Tag: interglobe

Shares of aviation companies were under pressure as InterGlobe Aviation, which operates IndiGo airlines, SpiceJet, and Jetairways slipped up to 6.5 percent on the BSE in Thursday’s intra-day trade amid concerns of weak earnings due to rising fuel prices and falling rupee against the dollar. After the recent hike, jet fuel prices have reached an all-time high. For domestic airlines, ATF cost Rs 1,41,232.87 per kl in Delhi; Rs 1,46,322.23 per kl in Kolkata; Rs 1,40,092.74 per kl in Mumbai; and Rs 1,46,215.85 per kl in Chennai.Earlier, in May, ATF prices rose five percent to Rs 1.23 lakh per kilolitre in the national capital. The airline's CMD Ajay Singh said that aviation turbine fuel prices have gone up by more than 120 percent since June 2021, while adding this increase in ATF is sustainable for airlines, and central and state governments need to take action to reduce taxes. 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%.