Jet Airways takes off
Jet Airways is a big gainer today morning, currently up almost 6% at Rs.308.80, with an intra day high at Rs.314.70. Volumes though remain subdued at 1.3 lakh shares.
There is a sharp uptick in the stock price after Etihad extended a deadline for regulatory approval that ended on August 31 by one month – the deadline is now 30th September. This extension sends a message across that despite the long dilly-dallying, Etihad is expecting to get this Jet deal cleared within this month.
Etihad is buying 24% stake in Jet but the plan has consistently hit air pockets, with the latest being concerns voiced by some politicians, saying that bilateral accord on air services between signed in April, between India and the United Arab Emirates was hurting Indian airlines' interests wherein increasing the number of airline seats per week favoured Etihad more than Indian carriers.