Jet Airways shares rise 3% as Jhunjhunwala buys stake

Jet Airways shares rose by 3 per cent today as ace investor Rakesh Jhunjhunwala picked up 1.05 per cent stake in the company for Rs 50.52 crore through an open market transaction.
Shares of the carrier ended at Rs 450.05, up 3.06 per cent on BSE. During the day, it gained 10.6 per cent to Rs 483.
The scrip trimmed some of its early gains on profit-booking.
At NSE, the shares rose by 3 per cent to close at Rs 450.75.
On the volume front, 25.59 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.

According to the bulk deal data available with NSE on Friday, Jhunjhunwala's RARE Enterprises acquired 11,95,000 shares or 1.05 per cent stake in the private airline.
The shares were bought at an average price of Rs 422.76, valuing the transaction at Rs 50.52 crore.
During the July-September quarter, Jet Airways posted a consolidated net profit of Rs 83 crore, against a net loss of Rs 42.8 crore a year ago, helped by healthy growth in passenger traffic coupled with improved aircraft utilisation by the airline.