Airline stocks take off after domestic air traffic grows 20% in January

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Stocks of aviation companies took off on Monday as investors reacted to strong growth in air traffic for January.

Jet Airways, SpiceJet and InterGlobe Aviation (IndiGo) rose up to 5 percent on the back of this development.

Domestic air traffic grew 20 per cent in January, with airlines ferrying more than 1.14 crore passengers, according to official data.

Describing the growth as a "lovely start" in 2018, Civil Aviation Minister Ashok Gajapathi Raju said India continues to be the world's fastest growing aviation market.

Airlines carried over 1.14 crore passengers in January this year compared to 95.79 lakh people in the year-ago period. This marks an increase of 19.69 per cent, data released by the DGCA showed.

In January, no-frills carrier IndiGo cornered the highest market share of 39.7 per cent while that of Air India and Jet Airways stood at 13.3 per cent and 14.3 per cent, respectively.