Friday 19 July 2019, 02:30 PM
Jet Airway scrip touches 52-week high
By IANS | Bharat Defence Kavach | Publish Date: 12/17/2012 12:00:00 AM
Jet Airway scrip touches 52-week high

New Delhi/Mumbai :  Jet Airways shares touched a 52-week high high on the back of reports that the Abu Dhabi-based Ettihad airline was in final stages of investing in the company.

The scrip at the Bombay Stock Exchange (BSE) jumped by 4.53 percent at Rs.636.70 per share from its previous close of Rs.609.10 Friday. This was a 52-week high.

Around 1.30 p.m., it was ruling at Rs.620.15, up 11.05 points or 1.81 percent from its previous close of Rs.609.10 Friday.

Talk of possible stake sale has been doing the rounds for three months, ever since the government allowed foreign airlines to pick up 49 percent shares in domestic carriers.

In November, a government official said that Indian private airlines were in touch with foreign carriers for sale of stakes.

"A possible stake sale is on the card," said the official and added that the talks were on with carriers based in the Middle East and Southeast Asia.

The reports of a possible stake sale has pushed up the scrips of two of the most eligible private airlines for FDI -- Jet Airways and Kingfisher.

However, in Monday''s trade, Kingfisher shares were down 4.51 percent at Rs.16.93 from its previous close of 17.73 Friday.

The financially strained Kingfisher airline is trying to woo foreign investors by putting nearly 46 percent of the permitted 49 percent stake in the company for sale.

The rest three percent will remain with foreign institutional investors (FIIs), qualified foreign investors (QFIs) or other non-strategic foreign investment.

Kingfisher is also said to be in talks with Middle East based airlines for a possible stake sale to come out of its troubled financial position.

Earlier, the government allowed foreign airlines to invest up to 49 percent in private domestic carriers.

The foreign carriers were so far not been allowed to directly invest in Indian carriers for security reasons although 49 percent FDI by non-airline players was allowed.

The Indian civil aviation sector has been going through a tough operating environment as high fuel and interest costs have hurt it.

The government expects that the decision will help bring in more funds to the airlines who have been cold shouldered by banks.

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Jet Airway scrip touches 52-week high

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