Aviation stocks fly high

The spreading of COVID-19 pandemic had forced various countries to close their air space for commercial flights. However, Indian Government is planning to resume a few domestic flight operations, starting from May 18, 2020.

Though not confirmed, it is seen that Ministry of Civil Aviation is in talks with airlines, travel agents as well as with Home Ministry over matters related to resume flight operations in order to bring about some relief to the airline industry. Aviation companies are said to have suffered a massive setback as a result of the pandemic as their business operations came to a complete standstill thereby, affecting their revenues. Many companies have already cut salaries of employees & laid-off contract workers and are expected to lay-off even more employees since the revenues may take a lot of time to come back to normal. Few airlines were reportedly seen to be charging exorbitant ticket prices for air travel as the airlines now have to take extra precautions and hygiene measures before take-off as well as inside the plane.

Expecting flight operations to resume at least for domestic travel if not international, aviation socks such as InterGlobe Aviation rose by 4.73 per cent and Spice Jet gained by 4.88 per cent on Tuesday.