Jet Airways extends gain on hopes of clearance for Etihad deal
The stock has rallied over 10% in past two days after the Abu Dhabi-based Etihad Airways has extended a deadline till September.
Jet Airways (India) is trading higher by nearly 4% at Rs 320, extending its previous day’s 6% rally on hopes of clearance for Etihad deal.
The Abu Dhabi-based Etihad Airways has extended a deadline for regulatory approval that ended on August 31, until end of September.
“Etihad Airways expects a $600 million investment in Jet Airways to be cleared by Indian authorities imminently, as it further extended a deadline for regulatory approval that ended on 31 August,” the Reuters report suggests.
The stock opened at Rs 315 and hit a high of Rs 321 on NSE. A combined 1.12 million shares change hands on the counter till 1036 hours on NSE and BSE.
Meanwhile, the stock had corrected sharply by 60% to Rs 280 on August 28, from Rs 689 on April 25 this year, after Jet announced Abu Dhabi-based Etihad would purchase 24% stake in it.
The Abu Dhabi-based Etihad Airways has extended a deadline for regulatory approval that ended on August 31, until end of September.
“Etihad Airways expects a $600 million investment in Jet Airways to be cleared by Indian authorities imminently, as it further extended a deadline for regulatory approval that ended on 31 August,” the Reuters report suggests.
The stock opened at Rs 315 and hit a high of Rs 321 on NSE. A combined 1.12 million shares change hands on the counter till 1036 hours on NSE and BSE.
Meanwhile, the stock had corrected sharply by 60% to Rs 280 on August 28, from Rs 689 on April 25 this year, after Jet announced Abu Dhabi-based Etihad would purchase 24% stake in it.