Jet Airways shares rose as much as 5 per cent in the early trade on Friday on reports that UAE-based Etihad Airways, which has 24 per cent stake in Jet Airways, is likely to raise it to 49 per cent, the maximum possible for foreign carriers to have in a domestic scheduled passenger airline. Jet Airways is also set to expand its operations to Dubai with the launch of new frequencies from its hubs in Mumbai and Delhi.
At 9.58 am, shares of Jet Airways were trading 2.36 per cent up at Rs 555. The scrip opened at Rs 558.90 and has touched a high and low of Rs 566.90 and Rs 551, respectively, in trade so far.
Later, the airline informed BSE that the news item is a rumour and is speculative in nature and no such move is under contemplation. The share price of Jet Airways closed 2.82 per cent up at Rs 557.50.
With effect from March 1, 2016, Jet Airways will launch a sixth daily frequency from Mumbai to Dubai. With the introduction of this new flight, Jet Airways will offer the maximum number of daily flights between the two cities.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 796 on 13-Jan-2016 and a 52 week low of Rs 248.50 on 16-Jun-2015.
The promoters holding in the company stood at 51 per cent, while institutions and non-institutions held 37.95 per cent and 11.05 per cent respectively.
Earlier this month, the Naresh Goyal-led Jet Airways reported a stand-alone net profit of Rs 467 crore for quarter ended December 2015, a multi-fold growth from Rs 63 crore a year ago, driven by higher traffic and lower fuel costs.