Aviation scrips rallied 7-9% on Thursday as airline companies announced on the stock exchanges that they will be challenging the orders of the Competition Commission of India (CCI) in courts. (Reuters image for representation only)

Aviation scrips rallied 7-9% on Thursday as airline companies announced on the stock exchanges that they will be challenging the orders of the Competition Commission of India (CCI) in courts.

Shares of Jet Airways closed up 7.93%, while those of SpiceJet added 8.85% during the session.

Shares of InterGlobe Aviation touched Rs 1,168.70, the highest-ever since the company got listed on the bourses during the second week of November. InterGlobe stock closed 9.7% higher on Thursday. The stock has yielded returns of nearly 50% from its issue price of Rs 765 per share.

Acting on unfair business practices in the aviation sector, the CCI had passed an order penalising the three airlines for cartelisation in determining the fuel surcharge on air cargo. CCI, which is the government authority to enforce the Competition Act, imposed penalties of Rs 151.69 crore and Rs 63.74 crore on Jet Airways and InterGlobe Aviation, respectively, while SpiceJet was ordered to pay Rs 42.48 crore.

The order was passed in response to a complaint filed by the Express Industry Council of India, a body representing logistic companies including Blue Dart, Fedex and DHL.

Falling prices of aviation turbine fuel in the international markets has improved the operating margins of the aviation companies during CY15, experts said. Aviation turbine fuel (ATF) costs have fallen nearly 28% during the calendar, Bloomberg data showed.

Better business environment has resulted in rally of stock of aviation companies. During the

year so far, SpiceJet has climbed nearly 235% while shares of Jet Airways have gone up 18%.

The government had released the Draft National Civil Aviation Policy 2015 on October 30 which aims at making flying affordable for the masses.

The draft underlines 16 critical areas of civil aviation including safety, regional connectivity, bilateral traffic rights, and maintenance, repair & overhaul (MRO) operations.

Religare did not disclose the exact reasons for the sale, but sources said it could be due to promoters wanting to monetise some assets to meet other financial obligations. (Express Photo)

Religare Enterprises shares were trading over 3 per cent down on Thursday after the financial services group entered into a definitive agreement with Invesco to increase latter’s shareholding to 100 per cent in the India asset management joint venture, Religare Invesco Asset Management Company (RIAMC). The transaction is subject to customary Indian regulatory approvals.

At 2.51 pm, the share price of the company was trading 3.03 per cent down at Rs 268.75 on BSE. The stocks touched the high and low of  280.85 and low of 268.75, respectively. Sensex was trading 314.79 points up at 25,797.31.

Religare did not disclose the exact reasons for the sale, but sources said it could be due to promoters wanting to monetise some assets to meet other financial obligations.

Eros International Media share price jumped as much as 5 per cent on Thursday on reports that the company may go for a share buyback.

Eros International Media share price jumped as much as 5 per cent on Thursday on reports that the company may go for a share buyback.

At 11.25 am, shares of the company were trading 4.98 per cent up at Rs 224.55 apiece. The scrip opened at Rs 218 and had touched a high and low of Rs 224.55 and Rs 218, respectively, in trade so far. Sensex was up 260.52 points at 25,743.04.

The Bombay Stock Exchange has also sought clarification from Eros International Media with reference to news reported in a financial daily.

The promoters holding in the company stood at 73.66 per cent, while institutions and non-institutions held 20.56 per cent and 5.78 per cent, respectively.

In the past one year, the share price of the company plunged 34.95 per cent to Rs 213.90 on November 18. The benchmark BSE Sensex declined 9.51 per cent during the same period.

The BSE Sensex and NSE Nifty opened on a firm note on Thursday on the back of firm global markets. (Photo: Reuters)

10.05 am: According to reports, Cairn India has reduced its capital expenditure programme for the current financial year by 40 per cent, a move that could accelerate the fall in output from the country’s largest onshore oil block at Barmer in Rajasthan. Shares of Cairn India were trading 1.67 per cent up at Rs 136.95 in the morning trade. Sensex was up 157 points at 25,640.

9.56 am: Orient Green Power Company informed BSE that it has received an approval to enter into a Memorandum of Understanding (MoU) with Chandrabhan Katewa to divest 26 per cent equity shares held by the company in Sanjog Sugars & Eco Power through an investment vehicle to be identified by Chandrabhan Katewa subject to all required approvals. The Investment and Borrowing Committee Meeting of Board of Directors of the Company held on November 17, 2015, has approved for the same. Shares of Orient Green Power were trading 1.36 per cent up at Rs 12.70.

