Aviation Boost: Jet Airways, SpiceJet stocks fly high

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Jet Airways
Mumbai, Nov 10: Stocks of Jet Airways and SpiceJet surged up to 7 per cent on Monday, Nov 10 after the government unveiled draft civil aviation policy which proposes to enhance regional air connectivity, rationalise jet fuel cost, among others.

Shares of Jet Airways advanced by 6.82 per cent to settle at Rs 268.60, while SpiceJet surged 5.02 per cent to end at Rs 15.68 on the BSE. Terming UPA's aviation policy as "opaque", government on Monday brought in a fresh draft recommending listing of state-run Airports Authority of India and chopper firm Pawan Hans on stock exchanges and steps to beef up Air India operations, hinting at its stake sale too. [Read: Hurry, Limited Discount Offer: Book Jet Airways flight ticket at Rs 1,973]

Civil Aviation Minister Ashok Gajapathi Raju unveiled the draft civil aviation policy which also proposes to enhance regional air connectivity, develop six major metro airports as international hubs, create more airports through PPP mode, rationalise jet fuel cost, promote air cargo, MRO and helicopter operations and improve passenger facilitation.

The draft would now be open for wider consultation with all stakeholders, with the Minister saying he hoped to finalise and implement it by January 2015. [Read: Jet Airways increases services to Far East and Gulf region]

On high taxes on jet fuel, Raju said the Centre has been requesting states to lower the taxes as fuel costs are close to 40-45 per cent of an airline's total operational cost.

PTI

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