Jet Airways (India) jumped 6.45% to Rs 421 at 9:43 IST on BSE on reports the Foreign Investment Promotion Board holds a crucial meeting today, 29 July 2013, to consider the deal of Abu Dhabi-based Etihad picking up 24% stake in Jet Airways.
Meanwhile, the S&P BSE Sensex was down 63.56 points, or 0.32%, to 19,684.63.
On BSE, 2.90 lakh shares were traded in the counter as against an average daily volume of 13 lakh shares in the past one quarter.
The stock hit a high of Rs 428.60 and a low of Rs 408 so far during the day. The stock had hit a 52-week high of Rs 688.60 on 25 April 2013. The stock had hit a 52-week low of Rs 320.30 on 27 July 2012.
The stock had underperformed the market over the past one month till 26 July 2013, sliding 8.95% compared with the Sensex's 6.45% rise. The scrip had underperformed the market in past one quarter, falling 35.44% as against Sensex's 2.39% rise.
The mid-cap company has an equity capital of Rs 86.33 crore. Face value per share is Rs 10.
According to reports, the Foreign Investment Promotion Board (FIPB) will take up the Rs 2058-crore Jet-Etihad airline deal today, 29 July 2013.
FIPB on 14 June 2013, deferred a decision on Etihad Airways' planned 24% stake buy in Jet Airways (India) asking for more details on effective control and ownership of the Indian carrier post the stake sale.
Jet Airways (India) plans to sell 24% stake to Abu Dhabi-based Etihad for about Rs 2058 crore. Jet Airways and United Arab Emirates (UAE)-based Etihad Airways on 24 April 2013 announced that it agreed to subscribe to 2.72 crore new shares of Jet Airways at a price of Rs 754.74 per share. The value of this equity investment is $379 million and will result in Etihad Airways holding 24% of the enlarged share capital of Jet Airways.
But political concerns and scrutiny by market regulators have delayed the deal and it risks missing a deadline of 31 July 2013, before which regulatory approvals had to be secured.
Jet Airways (India)'s net loss widened to Rs 495.53 crore in Q4 March 2013, from net loss of Rs 298.12 crore in Q4 March 2012. Net sales declined 0.1% to Rs 3840.27 crore in Q4 March 2013 over Q4 March 2012. The company unveils Q1 results on 8 August 2013.
The Jet Airways group currently operates a fleet of 109 wide and narrow-bodied aircraft under the Jet Airways and JetKonnect brands.
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