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Aviation stocks extend gain; SpiceJet surges 33% in two days

SpiceJet soared 14 per cent to Rs 104.70, zooming 33 per cent from Rs 78.75 on Tuesday while IndiGo was up 2 per cent at Rs 1,409

SI Reporter  |  Mumbai 

SpiceJet

Shares of InterGlobe Aviation, parent of IndiGo, and rallied up to 14 per cent in early morning trade on Friday, surging up to 33 per cent in past two days on market share gain in the month of February.

soared 14 per cent to Rs 104.70, zooming 33 per cent from Rs 78.75 on Tuesday, March 19, on the was up 2 per cent at Rs 1,409, gaining 10 per cent in past two trading days.

Low-fare airline IndiGo’s domestic market share in the month of February increased to 43.4 per cent, from 42.5 per cent in January while budget carrier SpiceJet's market share rose to 13.7 per cent from 13.3 per cent in the previous month.

The Naresh Goyal-controlled has seen its market share decline to 10 per cent from 11.9 per cent, data from Directorate General of Civil (DGCA) showed.

Domestic air passenger traffic rose 5.6 per cent in February, with the country's airlines carrying 11.35 million passengers in Februar, according to regulatory data.

The passenger load factor in the month of February 2019 has shown increasing trend primarily due to airlines offering promotional fares resulting in increased demand, it said. CLICK HERE FOR RELEASE

The stock of was up 3 per cent to Rs 225 on the in intra-day trade today, after falling 8 per cent in the past two trading days.

Last month, Jet Airways had approved a Bank-led Provisional Resolution Plan (BLPRP), as received from the State Bank of India (SBI) proposing restructuring.

The BLPRP contemplates various options on the debt-equity mix and the proportion of equity infusion and the stakeholders are closely engaged to arrive at mutually acceptable solution, Jet Airways said in regulatory filing. The company also made a clarification on report that "Etihad may exit Jet Airways by selling 24 per cent stake to SBI".

According to a Business Standard report, lessors of Jet Airways are in talks with to reposition some of its Boeing 737 Next Generation aircraft. SpiceJet, which has been hit by the grounding of 13 Boeing 737 MAX planes, is looking to secure used aircraft to maintain its expansion plans. “Lessors of Jet Airways have discussed with SpiceJet to place their aircraft with the latter. CLICK HERE TO READ FULL REPORT

First Published: Fri, March 22 2019. 09:52 IST
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