Jet Airways, SpiceJet shares zoom on jet fuel price cut

Shares of airline operators like SpiceJet closed higher up to 2 per cent after surging nearly 6 per cent in day trade today as fuel retailers cut jet fuel price.
Shares of Jet Airways (India) closed up 1.80 per cent at Rs 211.90 and SpiceJet gained 1.14 per cent to Rs 12.46 on the BSE.
In early trade, SpiceJet had surged 5.6 per cent to Rs 13.01 and Jet Airways was up 4.73 per cent to Rs 218.
Kingfisher Airlines rose 4.88 per cent to Rs 2.15 -- its upper circuit limit.
The price of aviation turbine fuel (ATF), or jet fuel, at Delhi was cut by Rs 2,077.62 per kilolitre, or 2.98 per cent, to Rs 67,525.63 per kilolitre, the nation's largest fuel retailer Indian Oil Corp (IOC) had said yesterday.

This is the third reduction in jet fuel rates since July. Declining international oil prices have made imports cheaper, resulting in price reduction.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will ease the financial burden of cash-strapped carriers.
In the stock market, the BSE 30-share Sensex ended at 26,567.99, down 62.52 points.