Shares of three aviation companies rose by 2.83% to 3.63% at 9:41 IST on BSE after aviation turbine fuel price was slashed by nearly 12% with effect from today, 1 February 2016.
Jet Airways (India) (up 3.63%), SpiceJet (up 3.61%) and InterGlobe Aviation (up 2.83%), edged higher.
The BSE Sensex was up 39.97 points, or 0.16% at 24,910.66.
Prices of aviation turbine fuel (ATF) constitutes approximately 50% of operating expenses of domestic aviation firms. State-run oil marketing companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- revise jet fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Aviation turbine fuel (ATF) price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl) or 11.94% to Rs 35,126.82 per kilolitre.
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