SPICEJET, JET AIRWAYS, KINGFISHER FLY HIGH ON FDI HOPES
New Delhi,India : SpiceJet, Kingfisher Airlines and Jet Airways surged over 3 per cent each on Wednesday on reports the government will make one more attempt to allow foreign airlines to buy stake in India carriers.
"The Union Cabinet could, as early as this week, take up a proposal to allow 49 per cent FDI by foreign carriers such as Emirates and British Airways," ET reported. The current policy allows up to 49% FDI in airlines, but foreign carriers are not allowed to invest, keeping out the investors who would be most interested.
At 10:20 a.m., SpiceJet was trading 5 per cent higher at Rs 31. It has hit a low of Rs 30.25 and a high of Rs 31.50 today. Kingfisher Airlines Ltd was trading 3.1 per cent higher at Rs 9.10. It has hit a low of Rs 8.9 and a high of Rs 9.13 today.
12/09/2012 : The Economic Times.
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