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Shares of Jet Airways (India) has surged over 10% to Rs 296 on back of heavy volumes on the bourses after fall in crude oil prices.
Till 1040 hours, a combined 5.16 million shares representing 4.5% of total equity of the company changed hands on the counter against an average sub one million shares that were traded daily in past two weeks on NSE and BSE.
The stock has rallied 13.3% to Rs 305 in intra-day trade after opening at Rs 289 on the National Stock Exchange (NSE). It zoomed 21% in past three trading sessions from Rs 245 on November 25, as compared to 1.5% rise in the benchmark CNX Nifty.
On Thursday, Brent oil fell more than $6 to $71.25 a barrel, its weakest since July 2010, after OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices.
Brent has lost more than 37% since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth, the Reuters report suggests.
Aviation stocks rallied on hopes that fall in crude oil prices would help these companies improve profitability by reducing operating costs.
Jet fuel constitutes over 40% of an airline's operating cost and the reduction in prices will ease the burden of the cash-strapped airlines.
Among the other stocks - Spicejet was up 4% at Rs 16 on BSE.
