Aviation stocks fly high as government lifts domestic airfare caps
The Hindu
ATF prices too have been coming down during the last few weeks after jumping to record levels
Aviation stocks were in heavy demand on Thursday, a day after the Civil Aviation Ministry said that domestic airfare caps will be removed.
The Union Aviation Ministry on Wednesday said that limits imposed on domestic airfares will be removed from August 31, after a span of approximately 27 months.
Shares of InterGlobe Aviation opened at ₹2,070.05, then gained further to touch 2,080.80, registering a jump of 2.09% over its last close.
SpiceJet Ltd opened at ₹46.05, then jumped as much as 6.80% to ₹47.90 a share.
"The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel (ATF). Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," Aviation Minister Jyotiraditya Scindia said on Twitter.
ATF prices have been coming down during the last few weeks after jumping to record levels, primarily due to the Russia-Ukraine war that began on February 24.
On August 1, the price of ATF in Delhi was ₹1.21 lakh per kilo-litre, which was around 14% lower than last month.
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