Published on 9/03/2017 1:52:46 PM | Source: Dion Global Solutions Ltd.

SpiceJet zooms after Delhi govt cuts tax on ATF

Posted in Stock On The Move| #Aviation Sector #Spice Jet #Stock On The Move

Shares of SpiceJet rallied over 4 per cent on the Bombay Stock Exchange after the Delhi government on Wednesday said VAT on Aviation Turbine Fuel (ATF) will be brought down from 25 per cent to 1 per cent for flights to remote areas such as North Eastern states. SpiceJet operates 343 average daily flights to 45 destinations, including 39 domestic and 6 international ones.

The majority of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India, as an additional fee option. Continuing its gaining streak, shares of company gained as much as 4.13 per cent to Rs 80.60 apiece on the Bombay Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 28,892.14, down 9.8 points, or 0.03 per cent, at 11:19 hours.