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Jet Shares Soar as Crude Oil Prices Slump
Jet Airways touched Rs 438.75 in trade, its highest level since July 2013 on the back of falling crude prices. The carrier's shares have surged 45 percent so far this year.
The rise is largely on the back of a fall in crude prices, which has bought down aviation turbine fuel, a key cost for the airline industry.
Crude Oil in the international markets slumped once again hitting a 5-year low. Brent crude also dropped 4 percent in the previous session, a level not seen since Oct 2009 and was last hovering around the $66 a barrel mark.
According to July 2014 fact sheet, Jet Airways operates flights to 21 international destinations and 47 destinations that span the length and breadth of India. Jet Airways operates a fleet of 101 aircraft.
At 1.50 PM IST, the shares of the airline was seen trading at Rs 431, higher by 7 per cent on the Bombay Stock Exchange. It touched an intra-day high of Rs 438 during the trade.
GoodReturns.in
