 "Jet Airways rallies over 10% on heavy volumes")
Shares of Jet Airways (India) has rallied 12% to Rs 368 on the NSE on back of heavy volumes on expectation that airline may report strong set of numbers for the April-June quarter (Q1FY16).
The trading volumes on the counter more than doubled with a combined 3.03 million shares changed hands till 10:14 AM, against an average 1.33 million shares that were traded daily in past two weeks on the BSE and NSE.
Analyst at Edelweiss Securities expects Jet Airways to report a net profit of Rs 34 crore for Q1FY16 against loss of Rs 218 crore in the corresponding quarter of previous fiscal.
“The domestic aviation industry has seen strong growth in Q1 quarter. In line we expect Jet Airways to report a 28% year-on-year (YoY) growth in passengers. The benefit of lower fuel costs will reflect in this quarter also,” analyst said in a quarterly results preview.
Meanwhile, SpiceJet on Tuesday had posted a net profit of Rs 72 crore for the quarter ended June 2015 (Q1), owing to lower fuel prices, improved fleet utilisation and renegotiation of contracts. The airline had reported a loss of Rs 124 crore for the year-ago period.
The trading volumes on the counter more than doubled with a combined 3.03 million shares changed hands till 10:14 AM, against an average 1.33 million shares that were traded daily in past two weeks on the BSE and NSE.
Analyst at Edelweiss Securities expects Jet Airways to report a net profit of Rs 34 crore for Q1FY16 against loss of Rs 218 crore in the corresponding quarter of previous fiscal.
“The domestic aviation industry has seen strong growth in Q1 quarter. In line we expect Jet Airways to report a 28% year-on-year (YoY) growth in passengers. The benefit of lower fuel costs will reflect in this quarter also,” analyst said in a quarterly results preview.
Meanwhile, SpiceJet on Tuesday had posted a net profit of Rs 72 crore for the quarter ended June 2015 (Q1), owing to lower fuel prices, improved fleet utilisation and renegotiation of contracts. The airline had reported a loss of Rs 124 crore for the year-ago period.