Aviation stocks end higher on falling crude oil price; InterGlobe jumps 7%

On the back of declining crude oil prices, aviation stocks are trading higher on the bourses. However, crude oil price recovered at the closing of Indian stock markets. The WTI crude oil was quoted 0.16% higher at US$ 36.85 a bbl; while Brent crude in London is trading 0.49% higher at US$ 38.86 a bbl.

Lower crude oil prices benefit aviation firms as jet fuel prices, which typically constitute about 50% of airlines' operating costs, are directly linked to international crude oil prices.

Crude oil prices fell in the global commodities markets after a media report suggested that Iran would continue increasing its oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions.

The world's major crude oil producers led by Russia and Saudi Arabia have convened a meeting on 17 April 2016 in Doha, Qatar to discuss measures to stabilise prices, including a proposal to freeze output.

Interglobe Aviation Ltd ended at Rs. 968.15, up by Rs. 61.65 or 6.8% from its previous closing of Rs. 906.5 on the BSE. The scrip opened at Rs. 915 and touched a high and low of Rs. 972 and Rs. 907.45 respectively. A total of 2383122(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 32666.32 crore.

Jet Airways (India) Ltd ended at Rs. 588.05, up by Rs. 21.55 or 3.8% from its previous closing of Rs. 566.5 on the BSE. The scrip opened at Rs. 575 and touched a high and low of Rs. 591.4 and Rs. 573.15 respectively. A total of 5165619(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 6435.44 crore.

SpiceJet Ltd ended at Rs. 68.25, up by Rs. 2.3 or 3.49% from its previous closing of Rs. 65.95 on the BSE. The scrip opened at Rs. 66.5 and touched a high and low of Rs. 68.85 and Rs. 66.5 respectively. A total of 8612278(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3953.37 crore.