Two aviation stocks rose 1.67% and 2.53% at 12:29 IST on BSE as crude oil prices eased amid speculation that Iraqi oil production won't be disrupted by escalating violence in OPEC's second-largest producer.
Jet Airways (India) (up 2.53% at Rs 251) and SpiceJet (up 1.67% at Rs 18.25) edged higher.
Meanwhile, the S&P BSE Sensex was up 276.67 points or 1.11% at 25,307.99.
SpiceJet had underperformed the market over the past one month till 23 June 2014, sliding 14.93% compared with Sensex's 1.37% rise. The scrip had, however, outperformed the market in past one quarter, surging 28.67% as against Sensex's 15.06% rise.
Jet Airways (India) had underperformed the market over the past one month till 23 June 2014, sliding 15.18% compared with Sensex's 1.37% rise. The scrip had also underperformed the market in past one quarter, surging 8.06% as against Sensex's 15.06% rise.
Brent crude oil futures for August settlement were down 31 cents to $113.81 a barrel in electronic trade today, 24 June 2014. The contract had declined 69 cents or 0.6% to settle at $114.12 on the London-based ICE Futures Europe exchange on Monday, 23 June 2014, declining the most since 16 May 2014.
Aviation turbine fuel (ATF) or jet fuel price is directly linked to international crude oil prices. Jet fuel constitutes about 40% of airlines' operating cost.
Powered by Capital Market - Live News
