Stocks

Aviation stocks rally on fall in crude prices

PTI Mumbai | Updated on June 24, 2011

Led by Jet Airways (India), aviation stocks surged by up to 10 per cent in the morning trade on the BSE today, triggered by a sharp fall in crude oil prices.

Investors also went on a buying spree ahead of an EGoM meet on fuel price hike, with the shares of Jet Airways advancing by 9.96 per cent to touch an early high of Rs 454, while SpiceJet’s shares climbed 9.3 per cent to hit an early peak of Rs 29.75.

In line with the bullish market trend, Kingfisher Airlines touched a high of Rs 37.50, up 4.3 per cent from the previous close on the BSE.

According to media reports, the International Energy Agency has said that 28 countries have agreed to release 60 million barrels of crude oil into the market to offset disruptions prompted by Libya’s war.

World oil prices slumped yesterday amid a stronger dollar and gloom over the global economic outlook.

Oil marketing companies too saw good buying interest, as HPCL gained 5.72 per cent, BPCL 4 per cent and IOC 3.2 per cent.

Published on June 24, 2011

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