tThe dip in the crude oil prices as the spending power goes down in the United States is being considered to be a valid reason for the rise in the share values of the Indian aviation companies.The fall in the international crude oil prices on Wednesday, have resulted in an increase in the share prices for the aviation industry. The aviation companies gained almost 2 percent in trade.
After the assigning of the low rating by the rating agency Moody’s, U.S. prices for the crude oil slipped to almost five week low. The stock is appalling a slowdown that may affect the U.S. oil requirement directly, which can be related with the drop in the U.S. consumers spending and a lower demand for the oil products.
The United States crude oil prices fell by 39 cents and now the rate is $93.08 per barrel as on Tuesday. It is the lowest intraday rate for the same after the June 29. Brent dipped with 41 cents to about $116.05, which is an $11 dip in contrast to the year’s peak of $127.
Early in the morning the share price if the Jet Airways traded at 2.7 percent at Rs. 440.90, Kingfisher Airlines gained 2 percent to Rs. 33.35 and the SpiceJet jumped to Rs. 30.90 by 4.5%. The Bombay Sensitive Index (BSE) was trading about 160 points down at 17,945 while the Nifty index was lower by 48 points at 5,407.
It is good news for the investors of the aviation shares as throughout the year the investors were unhappy with the performance of the Indian aviation companies as it was about 40 percent fall in the year and 12 percent down in benchmark index.
The Kingfisher Airlines dipped to about 50 percent, Jet Airways plunged to almost 40 percent and the SpiceJet gone below for 60 percent.
The shares of Jet Airways, SpiceJet and Kingfisher were low by 3 to 6%. An upsurge in today’s value could be taken as a rebound of these aviation companies.
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