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Aviation stocks continued to fly high in the hope that the Government would take a favourable decision on a higher FDI limit in the aviation sector.
The earlier proposal to limit the FDI holding to 26 per cent had failed to fire up the enthusiasm of foreign airlines to invest in Indian carriers and now there are reports that the Government may consider a proposal to increase the limit to 49 per cent.
The extent to which the optimism has fuelled interest in aviation stocks, even if largely for trading purposes, could be gauged from the fact that even Kingfisher Airlines, which has been facing serious financial crisis, witnessed huge volume of trading, though the improvement in stock price was marginal.
Jet Airways was the biggest gainer, up by Rs 19.40 or 9.11 per cent, moving up to Rs 232.35 in the NSE today with the volume of trading of around 24.59 lakh shares. But the share has sunk from a high of Rs 692 to the current levels in a year.
Kingfisher Airlines was trading at Rs 25.10 in the NSE with the trading volume of 44.47 lakh shares. This share also has shed more than 50 per cent of its value in the past one year after touching a high of Rs 59.40.
Spicejet was up by Rs 1.25 at Rs 21.55 with a huge volume of trading of 40.84 lakh shares in the BSE. The share is trading at less than 30 per cent of its year’s high price of Rs 77.80.
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