Jet Airways surges on heavy volumes

Jet Airways (India) has rallied almost 10% to Rs 619, extending its past two days gain, in an otherwise weak market on the back of over two-fold surge in trading volumes.

As many as a combined 11.96 million shares, representing about 70% of free-float equity of the company, have already changed hands on the counter so far against an average sub 6 million shares that were traded daily in past two weeks.

According to market buzz, Jet Airways may raise Rs 1,600 cr from the sale of its 24% stake to Etihad Airways.

“The company might seek approval from the foreign investment promotion board and the deal could conclude by the end of this month,” the Business Standard report suggests quoting a government official.

On Tuesday the company announced the expansion of its code sharing agreement with Etihad for the Abu Dhabi-Paris route.

The stock has outperformed the market by surging 20% in past three trading sessions on the BSE compared to around 1% fall in benchmark Sensex.