Mumbai: Airline stocks, SpiceJet and JetAirways, were in huge demand today, surging up to 20 per cent in an otherwise subdued broader market. Shares of SpiceJet zoomed 19.94 per cent to settle at Rs 37.30–its 52-week high on BSE.
Jet Airways climbed 12.25 per cent to end at Rs 369.70. During the day, it surged 13.67 per cent to Rs 374.40. In a major network and fleet expansion, budget carrier SpiceJet had last week said it will induct six new aircraft and operate 291 flights during the winter schedule, which would come into effect from the last Saturday of this month.
Aviation stocks are also attracting buying interest amid decline in global crude oil prices.Lower crude oil prices benefit aviation companies, as jet fuel constitutes over 40 per cent of an airline's operating costs. In the broader market, the benchmark BSE Sensex ended 57.58 points or 0.21 per cent down at 26,846.53.
