Dip in crude oil prices adding bullish fervour to Airlines stocks
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Airline companies were soaring in trade on Wednesday as a dip in crude oil prices to early-January lows helped traders ramp up their Also adding to the bullish fervour in this sector were media reports that global giant Qatar Airways was in talks with local leader
Fuel accounts for nearly half of an airline's operating expenses. Crude oil prices are trading at six-month lows, providing a much needed relief to airlines' finances.
Jet Airways gained 11 percent, or 36 rupees, to 365 rupees, its highest level since June 2nd, on the
SpiceJet rose for a 5th day, to a fresh high, adding 1.1 rupees, or 4.2 percent, to 27.70 rupees on the BSE. 99 lakh shares were traded in the first 1 hour of trade compared with a 5-day average of 92 lakhs on the counter. SpiceJet recently said it would augment its fleet of
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Airlines's passenger traffic has grown 20 percent during January-June to 3.88 crore fliers in India, data shows.
(Image credits: stocktips)
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