Aviation stocks end as a mixed bag on these 2 factors – here’s what investors should know
The newly launched Akasa Air marked an 83.7 per cent occupancy in February, while SpiceJet recorded the highest occupancy of 94.1 per cent, followed by GoFirst (93.1 per cent), Air India (89 per cent), and IndiGo (86.5 per cent).
Aviation stocks such as Integlobe Aviation (IndiGo), SpiceJet, and Jet Airways ended as a mixed bag on Monday after the civil aviation regulator announced that airline carriers registered an annual growth of 74.50 per cent during the January-February period.
The market leader IndiGo shares end flat with a positive bias at Rs 1861.05 apiece, while SpiceJet stock recovered intraday losses to end over 2.5 per cent higher to Rs 34.32 per share on the BSE.
While Jet Airways, which is yet to start its operations remained under pressure on Monday, to end over 3 per cent lower to settle at Rs 62.90 apiece today.
Domestic airlines log 74.50% annual growth during Jan-Feb
The domestic airlines carried 2.46 crore passengers as against 1.41 crore in the corresponding period of 2022, registering an annual growth of 74.50 per cent and monthly growth of 56.82 per cent during January-February of this year, the Directorate General of Civil Aviation (DGCA) said on Monday.
According to data published by DGCA, nearly 1.21 crore passengers were carried by domestic airlines in February as against 76.96 lakh in the same period last year.
The newly launched Akasa Air marked an 83.7 per cent occupancy in February, while SpiceJet recorded the highest occupancy of 94.1 per cent, followed by GoFirst (93.1 per cent), Air India (89 per cent), and IndiGo (86.5 per cent).
CAPA says Indian carriers to report $1.6-1.8 bn loss in FY24
Similarly, the Centre for Aviation or CAPA – an aviation consultancy firm – earlier on Monday said that Indian airlines are projected to record a consolidated loss of USD 1.6 to 1.8 billion in the next financial year.
The full-service carriers are expected to incur a loss of USD 1.1 to 1.2 billion, CAPA said in its report. The aviation research and consultancy firm also noted that Indian airlines are estimated to have a net induction of 132 planes next fiscal and will take the total fleet of all carriers to around 816 aircraft.
CAPA India while announcing its outlook for 2023-24 also said that more than 100 planes of various Indian carriers are on the ground due to supply chain and non-supply chain issues.
On the contrary, Reliance Securities analyst Mitul Shah is bullish on the sector. It said factors such as the domestic segment reaching close to full capacity, pick up in international commercial flights, jet fuel price correction among others likely to aid the aviation sector, going forward.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
With Agencies Inputs
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
04:38 PM IST