Thursday 24 September 2020, 07:22 PM
Aviation stocks climb on FDI hopes
By IANS | Bharat Defence Kavach | Publish Date: 4/11/2012 12:00:00 AM
Aviation stocks climb on FDI hopes

Mumbai : Share prices of aviation companies soared Wednesday on reports that the government would this week permit up to 49 percent foreign direct investment (FDI) in the sector, allowing foreign airlines to pick up stakes in domestic carriers. The cabinet is expected to take up the issue at a meeting Thursday, sources said.

The commerce and industry ministry has mooted the proposal to allow up to 49 percent FDI in the sector, enabling the ailing firms like Kingfisher to raise money from overseas.

If approved, it could pave the way for start-up joint ventures. Share price of Vijay Mallya-led Kingfisher Airlines climbed 6.43 percent to Rs.19.85. The cash-strapped carrier is seen to be the biggest beneficiary of the government s imminent move. SpiceJet rallied 5.45 percent at Rs.29. Jet Airways soared 5.26 percent to close at Rs.358.50 at the Bombay Stock Exchange.

The aviation stocks rallied bucking the weak overall market trend. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed 0.26 percent down at 17,199.40 points.


Aviation stocks climb on FDI hopes


भारत डिफेंस कवच की नई हिन्दी पत्रिका ‘डिफेंस मॉनिटर’ का ताजा अंक ऊपर दर्शाया गया है। इसके पहले दस पन्ने आप मुफ्त देख सकते हैं। पूरी पत्रिका पढ़ने के लिए कुछ राशि का भुगतान करना होता है। पुराने अंक आप पूरी तरह फ्री पढ़ सकते हैं। पत्रिका के अंकों पर क्लिक करें और देखें। -संपादक

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