Budget 2018: Aviation stocks take off as government announces push to UDAN scheme

SpiceJet | Company reported loss at Rs 105.6 crore in Q2FY21 against loss at Rs 461.2 crore, revenue fell to Rs 1,070.5 crore versus Rs 2,848.3 crore YoY.

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Shares of aviation companies gained 1-6 percent intraday after FM Jaitley announced developments regarding the aviation sector.

SpiceJet gained the most among all carriers, rising over 5 percent during the day’s trade. Jet Airways too rise around 2 percent.

In his Budget speech, Finance Minister Arun Jaitley announced the increase in airport capacity by 5 times and will be handling 1 billion passengers.

Moreover, UDAN scheme shall connect 56 unserved airports and 37 unserved helipads, he said.

At 15:25 hrs Jet Airways was quoting at Rs 770.65, up Rs 17.00, or 2.26 percent. Buzzing  was quoting at Rs 1,215.00, up Rs 3.30, or 0.27 percent. Meanwhile, at 15:25 hrs SpiceJet was quoting at Rs 132.25, up Rs 8.00, or 6.44 percent.