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      Aviation stocks pick up

      MoM Team / Mumbai, Jan 11, 2017 11:08 AM IST

        Aviation stocks pick up

        Shares of three aviation companies advanced 0.01 percent to 1.9 percent on BSE after crude oil prices dropped in the previous session.

        Meanwhile, the S&P BSE Sensex was up 145.7 points or 0.54 percent at 27,045.30.

        Jet Airways (India) (up 0.01 percent), SpiceJet (up 1.94 percent) and InterGlobe Aviation (up 1.41 percent) gained.

        In global commodities markets, Brent for March 2017 settlement was up 10 cents at $53.74 a barrel. The contract had dropped $ 1.3 a barrel or 2.36 percent to settle at $ 53.64 a barrel during previous trading session.

        Crude oil prices edged up today, 11 January 2017, lifted by a small supply cut by crude exporter Saudi Arabia, but markets remained under pressure from signs that the planned Organization of the Petroleum Exporting Countries' (OPEC) output reductions were being poorly implemented and as supplies from elsewhere rose.

        Lower crude oil prices would benefit aviation firms as jet fuel prices, which typically constitute about 50 percent of airlines' operating costs, are directly linked to international crude oil prices. Jet fuel prices tend to fall with slide in oil prices.


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      Source: Capital Market


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