Three aviation stocks rose 2.27% to 4.5% at 10:14 IST on BSE after the government cut excise duty on aviation turbine fuel or jet fuel to 11% from 14%.
Interglobe Aviation (up 4.5%), SpiceJet (up 3.08%) and Jet Airways (India) (up 2.27%) edged higher.
The Central Government on being satisfied that it is necessary in the public interest announced cut in excise duty on aviation turbine fuel. The notification was issued by the government after market hours yesterday, 10 October 2018. The notification shall come into force with effect from today, 11 October 2018.
Meanwhile, the S&P BSE Sensex was down 879.53 points or 2.53% at 33,881.36.
Jet fuel constitutes about 40% of an airline's operating costs. Prices of jet fuel are directly linked to crude oil prices.
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