Kingfisher soars over 18 p.c. on bourses

Mumbai: Bucking the weak broader market, shares of Vijay Mallya-led Kingfisher Airlines on Wednesday soared over 18 per cent higher on the bourses, as investors rushed in to buy the stock after a heavy battering of last few days.
The robust buying activities came a day after Mr. Mallya assured the investors that the air carrier did not face any closure risks and outlined plans to arrange necessary funds and to lower its borrowing, fuel and operational costs.
Marketmen said that the stock also got a boost from the reports about Kingfisher having attracted interest from a potential strategic investor and speculations over some large industrial houses being interested in the airline.
After a firm opening this morning, Kingfisher shares gained further momentum in afternoon trade and settled 18.12 per cent higher at Rs 25.75 on the NSE.
On the BSE, the scrip settled with a gain of 14.42 per cent at Rs 25. During the day, the stock touched a high of Rs 26.05, up 19.22 per cent, at the BSE.
Earlier on November 11, the stock had slipped to its record low of Rs 17.55 amid concerns over its financial health and mounting debt worries.
16/11/11 PTI/The Hindu

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Categories: Kingfisher Nov 2011