Jet shares surge 7% on quarter profits, fund raising plan

Shares of Jet Airways climbed 7 per cent, adding Rs 195 crore to its market valuation today, after the company turned profitable in the last quarter on a standalone basis for the first time since 2012.
After surging 7.77 per cent to Rs 271 in intra-day trade, shares of Jet Airways finally ended at Rs 268.60, up 6.82 per cent on the BSE.
At the NSE, the scrip surged 7.07 per cent to settle at Rs 269.50.
Following the surge in the stock, the company's market value moved up by Rs 195.23 crore to Rs 3,051.23 crore.
In terms of volume, 9.92 lakh shares of the company changed hands at the BSE, while over 46 lakh shares were traded at the NSE during the day.

For the first time since 2012, the Naresh Goyal-promoted airline, however, on a standalone basis flew back into black with a net profit of Rs 69.82 crore during Q215 helped by the one-time income, the airline had said in a release on Friday.

In the same period a year-ago, the company reported a net loss of Rs 891 crore.
The airline, however, said the better set of numbers is on account of operational restructuring, higher yield and expansion of code-share agreements with other carriers.
The airline also said its board has approved a proposal to raise up to USD 300 million in term-debt by issuing redeemable preference shares, non-convertible bonds or loan from its foreign shareholder Etihad, which had already extended a USD 150 million soft credit to the carrier when it sold 24 per cent stake to it.