 "Airline shares trade firm after Cabinet clears aviation policy")
Shares of all three listed airlines companies – Jet Airways (India), SpiceJet and InterGlobe Aviation (IndiGo) – have moved higher by up to 5% on the BSE after the Union Cabinet cleared Civil Aviation Policy.
According to the Civil Aviation Policy, released by the ministry on Wednesday, the government has decided to scrap the minimum five years requirement. However, an airline will have to allocate 20 aircraft or 20% of their total fleet of aircraft, whichever is higher, to the domestic sector if they wish to fly overseas. This effectively means a carrier must have a minimum 20 aircraft in its fleet, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, SpiceJet was up 5% at Rs 67 on the BSE on back of heavy volumes. Till 01:15 PM, around 13.85 million shares already changed hands against an average 7.5 million shares that were traded daily in past two weeks on the BSE.
InterGlobe Aviation was up 3% at Rs 1,019, after hitting high of Rs 1,032 in intra-day trade. Jet Airways (India) was up 2% at Rs 569 after touching intra-day high of Rs 576 on the BSE. The S&P BSE Sensex was up 0.51% at 26,530 points.
According to the Civil Aviation Policy, released by the ministry on Wednesday, the government has decided to scrap the minimum five years requirement. However, an airline will have to allocate 20 aircraft or 20% of their total fleet of aircraft, whichever is higher, to the domestic sector if they wish to fly overseas. This effectively means a carrier must have a minimum 20 aircraft in its fleet, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, SpiceJet was up 5% at Rs 67 on the BSE on back of heavy volumes. Till 01:15 PM, around 13.85 million shares already changed hands against an average 7.5 million shares that were traded daily in past two weeks on the BSE.
InterGlobe Aviation was up 3% at Rs 1,019, after hitting high of Rs 1,032 in intra-day trade. Jet Airways (India) was up 2% at Rs 569 after touching intra-day high of Rs 576 on the BSE. The S&P BSE Sensex was up 0.51% at 26,530 points.