Kingfisher extends rally; stock surges over 11%
Mumbai: Rising for the second day in a row on Tuesday, Kingfisher Airlines stock surged over 11 percent amid heavy buying, even as the airline reported widening of losses in the April-June quarter.
Shares of the company gained 10.36 percent to touch a high of Rs 9.80 on the BSE.
At the NSE, the scrip soared 11.29 percent to Rs 9.85.
In the previous trade also, the stock had rallied by 20 percent.
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.
The debt-ridden airline has said, however, that it was talking to various investors and believes that it will get capitalised.
"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 while declaring the Q1 result.
The Mallya group company had lost nearly 17 percent ahead of its results last week on anticipation of weak Q1 earnings.
Surge in the stock was in sharp contrast with the sluggish stock market, where the Sensex was trading at 17,601.27, down 27.36 points.