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    INDIGO   INE646L01027

INTERGLOBE AVIATION LIMITED

(INDIGO)
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Delayed NSE India Stock Exchange  -  07:25 2022-09-26 am EDT
1839.25 INR   -0.27%
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India asks airlines to boost engineering capabilities after series of safety incidents

08/01/2022 | 09:24am EDT
FILE PHOTO: A SpiceJet Boeing 737 passenger aircraft takes off from Sardar Vallabhbhai Patel international airport in Ahmedabad

NEW DELHI (Reuters) - India has asked airlines to increase their engineering-related capabilities at all base and transit stations, the junior minister for civil aviation told lawmakers on Monday, after a series of safety-related incidents in recent weeks.

Airlines have also been asked to take "appropriate mitigation action and greater internal surveillance to ensure safety of air operations", V. K. Singh told the parliament.

Indian airlines reported 478 technical snags in the year to June 30, 2022, but dozens of mid-air safety incidents in recent weeks have prompted special spot checks and safety audits by the aviation regulator.

The spotlight is on Indian budget carrier SpiceJet Ltd, which has experienced "a series of occurrences during operation of their aircraft fleet" due to malfunction of components, bad weather or bird strike, Singh said.

On Thursday, a SpiceJet plane was forced to abort its take-off on a Mumbai runway due to a caution alert, in the latest incident involving the loss-making airline which came a day after the regulator cut its capacity by half.

Between May 2 and June 6, the Directorate General of Civil Aviation (DGCA) conducted special safety checks on 300 aircraft, including 62 planes belonging to SpiceJet. The spot checks raised findings that were corrected by the airlines, he said.

The DGCA carried out another round of checks from July 9 to July 13 on just 48 SpiceJet aircraft.

While the checks did not raise "any significant finding or safety violations", as an abundant safety measure the DGCA prevented use of 10 planes until the airline was able to rectify all the reported defects or malfunctions, Singh added.

SpiceJet said on Monday it was confident of addressing any concerns the regulator might have.

The government has urged airlines to "give utmost importance to safety of operations" and special audits and spot checks have been ordered by the DGCA, Singh said.

(Reporting by Aditi Shah; Editing by Mark Potter)

By Aditi Shah


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INTERGLOBE AVIATION LIMITED -0.27% 1839.25 Delayed Quote.-8.59%
JET AIRWAYS (INDIA) LIMITED -0.05% 96.65 End-of-day quote.8.84%
SINGAPORE AIRLINES LIMITED -2.08% 5.17 Delayed Quote.5.81%
SPICEJET LIMITED -0.87% 40.1 End-of-day quote.-41.12%
TAKE OFF S.P.A. -1.04% 4.3 Delayed Quote.-1.04%
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Analyst Recommendations on INTERGLOBE AVIATION LIMITED
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Financials
Sales 2023 494 B 6 093 M 6 093 M
Net income 2023 775 M 9,55 M 9,55 M
Net Debt 2023 24 576 M 303 M 303 M
P/E ratio 2023 915x
Yield 2023 -
Capitalization 709 B 8 739 M 8 739 M
EV / Sales 2023 1,48x
EV / Sales 2024 1,38x
Nbr of Employees 26 164
Free-Float 25,4%
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Number of Analysts 23
Last Close Price 1 844,25 INR
Average target price 2 182,87 INR
Spread / Average Target 18,4%
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Managers and Directors
Peter T. M. Elbers Chief Executive Officer
Wolfgang Prock Schauer President & Chief Operating Officer
Venkataramani Sumantran Chairman
Sanjay Y. Gupta Secretary & Chief Compliance Officer
Pallavi Shardul Shroff Independent Non-Executive Director
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