InterGlobe Aviation, SpiceJet shares climb up to 7% after DGCA raises cap on airfare
BusinessToday.In February 12, 2021
Shares of InterGlobe Aviation and SpiceJet rose over 4% in early trade today after Directorate General of Civil Aviation (DGCA) allowed airlines to charge 10-30 per cent more for domestic flights.
InterGlobe Aviation stock opened with a gain of 4.73% at Rs 1,704 against previous close of Rs 1,627.10 on BSE. At 10:41 am, the stock was trading 1.60% higher at Rs 1,653 on BSE. The share has gained 14.81% in one year and fallen 3.93% since the beginning of this year. Market cap of the firm rose to Rs 63,718 crore on BSE.
SpiceJet stock gained 7.18% to Rs 94 against previous close of Rs 87.70 on BSE. SpiceJet stock opened with a gain of 6.27% at Rs 93.20.
The share trades higher than 5 day, 20 day, 100 day and 200 day moving averages but lower than 50 day moving averages. The stock has risen 3.87% in one year and fallen 3.84% since the beginning of this year.
The minimum and maximum limits on fares that airlines can charge from passengers and this fare cap order is effective until March 31, the ministry said its order. DGCA has increased the minimum fare on all seven price bands, which have been classified on the basis of approximate duration of the flight.