Jet Airways (India) jumped 4.45% to Rs 403.80 at 9:30 IST on BSE on reports the Union Cabinet on Thursday, 3 October 2013, cleared the company's proposed sale of 24% equity to Abu Dhabi-based Etihad Airways.
Meanwhile, the BSE Sensex was up 89.14 points, or 0.45%, to 19,991.21.
On BSE, 4.53 lakh shares were traded in the counter compared with average volume of 4.94 lakh shares in the past one quarter.
The stock hit a high of Rs 414.70 and a low of Rs 397 so far during the day. The stock hit a 52-week high of Rs 688.60 on 25 April 2013. The stock hit a 52-week low of Rs 280 on 28 August 2013.
The stock had outperformed the market over the past one month till 3 October 2013, rising 24.95% compared with the Sensex's 9.14% rise. The scrip had, however, underperformed the market in past one quarter, sliding 15.23% as against Sensex's 3.78% rise.
The mid-cap company has an equity capital of Rs 86.33 crore. Face value per share is Rs 10.
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Meanwhile, the Cabinet Committee on Economic Affairs (CCEA) on Thursday, 3 October 2013, evening cleared Jet Airways' proposed sale of 24% equity to Abu Dhabi-based Etihad, days after the Rs 2058 crore deal got regulatory clearances. The proposal was of Etihad to subscribe 2.72 crore Jet Airways shares of Rs 10 each, amounting to 24% of post-issue paid-up equity share capital for Rs 2057.66 crore.
In September 2013, the Union Cabinet cleared the exchange of the bilateral air services agreement (ASA) between India and Abu Dhabi. The ASA will see the number of seats that airlines from India and Abu Dhabi can operate to either destination jump to 50,000 a week from the current level of about 13,000 seats a week.
Jet Airways (India) reported a net loss of Rs 355.38 crore in Q1 June 2013 compared with a net profit of Rs 24.70 crore in Q1 June 2012. Revenues fell 12.34% to Rs 4064.40 crore in Q1 June 2013 over Q1 June 2012.
Jet Airways connects 20 international destinations and operates flights to and from 49 destinations in India.
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