Shares of three aviation firms rose by 4.21% to 5.51% at 10:12 IST after jet fuel price was reduced by a steep 9.99% from 1 January 2016.
SpiceJet (up 5.51%), Jet Airways (India) (up 5.09%) and InterGlobe Aviation (up 4.21%), edged higher.
The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 4,428 per kilolitre, or 9.99%, to Rs 39,892.32 per kilo litre with effect from midnight of 31 December 2015 and 1 January 2016.
ATF constitutes approximately 50% of operating expenses of Indian airlines. State-run oil marketing companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- revise jet fuel prices on the last day of the month based on the average imported oil price during the month.
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