Up-to Rs. 200 Hike in Fuel Surcharge Announced by Jet, Kingfisher and SpiceJet

Jet Aiways, Kingfisher and SpiceJet Airlines have all announced that there would be a hike in fuel surcharge on all domestic flights by up-to Rs. 200. This implies that there will be a maximum hike of as much as 7.5% on the current average fares.

The rise is being viewed as a direct result of the hike in fuel prices which have recorded a 12.5% rise since June. Air India, however, is yet to take a call on the issue. While Kingfisher has announced a surcharge rise of Rs. 100 on flights below 1,000 km and Rs. 200 on those above 1,000 km, Jet Airways has increased the fuel surcharge by up-to Rs. 200 as well on all its domestic flights across Jet Airways, JetLite and Jet Konnect.

SpiceJet, on the other hand, which is a budget airline, has said that it has also nominally hiking surcharge by Rs. 200 to somewhat make up for the 9% hike in fuel prices. Over the past 2-3 months, these domestic carriers have recorded an improvement in the number of passengers, despite an increase of as much as 25% in prices. With the holiday season just around the corner, the airlines are hoping that the small hike will not negatively affect their passenger base.


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Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.