Jet Airways up on land deal

Jet Airways has advanced on plans to sell land in Mumbai to Godrej Properties.

The stock opened at Rs 483 and soared to a high of Rs 490. The scrip is now trading at Rs 486, up 2% from its previous close. The counter has clocked volumes of 170,000 shares on the BSE.

The company is to sell its Mumbai land to Godrej Properties for Rs 450 crore. Jet Airways had taken a loan from HDFC to fund the land purchase back in 2008 but now on the liability has shifted from Jet to Godrej.