Shares of aviation companies – Jet Airways (India), InterGlobe Aviation and SpiceJet – continue to maintain their upward march with all three stocks currently trading at fresh 52-week highs on back of heavy volumes on reports that cut in Aviation Turbine Fuel (ATF) prices.
Jet fuel constitutes over 40% of an airline's operating cost and the reduction in prices will help the airlines improve their margins.
Among the individual stocks, Jet Airways (India) has surged 6% to Rs 743, also its fresh 52-week high on the BSE. In past five trading sessions, the stock rallied 22% from Rs 609 as compared to 0.82% rise in the S&P BSE Sensex. The stock has been included in the future and options (F&O) segment w.e.f. today.
A combined 4.9 million shares have changed hands on the NSE and BSE till 09:57 p.m.
InterGlobe Aviation-operating the 'IndiGo' brand has rallied 5% to Rs 1,299, extending its previous day’s nearly 4% gain on the BSE. The stock is currently trading at its highest level since listing in November and appreciated by 70% against its issue price of Rs 765 per share.
SpiceJet too gained 6% to Rs 79.80, also its 52-week high on the BSE in an intra-day trade. Around 10.05 million shares have already changed hands against an average 1.23 million shares that were traded daily in past two weeks on the BSE.