 "Aviation shares extend gain; Jet Airways soars over 10% in three days")
Shares of aviation companies - Jet Airways and SpiceJet- trading higher by up to 8% on the BSE in an otherwise subdued market after InterGlobe Aviation secured approval from the Securities and Exchange Board of India (Sebi) for Rs 2,500-crore initial public offering (IPO).
InterGlobe Aviation runs the country’s biggest airline by market share under the IndiGo brand.
Under the offer, the company plans to issue fresh shares worth Rs 1,272 crore. An equivalent amount could be raised through the sale of up to 30.1 million shares by existing shareholders, the PTI report suggests. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, SpiceJet has rallied 8% to Rs 25.80 on the BSE. The counter has seen huge trading volumes with 4.05 million shares changed hands till 01:15 p.m. against an average 2.62 million shares that were traded daily in past two weeks on the BSE.
Jet Airways (India) has surged 6% to Rs 351, extending its past two day’s gain on the BSE. It soared 13% in past three trading days from Rs 310 compared to less than 1% rise in the S&P BSE Sensex.
Naresh Goyal, Chairman of Jet Airways in Annual General Meeting of the company said, the entry of some new airlines has shown up the potential of this sector.
A fall in oil prices in the latter part of 2014 and sustaining the same lower levels into 2015, also contributed to improved financial sustainability of airlines all over the world, he added.
InterGlobe Aviation runs the country’s biggest airline by market share under the IndiGo brand.
Under the offer, the company plans to issue fresh shares worth Rs 1,272 crore. An equivalent amount could be raised through the sale of up to 30.1 million shares by existing shareholders, the PTI report suggests. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, SpiceJet has rallied 8% to Rs 25.80 on the BSE. The counter has seen huge trading volumes with 4.05 million shares changed hands till 01:15 p.m. against an average 2.62 million shares that were traded daily in past two weeks on the BSE.
Jet Airways (India) has surged 6% to Rs 351, extending its past two day’s gain on the BSE. It soared 13% in past three trading days from Rs 310 compared to less than 1% rise in the S&P BSE Sensex.
Naresh Goyal, Chairman of Jet Airways in Annual General Meeting of the company said, the entry of some new airlines has shown up the potential of this sector.
A fall in oil prices in the latter part of 2014 and sustaining the same lower levels into 2015, also contributed to improved financial sustainability of airlines all over the world, he added.
