Aviation Ordinary Holding Off On Falling Crude Prices; SpiceJet up 5%
Shares of aviation companies jumped between 2.6 percent and 5 percent intraday on Tuesday as investors placed their bets on falling crude prices.Jet Airways gained 2.6 percent, while SpiceJet and IndiGo surged 5.05 percent and 2.81 percent intraday, respectively.Falling prices in crude oil could lead to cheaper aviation fuel for carriers, which boosted investor sentiment.Crude oil prices hovered near three-month lows in Asian trading, with investors waiting for key reports and data that may shed light on a supply overhang in the global market. US West Texas Intermediate crude (WTI) was up 3 cents at USD 48.43 a barrel by 0329 GMT. Brent crude futures gained 7 cents to USD 51.42 a barrel, having settled down 2 cents on Monday after dipping as low as $50.85.The stocks have seen strong movements, with Jet Airways rising 20 percent in the past one month, SpiceJet jumping 26 percent, while InterGlobe Aviation rose 5 percent.At 09:44 hrs, Jet Airways was quoting at Rs 447.55, up Rs 6.25, or 1.42 percent on the BSE. It touched an intraday high of Rs 452.95 and an intraday low of Rs 445.05.Meanwhile, Interglobe Aviation was quoting at Rs 877.10, up Rs 4.15, or 0.48 percent on the BSE. It touched an intraday high of Rs 897.55 and an intraday low of Rs 874.95.Simultaneously, SpiceJet was quoting at Rs 80.45, up Rs 1.30, or 1.64 percent on the BSE. It touched an intraday high of Rs 83.15 and an intraday low of Rs 80.00.
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