Tag: indigo

Shares of India’s biggest airline, Indigo gained more than 5 per cent today to Rs 1458, after Chief Executive Officer Ronojoy Dutta said it may start slowly rehiring staff in three months as capacity rebuilds from “the background of carnage” caused by Covid-19, with domestic services likely to return to pre-pandemic levels by January or February, Dutta said we are recovering pretty nicely, especially domestically and the recovery in international capacity will take longer due to quarantines and virus flareups in places such as the U.K., but the airline is hoping it will be back to normal levels by the end of 2021, according to Dutta. He also added “We are anxious to get back into the international game in a big way and we have lots of plans for rapid growth,” he said. IndiGo, has some 730 Airbus SE A320neo planes on order, laid off about 10% of its workforce due to the pandemic-driven slowdown. Read more

Aviation stocks Indigo and SpiceJet tanked as much as 11 per cent on the BSE on Monday after the government's Rs 20 trillion economic packages disappointed to deliver immediate liquidity support to the bleeding airlines and another extension of the lockdown. The share price of SpiceJet fell 5% to trade at Rs 43.45 per share while that of IndiGo tanked 11.3% to trade at Rs 882 apiece. The aviation industry has been one of the worst affected with the business under a complete shut down at present. Finance Minister Nirmala Sitharaman announced three measures for the sector, on Saturday, India would rationalise its air space for civil aviation purposes which, at present, is capped at 60 per cent. Besides, she said six airports will be privatised, private companies will make an additional investment of Rs 12,000 crore on 12 airports auctioned before, and tax structure will be rationalised for the Maintenance, Repair and Overhaul (MRO) industry. Read more

InterGlobe Enterprises of Rahul Bhatia today (15th MAy 2020) said that they are interested in Virgin Australia, the airline that has filed for bankruptcy as travel restrictions due to Coronavirus impacted its financing. InterGlobe (owner of low-cost carrier IndiGo) is among 22 suitors, who have shown interest to bid for Virgin Australia. Virgin Australia, which went into administration last month and reportedly owes more than $7 billion, will help provide access to the Australian domestic market. The biggest reason for so much interest in Virgin Australia, experts say, could be because the Australia law does not have any restriction on ownership be in their carrier- India limits it at 49%.

Interglobe Aviation (IndiGo) on Thursday has announced salary cuts across various levels of its organisation as revenue severely falls due to weak demand amid coronavirus spread. He also said, "We have to pay careful attention to our cash flow so that we do not run out of cash." IndiGo CEO Ronojoy Dutta said he would himself take the highest cut of 25 per cent and senior Vice-presidents and above will take a pay cut of 20%, VPs & cockpit crew are taking a 15% pay cut, AVPs, Bands D along with cabin crew will take 10% and Band Cs 5%, excluding Bands A and B and all the changes in salaries will come into effect from April 1, 2020. Interglobe Aviation Ltd is ended at Rs 909, down by 4.28% from its previous closing of Rs949.90 on the BSE. The scrip opened at Rs891and has touched a high and low of Rs985.85 and Rs882 respectively.