Rising for the second day in a row today, Kingfisher Airlines stock surged over 11 per cent amid heavy buying, even as the airline has reported widening of net loss in the April-June quarter.
On the BSE, the shares gained 10.36 per cent to touch a high of Rs 9.80. On the NSE, the scrip soared 11.29 per cent to Rs 9.85.
In the previous trade also, the stock had rallied by 20 per cent.
Kingfisher Airlines had on Saturday reported widening of net loss for the quarter ended June 30, 2012 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 first quarter results.
The Mallya group company had lost nearly 17 per cent ahead of its results last week on anticipation of weak Q1 earnings.
Why are the GOVT authorities not taking any action on the Kingfisher Airlines. The frequent labour problems and cancellation of flights at the last minute put the ordinary traveller to great inconvenience. Also, the maintenance norms followed are suspect and Will this Govt only act after a tragedy? Is Vijay Mallaya's clout as an MP coming in the way of strong action by the authorities?
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