'I hope they all survive, but it is a tough world.' 'The carriers who are already established are already struggling.'
State-run oil firms on Saturday hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in step with rising international oil prices.The ATF price charged from airplanes has been raised to Rs 69,227.08 per kilolitre (kl) in Delhi from midnight on Saturday, an Indian Oil Corp, the nation's largest retailer, said.
Aviation regulator DGCA conducted 53 spot checks on 48 SpiceJet aircraft between July 9 and July 13 and it did not find any major safety violations, Minister of State for Civil Aviation V K Singh said on Monday. "However, as a safety measure, the Directorate General of Civil Aviation (DGCA) ordered SpiceJet to use certain identified aircraft (10) for operations only after confirming to the regulator that all reported defects/malfunctions are rectified," Singh said in his written reply in Rajya Sabha. SpiceJet planes were involved in at least eight technical malfunction incidents in the 18-day period starting June 19, following which the DGCA had on July 6 issued a show-cause notice to the airline, stating that "poor internal safety oversight" and "inadequate maintenance actions" have resulted in degradation of safety margins.
Sri Lanka may extend its contract with Indian Oil Corporation for import of diesel and jet fuel during February-April.
Crisis-hit SpiceJet may get the first round of its much-needed fund infusion in the next two days, while more may come in a month's time as part of an estimated $200 million investment plan, sources said on Thursday.
Petroleum and oil marketing companies raised the price of commercial liquid petroleum gas (LPG) cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit with immediate effect from Wednesday.
Market leader IndiGo on Friday followed its rivals and raised fares by 25 per cent to offset the impact of rupee fall and spike in international crude prices.
Domestic air passenger traffic touched 1.25 crore in January this year, an increase of 96 per cent compared to the year-ago period, according to rating agency Icra. However, it said the traffic remained around 2 per cent lower compared to the pre-Covid levels -- January 2020. The traffic stood at 64 lakh in January last year. Icra is maintaining a negative outlook on the Indian aviation industry, reflecting the view that the financial performance of Indian airlines is likely to remain under pressure in the near term, even though the recovery in domestic passenger traffic has been healthy.
In the event of a war with China, AMCA deep strikes would target China's rail and road links with Tibet, isolating PLA divisions there.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
Air travel became costlier on Tuesday with major Indian carriers hiking fuel surcharge on tickets, ranging from Rs 150 to Rs 250 for domestic travel and $15 (Rs 825) for a one-way international ticket, following an almost eight per cent increase in jet fuel prices.
During these eight weeks, the budget carrier will be subjected to "enhanced surveillance" by the Directorate General of Civil Aviation.
Made from Jatropha crop, the fuel has been developed by the CSIR-Indian Institute of Petroleum, Dehradun.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
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.
However, the reduction in ATF prices will provide some cushion to airlines engaged in a protracted price war have lost control over pricing in one the world's most price sensitive domestic markets.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
These 10 stocks represent the best mix of value and growth, offering relatively low price-to-earnings and price-to-book ratios, a high return on equity, and sufficiently high potential from current levels.
A day after withdrawal of low fares by some major airlines, Jet Airways and its low-cost subsidiary JetLite have introduced Rs 300 and Re 1 as basic fares respectively under 30-day advance purchase scheme.
Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019.
Benchmark indices settled lower on Friday, with the Sensex declining 111 points on the back of a sharp fall in index heavyweight Reliance Industries. The BSE benchmark went lower by 111.01 points or 0.21 per cent to settle at 52,907.93. During the day, it tanked 924.69 points or 1.74 per cent to 52,094.25. The NSE Nifty dipped 28.20 points or 0.18 per cent to close at 15,752.05.
Indian budget airline SpiceJet has agreed to buy around 40 Boeing 737 passenger jets worth over $4 billion at list prices as it seeks to modernize its fleet and climb out of the red, industry sources said on Tuesday.
Brent crude oil price surged 4 per cent on Friday, following tension between Iran and the US. Airlines, however, have been unable to pass on the price increase to customers due to the soft demand.
IndiGo operates 125 flights across 17 destinations with a fleet of 19 brand new Airbus A-320 aircraft. For the full service carrier, Kingfisher, the drop on flights up to 750 km will be Rs 400 to Rs 1,950 from Rs 2,350 earlier. Fares for travelling above 750 km will be down to Rs 2,700 from Rs 3,100.
There could be rejig at top level at SpiceJet.
Aviation companies plan to join hands for importing aviation turbine fuel (ATF) in a bid to bring down their fuel bills.
Key stimuli of the government's relief package will be a tax break on jet fuel, waiver of parking and landing charges at airports for the next six months and deferment of payment to oil companies by three months.
The airlines were penalised for 'concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.'
Jet Airways and Kingfisher Airlines may move towards a second round of mergers and acquisitions as smaller low-cost airlines and other rivals, hurt by rising fuel prices, seek an exit from the business to cut losses, an industry expert said. State-run oil firms have hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in line with rising international crude oil prices.
Air India on Thursday increased the fuel surcharge component in fares on several routes.
The civil aviation ministry appears supportive of SpiceJet because it does not want another airline to fail. The real test now will be the capacity of the airline's chairman, Kalanithi Maran, to raise funds. And he needs to do this quickly.
Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
CCI's ruling came on a complaint filed by Express Industry Council of India.
However, the combat jet landed safely in the nearby Sulur Air Force station,
Neil Mills, chief executive, spoke to Business Standard on its strategy and the unprecedented scheme of selling a million tickets at a base price of Rs 1.
The biofuel component of the fuel used for the flight was from refined cooking oil.
In another development, SBI Capital Markets, which had issued the expressions of interest on April 8, extended the deadline for submission of initial bids to April 12.
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