Mumbai: Kingfisher Airlines stock on Monday rose sharply by 20 percent, to the highest trading permissible limit for the day, despite reporting widening of losses in the April-June quarter.
The airline scrip, which hit record low of Rs 7.01 during early trade on Monday, recouped all the losses and surged 20 percent to Rs 8.88 on the BSE.
At the NSE, the scrip soared 19.59 percent to Rs 8.85.
Kingfisher Airlines had on Saturday reported widening of net loss for the quarter ended June 30, to Rs 650.8 crore due to costs associated with non-operating aircraft.
The airline had posted a net loss of Rs 263.5 crore in same period last year.
"Kingfisher continues to believe it will get capitalised and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring fresh capital," the company had said.
Kingfisher shares have fallen about 65 percent so far this year.
Shares in all other UB Group companies also traded with strong gains.
United Breweries was trading 7.96 percent higher, while United Breweries Holdings gained 9.82 percent, United Spirits (7.68 percent) and McDowell Holdings (5 percent).
Surge in these stocks sharply outperformed the bearish broader market.
PTI
First Published: Monday, August 13, 2012, 14:59