Shares of aviation companies Jet Airways and SpiceJet have rallied more than 5% each on reports that the aviation ministry have proposes abolition of service tax on air tickets & sales tax reduction on aviation turbine fuel (ATF) from an average 25% to a uniform 4%.
“The proposals may not only nurse bleeding carriers back to profits, but also rein in soaring fares,” the report suggests.
The aggregate net loss of airlines sector have surged over four--fold to Rs 4,354 crore for the last financial year 2011-12, against Rs 1,012 crore in previous fiscal.
Among the individual stocks, SpiceJet has rallied 9% to Rs 30.15, while Jet Airways has surged 5.3% at Rs 320 on the Bombay Stock Exchange.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app