Aviation stocks fly high; IndiGo zooms nearly 7%

New Delhi, March 9

Aviation stocks were in heavy demand on Wednesday, a day after India announced resumption of regular international flights from March 27 after a two-year hiatus.

Shares of InterGlobe Aviation zoomed 6.94% to settle at Rs 1,711.15 on the BSE. During the day, it rallied 9.68% to Rs 1,755. SpiceJet also jumped 6.05% to settle at Rs 60.45. During the day, it climbed 7.10% to Rs 61.05.

After a two-year hiatus, India will resume regular international flights from March 27, the Ministry of Civil Aviation (MoCA) said on Tuesday.

India had suspended the scheduled international flights since March 23, 2020, due to the Covid pandemic.

However, special international flights have been operating between India and 37 countries since July 2020, under air bubble arrangements.

“After deliberations with stakeholders and keeping in view the decline in the Covid caseload, we have decided to resume international travel from March 27 onwards,” Aviation Minister Jyotiraditya Scindia said, adding, “with this step, I am confident the sector will reach new heights”.

Air bubble arrangements will also stand revoked thereafter, he said. —