Mumbai: Shares in Indian airlines surged on reports that the civil aviation ministry will meet with finance ministry counterparts to discuss lowering aviation turbine fuel taxes, raising hopes of an announcement, traders said.
The civil aviation ministry had proposed earlier to slash state taxes on jet fuel, which would help bring down costs for ailing local airlines that are reeling under a debt load of $20 billion and annual losses of around $2 billion.
Kingfisher Airlines surged 6.6 per cent, while Jet Airways surged 4.6 per cent. SpiceJet rose 3.8 per cent.
Copyright Thomson Reuters 2012
The civil aviation ministry had proposed earlier to slash state taxes on jet fuel, which would help bring down costs for ailing local airlines that are reeling under a debt load of $20 billion and annual losses of around $2 billion.
Kingfisher Airlines surged 6.6 per cent, while Jet Airways surged 4.6 per cent. SpiceJet rose 3.8 per cent.
Copyright Thomson Reuters 2012
