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    C6L   SG1V61937297

SINGAPORE AIRLINES LIMITED

(C6L)
  Report
Delayed Singapore Stock Exchange  -  05:13 2022-09-27 am EDT
5.170 SGD    0.00%
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India to lift restrictions on ticket fare prices from Aug. 31

08/10/2022 | 07:20am EDT

NEW DELHI, Aug 10 (Reuters) - India will remove the fare caps it imposed on domestic airlines in 2020 during the COVID-19 pandemic from Aug. 31, the country's civil aviation ministry said on Wednesday, lifting restrictions on ticket prices.

The government, in a rare move, had regulated fares by imposing a minimum and maximum band based on the flight's duration to prevent ticket prices from spiking due to pent-up demand arising from restrictions on air travel easing.

The decision will bring relief to airlines including IndiGo , SpiceJet Ltd, Air India, and Vistara - a joint venture between the Tata Group and Singapore Airlines - as well as new entrant Akasa Air, allowing them to price tickets freely.

India is seeing a strong rebound in domestic air travel, with passenger numbers touching pre-COVID levels, boosting airlines' revenues. However, high fuel prices are eating away at their profitability.

The fare caps were imposed by the government when it lifted restrictions on air travel in May 2020, after two months of grounding all planes to curb the virus' spread.

At the time it said https://reut.rs/3SJpPUO that for a two-hour flight between the cities of Mumbai and Delhi, airlines would be allowed to charge a minimum fare of 3,500 rupees ($44) and a maximum of 10,000 rupees ($126), while ensuring that 40% of the tickets sold were priced below the median value.

($1 = 79.4900 Indian rupees) (Reporting by Aditi Shah; Editing by Louise Heavens and Jan Harvey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INTERGLOBE AVIATION LIMITED 0.32% 1845.15 Delayed Quote.-8.84%
JET AIRWAYS (INDIA) LIMITED 0.70% 93.9 End-of-day quote.5.74%
MSCI SINGAPORE (GDTR) -0.44% 5346.43 Real-time Quote.-14.46%
SINGAPORE AIRLINES LIMITED 0.00% 5.17 Delayed Quote.3.61%
SPICEJET LIMITED -0.40% 37.8 End-of-day quote.-44.49%
All news about SINGAPORE AIRLINES LIMITED
09/21Safran Books Three-Year Maintenance Contract With Philippines' Cebu Pacific Air
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08/15Singapore Airlines' July Passenger Capacity at 67% of Pre-Pandemic Levels
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08/10India to lift restrictions on ticket fare prices from Aug. 31
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Financials
Sales 2023 16 164 M 11 235 M 11 235 M
Net income 2023 1 237 M 860 M 860 M
Net Debt 2023 9 212 M 6 403 M 6 403 M
P/E ratio 2023 13,2x
Yield 2023 1,71%
Capitalization 33 342 M 23 175 M 23 175 M
EV / Sales 2023 2,63x
EV / Sales 2024 2,32x
Nbr of Employees 21 509
Free-Float 99,0%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 5,17 SGD
Average target price 5,86 SGD
Spread / Average Target 13,3%
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Managers and Directors
Choon Phong Goh Senior Vice President-Commercial Technology
Kai Ping Tan Chief Financial Officer
Lim Huat Seah Independent Non-Executive Chairman
Wei Jun Wang Senior Vice President-Information Technology
Hwa Peng Lau Senior Vice President-Engineering
Sector and Competitors