September 7, 2018 / 5:49 AM / 4 months ago

BUZZ-India's InterGlobe Aviation, SpiceJet rise on report of cargo business plan

** InterGlobe Aviation Ltd, which operates top Indian airline IndiGo, rises as much as 3.9 pct to 919.45 rupees, while SpiceJet Ltd gains 3.8 pct to 80.95 rupees

** Budget carriers IndiGo and SpiceJet are looking at transporting cargo to boost income, Economic Times reported

** SpiceJet will add freighter aircraft while IndiGo plans to ferry perishable cargoes in its planes, the report added

** SpiceJet and InterGlobe did not immediately respond to Reuters’ request for comment

** Cargo growth can be an area of better growth potential for these carriers, an analyst with a domestic brokerage says, adding that the news about cargo is definitely positive for these stocks

** Shares have also corrected sharply due to oil prices - analyst

** Oil prices are steady on Friday as market balances a fall in U.S. crude inventories to the lowest levels since 2015, with Sino-American trade tensions and economic weakness from emerging markets

** As of last close, InterGlobe shares had fallen 26.6 pct this year, while SpiceJet had declined 46.6 pct

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