Two aviation stocks surged 5.56% to 6.11% at 14:24 IST on BSE, with these stocks extending previous trading session's sharp rally triggered by the aviation ministry releasing the Revised Draft National Civil Aviation Policy.
Shares of Jet Airways (India) surged 6.11% at Rs 463.40. The stock had spurted 9.34% to settle at Rs 436.70 on Friday, 30 October 2015. Meanwhile, data showed that ace investor Rakesh Jhunjhunwala's Rare Enterprises purchased 11.95 lakh shares of Jet Airways (India) in a bulk deal on the NSE at Rs 422.76 per share on Friday, 30 October 2015.
Shares of SpiceJet jumped 5.56% at Rs 49.35. The stock had jumped 8.47% to settle at Rs 46.75 on Friday, 30 October 2015.
The S&P BSE Sensex was down 245.43 points or 0.92% at 26,411.40.
The Minister of Civil Aviation P. Ashok Gajapathi Raju released the Revised Draft National Civil Aviation Policy (NCAP 2015) on Friday, 30 October 2015, which among other things aims to boost regional aviation connectivity. The policy has recommended a 2% levy on all domestic and international tickets on all routes except on regional connectivity routes.
Meanwhile, state-run fuel retailers announced reduction in aviation turbine fuel (ATF) or jet fuel by 0.33% with effect from 1 November 2015. Jet fuel now costs Rs 43,041.61 per kilo litre in Delhi from earlier Rs 43,184.17 per kilo litre.
Jet fuel or ATF typically makes up almost half of an airline's operating cost. Prices of jet fuel are directly linked to crude oil prices.
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