Aviation stocks fly high as crude oil prices plunge
As per a leading research firm, oil exports by OPEC surged for the second month in June, regardless of its pledge to trim production between January 2017 to March 2018 in order to boost prices. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier.
Aviation stocks move in the opposite direction of crude prices as it is basic raw material for aviation turbine fuel. Global Vectra Helicorp Ltd. was the top gainer in the aviation space. The stock was trading higher by nearly 6% at around Rs 177.15 per share. TAAL Enterprises Ltd was trading higher by 5% at Rs 173.6 per share. IndiGo was up by 1.96% and Jet Airways was up by 0.77% in second half of Wednesday.