Aviation Stocks Soar As Crude Prices Tumbles To 7-Month Low

Aviation stocks have been moving higher and higher during the morning hours on the Thursday’s trading session. Global Vectra Helicorp Limited is the top gainer among the aviation stocks, trading higher by over 15.83% at Rs 173.75 per share on BSE as of 1045 hours.

SpiceJet is up by 2.59% at Rs 124.7 per share; IndiGo is up by 3.56% at Rs 1,196 per share; Jet Airways is trading higher by 2.19% at Rs 544.55 per share. In the past three months, the share prices of Indigo gained 36%, SpiceJet gained 52% and Jet Airways gained 20%.

Crude oil prices fell to a 7-month low on Wednesday as the International Energy Agency (EIA) released a report regarding the health of the oil market. EIA reported in its monthly report that the global oil oversupply would continue in 2017.

The lower crude oil prices in the international markets, healthy growth in the domestic air passengers after the announcement of UDAN scheme and good financials of the aviation companies have boosted the share prices of aviation stocks in the Indian markets.

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