the government has levied a record excise duty on the fuel used in two-wheelers and cars.
According to Boeing, India would need 1,940 single-aisle planes worth $220 billion and 350 wide-body aircraft valued at $100 billion.
Airlines sought a limited period concession of the standing rule of slot allocation, which mandates that firms must operate at least 80 per cent of their allocated slots.
The average fares of all airlines are almost linear.
Besides lining up Bali, Nairobi and Toronto flights, the airline is also planning flights from Mumbai to Hong Kong. The network expansion will help the national carrier grow its market share and capitalise on the capacity vaccum created by the collapse of Jet Airways.
'It would be a travesty if the Malaysian air force likes the Tejas, but decides against it because it sees the IAF reluctance to back the fighter.'
The number of Indian passengers has jumped more than 20 per cent in the past year
It is imperative that the government first decides who should assume ownership of running Air India.
Higher levels could not be sustained as participants offloaded their long positions in view of September series expiry.
Any government aid to the airline will ultimately hurt the economy
IIP for November 2015 and CPI for December 2015 will be announced today.
India and France on Monday inked an Inter-Governmental Agreement on the sale of 36 French fighter jets, Rafale, but were unable to sign the final deal due to some "financial" aspects, which are expected to be sorted out in "couple of days".
Vistara is trying to be leaner and meaner, while staying focused on the original brand promise; it aims to be profitable by FY21. Arindam Majumder reports.
For any airline to be eligible for restructuring, the current ratio has to be equal to or higher than 0.4, while 'debt to Ebitda' has to be equal to or less than 5.5.
Falling jet fuel prices and a revival in domestic traffic growth offer the new CMD a once in a lifetime opportunity.
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.
Hyderabad-based Turbo Megha Airways takes off, promising affordable fares and other benefits.
Israel's ministry of defence and the Israel defence forces on Sunday said they are planning to evacuate another 14 communities close to the Lebanese border, The Times of Israel reported.
Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming low-cost airline Akasa Air. Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around Rs 300 crore. A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage.
The biggest let down for India's aviation sector has been the failure of the government to privatise Air India, says Anjuli Bhargava.
At the recently concluded Dubai airshow, Akasa, Rakesh Radheyshyam Jhunjhunwala's new airline, signed a $9 billion deal with American aircraft maker Boeing to buy its 737 MAX planes and a $4 billion one for engines with CFM, a joint venture between GE of the US and Safran of France. Unlike his financial doppelganger Warren Buffett, who divested billions from his airline stock portfolio at the start of the pandemic, Jhunjhunwala is wagering his billions in a brand new airline. The legendary investor bought a roughly 40 per cent stake in SNV Aviation in September, Akasa's holding company, started in March by three former Jet Airways colleagues. With aviation still to recover from its pandemic slump, the big question around his foray into domestic aviation, due to take off in summer 2022, is whether it is another pie in the sky.
The order, valued at 'nearly $9 billion at list prices', was signed at Dubai Air Show 2021 on Tuesday.
Air India, IndiGo, and SpiceJet have suspended flights to China and Hong Kong.
The task I had undertaken was by no stretch of imagination an easy one, says Ajay Singh.
The carrier is implementing a number of measures.
The Shiv Sena has spurned Congress' request to participate in the bandh.
Vistara needs to launch more aircraft into service.
Why the recent strike could see the carrier go Air India's way.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
With crude oil price crossing $100 per barrel mark, the airlines have begun to pass some of the cost on to the consumer to meet the increased air turbine fuel expenses, and asked the government to take steps to reduce the cost of aviation fuel.
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
Sensex, Nifty end lower on global concerns.
Air travel is going to be dearer as major airlines have decided to raise the fares by at least 10 per cent besides increasing the fuel surcharge. The move by Air India, Jet Airways, Spicejet and Kingfisher comes in view of rise in prices of aviation turbine fuel by over nine per cent in line with the increase in international crude oil rates.
Refuting all the allegations, IOC has clarified that no monopolistic situation exists in supply and pricing of aviation turbine fuel (ATF) to airlines.
Benchmark share indices trimmed intra-day gains after global crude oil prices resumed their downward trajectory after sharp gains on Friday.