9.47 am: Sensex was up 169 points at 25,651. Nifty was up 43.10 points at 7,774.90. Brokers said all-round buying by participants, tracking a rally at the other Asian markets following overnight gains at Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December, mainly influenced the sentiment here.

9.43 am: The rupee recovered by 24 paise to 66.06 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

9.20 am: Sensex was up 182 points at 25,665. Shares of Hero MotoCorp were trading 1.41 per cent up at Rs 2,608.05. Hero MotoCorp, the world’s largest two-wheeler manufacturer, has further consolidated its leadership, clocking over 1 million (10 lakh) units in retail sales during the festive season this year. The 1 million unit landmark was achieved during the 35-day festive period starting with the Navratri. This is an increase of 11 per cent in retail sales over the corresponding period last year.

9.15 am: The BSE Sensex and NSE Nifty opened in green on Thursday on the back of firm global markets. Sensex opened 157.82 points up at 25640.34. Nifty opened 56.70 points up at 7,788.50.

Shares of Hero MotoCorp will remain in focus today as the two-wheeler maker has clocked over 10 lakh units in retail sales during the festive season this year.

Employee unions at Coal India on Wednesday opposed the government’s decision to sell 10 per cent stake in the miner, with one of the trade unions threatening to go on strike against the divestment.

As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 768.46 crore on 18th November 2015. Domestic institutional investors bought shares worth Rs 759.26 crore on that day.

Asian share markets rose on Thursday as Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December but would then proceed with great caution on further tightening. Hang Seng, Nikkei and Shanghai were up 1.32 per cent, 1.36 per cent and 0.50 per cent, respectively.

The Dow Jones Industrial Average index closed with a gain of 1.43 percent on Wednesday, while the S&P 500 added 1.62 per cent and the Nasdaq 1.79 per cent.

According to YES Securities, the US market on Wednesday rallied on hopes of a Fed rate hike in December. The Fed’s October minutes show that many members of the committee believe a rate hike next month would be appropriate.

Back home, equity markets bore the brunt of a worsening global risk environment as the benchmark BSE Sensex on Wednesday snapped its 2-day rally and fell almost 382 points to close at over a 2-month low of 25,482.52. In addition, lacklustre September quarterly earnings kept investors cautious, who looked forward to US Fed minutes of the last policy meeting to decide on their future course of
action. Bouts of profit-booking following recent gains and sustained capital outflows dampened stocks further, brokers said.

The 50-share NSE Nifty broke below the 7,800-mark and ended at c, down 105.75 points, or 1.35 per cent.
(With inputs from agencies)

The BSE Sensex and NSE Nifty are likely to open in green on Thursday tracking SGX Nifty and firm global markets.

The BSE Sensex and NSE Nifty are likely to open in green on Thursday tracking SGX Nifty and firm global markets.

At 8.19 am (IST), SGX Nifty was up 66 points, or 0.85 per cent, at 7,791.

Asian share markets rose on Thursday as Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December but would then proceed with great caution on further tightening. Hang Seng, Nikkei and Shanghai were up 1.32 per cent, 1.36 per cent and 0.50 per cent, respectively.

The Dow Jones Industrial Average index closed with a gain of 1.43 percent on Wednesday, while the S&P 500 added 1.62 per cent and the Nasdaq 1.79 per cent.

Back home, equity markets bore the brunt of a worsening global risk environment as the benchmark BSE Sensex on Wednesday snapped its 2-day rally and fell almost 382 points to close at over a 2-month low of 25,482.52.

In addition, lacklustre September quarterly earnings kept investors cautious, who looked forward to US Fed minutes of the last policy meeting to decide on their future course of action. Bouts of profit-booking following recent gains and sustained capital outflows dampened stocks further, brokers said.

The 50-share NSE Nifty broke below the 7,800-mark and ended at 7,731.80, down 105.75 points, or 1.35 per cent.

Shares of Hero MotoCorp and Coal India will remain in focus on Thursday as the two-wheeler maker has clocked over 10 lakh units in retail sales during the festive season this year.

Employee unions at Coal India on Wednesday opposed the government’s decision to sell 10 per cent stake in the miner, with one of the trade unions threatening to go on strike against the divestment.

(With inputs from agencies)