Categories: Business

Aviation stocks up 10 percent as domestic flight ops to resume from May 25

Photo: FILE

Aviation stock surge

new Delhi. The government's announcement of restoring domestic passenger services from May 25 saw a sharp jump of up to 10 percent in the share of airlines. Interglobe Aviation shares rose 9.88 percent to 1,002 during early trading on the BSE. SpiceJet also jumped 4.88 percent to Rs 42.95. Civil Aviation Minister Hardeep Singh Puri had said on Wednesday that domestic passenger flight services will resume from May 25. Puri tweeted, "Domestic flights will be resumed slowly from May 25, 2020. All airports and aviation companies are being informed to be ready for operation from May 25. "The airport authority has also issued rules for the airport today.

All commercial passenger flights to India were suspended from March 25 to prevent the corona virus epidemic. This has caused a lot of damage to the aviation sector. Prior to the epidemic, companies were very optimistic about growth and were also increasing investment, although due to the epidemic, the burden on them increased considerably. According to the IATA, the domestic aviation market was registering the fastest growth in the aviation market worldwide for 4 consecutive years. However, the situation has now become such that IATA has declared a threat of 29 lakh jobs in the domestic aviation sector. According to an estimate, aviation companies are expected to report a 40 per cent fall in revenue in the current financial year due to the Corona crisis. Airlines were demanding to start operations at the earliest, which would help them reduce losses.

This post was published on May 21, 2020 12:17 pm

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