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Aviation stocks flies high ahead of CCEA meet

14 Sep 2012 Evaluate

The aviation shares are flying high for third consecutive session on hopes that the government will finally allow foreign direct investment in the sector at the Cabinet Committee on Economic Affairs (CCEA) meet today

Jet Airways (India) is currently trading at Rs 378.20, up by 16.95 points or 4.69% from its previous closing of Rs 361.25 on the BSE. The scrip opened at Rs 375.00 and has touched a high and low of Rs 379.90 and Rs 368.55 respectively. So far 438333 shares were traded on the counter.

Spicejet is currently trading at Rs 35.05, up by 2.00 points or 6.05% from its previous closing of Rs 33.05 on the BSE. The scrip opened at Rs 34.30 and has touched a high and low of Rs 35.80 and Rs 34.30 respectively. So far 10766229 shares were traded on the counter.

Kingfisher Airlines is currently trading at Rs 10.92, up by 0.90 points or 8.98% from its previous closing of Rs 10.02 on the BSE. The scrip opened at Rs 10.47 and has touched a high and low of Rs 11.40 and Rs 10.28 respectively. So far 11339612 shares were traded on the counter.

After several failed attempts, the government now seems set for approving the hike in foreign direct investment limit to 49 per cent for investment by the foreign airlines. This would be particularly positive for the recapitalization of ailing aviation companies such as KingFisher and Spice Jet, among others.

Peers
Company Name CMP
Interglobe Aviation 5449.65
SpiceJet 12.60
Raymond 591.80
Global Vectra Helico 168.00
Taneja Aerospace 296.25
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