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Shares of Indian airlines bucked the weak trend in the overall market and posted gains on Thursday after the Government had agreed to cut the factory gate tax on jet fuel to 11 per cent from 14 per cent
On the NSE, InterGlobe Aviation stock rose as much as 7.30 per cent to Rs 798.90, Jet Airways gained as much as 4.2 per cent to Rs 197.10, while SpiceJet stock rises as much as 3.82 per cent to Rs 70.70.
Aviation companies stocks have taken a hit recently due to rising oil prices and depreciating rupee and this jet fuel tax announcement came as a breather to them.
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