Friday, June 23, 2006

Stocks: Jet, Deccan fail to keep flying; SpiceJet soars further

Mumbai: Airline stocks continued to hog the limelight for the second consecutive day on the back of reports about the planned merger of Jet Airways and Air Sahara finally taking a crash landing.
However, Jet Airways and Deccan Aaviation failed to hold onto their intraday gains and closed marginally in the red on the back of profit booking at higher levels towards the end of the trading session. Jet Airways had jumped nearly 10 per cent in the intraday trade.
In contrast, low-cost air carrier SpiceJet witnessed continued buying support from bargain hunters for the second consecutive day and settled 10.53 per cent higher at Rs 47.25.
Jet Airways closed 0.19 per cent down at Rs 704.35, after hitting an intraday high of Rs 770. The stock had moved up more than 5 per cent yesterday. Deccan Aviation also slipped into the red after paring all its intraday gains. The stock shed 0.28 per cent to Rs 89.75.
22/06/06 PTI/The Hindu
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