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Jet stock up over 6% on buzz Etihad extends deadline by a month

Last Updated: Monday, September 2, 2013 - 18:41

Mumbai: Shares of Jet Airways Monday rose by over 6 percent amid report that Abu Dhabi-based Etihad Airways has extended a deadline for regulatory approval that ended on August 31, until end of September.

Following the buzz, shares of the carrier jumped 7.82 percent to Rs 314.70 in intra-day trade on the BSE. It finally ended at Rs 308.55, up 5.72 percent from its previous close.

At the NSE, the scrip settled at Rs 310.25, up 6.14 percent from its previous close.

Market value of Jet went up by Rs 144 crore to Rs 2,663 crore following the surge in the stock.

In terms of volume 4.25 lakh shares were traded at the BSE, while over 15 lakh shares changed hands on the NSE during the day.

As per a media report, Etihad Airways expects the Jet Airways deal to be cleared by the Indian authorities imminently, as it further extended a deadline for regulatory approval that ended on August 31.

The Foreign Investment Promotion Board approved in July a Rs 2,058-crore deal under which Abu Dhabi-based Etihad proposes to buy a 24 percent stake in Jet Airways.

In the stock market, the BSE benchmark Sensex ended the day 266.41 points higher at 18,886.13.

PTI

First Published: Monday, September 2, 2013 - 18:41
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