Airline stocks continue to gain; soar up to 6%

Airline stocks continued to gain for the third consecutive session Friday, soaring up to 6 per cent on cut in excise duty on jet fuel and easing crude prices.

Shares of InterGlobe Aviation zoomed 6.03 per cent, Jet Airways rose by 4.89 per cent and SpiceJet gained 3.63 per cent on BSE.

Airline stocks had bucked the weak broader market sentiment and ended with up to 3 per cent gains Thursday.

These stocks had surged up to 8 per cent in Wednesday's trading session also.

After petrol and diesel, the government Wednesday cut excise duty on jet fuel to 11 per cent to give relief to the aviation industry that has been hit hard over recent weeks by rising fuel prices and plummeting rupee.

 

ATF is one of the biggest costs in airline operations.

Easing crude prices also supported aviation stocks.