Jet Airways (India) rose 0.9% to Rs 426.40 at 10:45 IST on BSE after the company said that it has been designated as the official airline partner for the Vibrant Gujarat Summit 2015.
The company made announcement after market hours yesterday, 6 January 2015.
Meanwhile, the BSE Sensex was down 7.25 points, or 0.03%, to 26,980.21.
On BSE, so far 1.94 lakh shares were traded in the counter, compared with an average volume of 6.42 lakh shares in the past one quarter.
The stock hit a high of Rs 414.90 and a low of Rs 426.70 so far during the day. The stock hit a 52-week high of Rs 458 on 11 December 2014. The stock hit a 52-week low of Rs 203.50 on 26 September 2014.
The stock of airline firm had outperformed the market over the past one month till 6 January 2015, rising 15.45% compared with 5.17% fall in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 99.43% as against Sensex's 1.58% rise.
Jet Airways (India) has introduced additional flights from Delhi and Mumbai to Ahmedabad for domestic as well a international guests travelling especially to the Vibrant Gujarat Summit 2015 scheduled between 11 to 13 January 2015. These additional flights are scheduled in a manner to provide convenient connectivity to guests arriving from the Gulf region, ASEAN and Europe, over the airline's two international hubs, Delhi and Mumbai. Apart from these additional flights, Jet Airways continues to operate regular daily flights from Delhi and Mumbai to Ahmedabad offering guests multiple options of travelling to and from Ahmedabad.
Jet Airways has been the official airline partner for the previous six editions of increasingly popular Vibrant Gujarat Summit.
Meanwhile, further fall in crude oil prices also supported the stock. Brent crude futures continued to drop after declining overnight amid continuing concerns about a global supply glut. Brent for February settlement was off 15 cents a barrel at $50.95 a barrel. The contract had lost $2.01 a barrel to settle at $51.10 a barrel yesterday, 6 January 2015, slumping for a fourth straight session to five-and-a-half year lows as mounting worries about a supply glut pressured crude prices.
Jet fuel constitutes over 40% of an airline's operating costs. Prices of jet fuel are directly linked to crude oil prices. PSU OMCs review jet fuel prices on the last day of the month based on the average imported oil price in the preceding fortnight.
Jet Airways (India) reported net profit of Rs 69.82 crore in Q2 September 2014 compared with net loss of Rs 891.01 crore in Q2 September 2013. Total income rose 24.6% to Rs 5320.73 crore in Q2 September 2014 over Q2 September 2013.
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