JET AirWAYS AND SPICEJET GAIN ON AVIATION FUEL PRICE CUT
Shares in Airline operator Jet Airways gained over 8 PerCent to a high of Rs 410 on Thursday after aviation fuel prices were cut by around 12 Per Cent in metro cities.
Shares in beleaguered SpiceJet also gained over 8 per cent to a day high of Rs 19. 00
Jet Fuel constitutes around 40 per cent of total operating cost of Airlines. Fall in fuel prices is likely to boost the profitability of the Airlines, which are suffering from price competition and high cost.
As of 1.11 p.m. shares in Jet Airways traded 5.6 pe rcent higher at Rs 406, while shares in SpiceJet were up 4.65 per cent at Rs 18 apiece, outperforming the Nifty, which was down 0.22 pe rcent.