Airline stocks continued to gain for the third consecutive session on Friday, gaining up to 6 per cent, due to excise duty cut on jet fuel and easing crude prices. Shares of InterGlobe Aviation zoomed 6.03 per cent, Jet Airways rose 4.89 per cent and SpiceJet gained 3.63 per cent on the BSE.
Airline stocks had bucked the weak broader market sentiment and ended with up to 3 per cent gains on Thursday. These stocks had surged up to 8 per cent on Wednesday.
After petrol and diesel, the government had on Wednesday cut the excise duty on jet fuel to 11 per cent to give relief to the aviation industry that has been hit hard over recent weeks by rising fuel prices and plummeting rupee. ATF is one of the biggest costs in airline operations. Easing crude prices also supported aviation stocks.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.