SpiceJet surges on direct fuel import hopes
Shares in SpiceJet surged 7.4% after the company said late on Monday it will seek permission from the Director General of Foreign Trade (DGFT) to directly import aviation turbine fuel (ATF).
Shares in SpiceJet
DGFT is the unit under the Commerce Ministry that this week approved direct gold imports for jewelry maker Titan Industries
At present all Indian airlines are required to buy fuel from oil marketing companies including government-controlled Indian Oil Corp
If approved, direct imports could help the sector cut its fuel costs by 18-20% and bring relief to airline companies battling low fares and high fuel costs, traders said.