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SpiceJet and IndiGo rally as Jet Airways suspends operations

BusinessToday.In     April 18, 2019

Shares of SpiceJet and InterGlobe Aviation continued gaining streak on Wednesday and stocks touched their 52-week high after rival Jet Airways announced that they would temporarily suspend all its international and domestic flights operations.

Spicejet opened with a gain of 8.52 per cent and gained 15 per cent intraday to touch a new 52- week high of Rs 152.60. The stock has been gaining for the last 5 days and has risen 51.61 per cent in the period. The stock is the top gainer on the BSE platform today.

SpiceJet today also announced that it will induct six more Boeing 737-800 NG aircraft on dry lease. The total number of planes to be inducted in the immediate future now stands at 27.

Meanwhile, Interglobe Aviation and rose 4.3 per cent intraday to a record high of Rs 1650 apiece, also its new 52-week high value. The stock has gained at 16 per cent for the last 6 day.

On the other hand, Jet Airways ' stock fell more than 30 per cent in morning trade on Thursday. The gains in the domestic aviation stocks come after rival Jet Airways temporarily suspended its operations on Wednesday. As per media reports, 90 per cent of Jet Airways vacant slots is being re-allotted temporarily.

In a separate development, Civil Aviation Secretary Pradeep Singh Kharola said the DGCA reviewed airfare movement in 40 high-density sectors on Tuesday. It was found that airfares rose 10-30 per cent on 10 routes and on those routes, airlines have been asked to reduce the ticket prices to "reasonable levels".

At 2:20 pm, SpiceJet was quoting Rs 139, up 5.46 per cent, while InterGlobe Aviation was quoting Rs 1590, up 0.43 per cent on the BSE.

(Edited by Rupa Burman Roy)

Also Read: Why Jet Airways is a bigger nightmare for bankers and government than Kingfisher was

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