Shares of Indian aviation companies flew high after the airlines posted strong passenger data in the month of January with stocks of InterGlobe Aviation, SpiceJet and Jet Airways (India) gaining up to 6%.
Shares of Indian aviation companies flew high after the airlines posted strong passenger data in the month of January with stocks of InterGlobe Aviation, SpiceJet and Jet Airways (India) gaining up to 6%. The stock of SpiceJet saw the maximum jump in the morning trades with the stock rising over 5% after the national carrier posted a passenger load factor of 95% in January 2018 from 93.6% in the same month of 2017. The Indian aviation regulator Directorate General of Civil Aviation (DGCA) said the passenger carried by the domestic airlines advanced about 19.7% to 114.65 lakhs in January 2018 as compared to 95.79 lakhs in January 2017.
Following the development, the stock of SpiceJet spiked as much as 5.33% to a day’s high of Rs 149 on BSE followed by shares of other air carriers. Shares of other airlines which also surged on the back of stronger January passenger data include InterGlobe Aviation up 1.3%; Jet Airways (India) up 2.74%; Global Vectra Helicorp up 2.8%; TAAL Enterprises up 1.2%. The owner of Indigo, InterGlobe Aviation’s load factor was flat at 90%. Shares of InterGlobe Aviation rose as high as 1.96% to the day’s high of Rs 1,290 while the stock of Jet Airways (India) surged 2.74% to the day’s high of Rs 762.1 on BSE.
The total domestic passengers carried by scheduled domestic airlines was at 114.65 lakh out of which the state-run carrier Air India carried about 15.29 lakh passenger accounting 13.3% as a percentage of the total share. The highest load factor was attained by SpiceJet which held at 95% followed by Go Air at 90%; IndiGo at 89.7%; JetLite at 89.7%; Jet Airways at 88.7%; Vistara at 87%; Air India (Domestic) at 84.6% and Air Asia at 83.7%. However, the largest market share was held by the InterGlobe Aviation carrier IndiGo at 39.7% followed by Jet Airways (India), Air India and SpiceJet at 16.37%, 15.29% and 14.48% respectively, as per the data available with DGCA.
Meanwhile today, Indian stock markets traded into the red with the benchmark Sensex falling as much as 220.84 points to hit the day’s low of 33,789.92 and NSE Nifty slipping below 10,400-mark to a day’s low of 10,379.05. All the sectoral indices of NSE hovered into losses with Nifty PSU Bank index witnessing the major drop as shares of PNB, Union Bank of India, Syndicate Bank, Indian Bank, Allahabad Bank, State Bank of India, Bank of Baroda and Bank of India crumbled 3-9%.