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Jet Airways Stock Rises 3% on Aircraft Pact

In a regulatory filing on Tuesday Jet Airways said it had entered an agreement with Boeing for buying 75 B-737 Max aircraft, as it looks to strengthen presence in the fast growing domestic aviation market.

PTI

Updated:April 4, 2018, 11:50 AM IST
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Jet Airways Stock Rises 3% on Aircraft Pact
Representative image. (Photo/Reuters)
New Delhi: Shares of Jet Airways on Wednesday rose as much as 3 per cent in morning trade on the bourses after the company said it had entered a pact for buying 75 B737 planes.

In a regulatory filing on Tuesday Jet Airways said it had entered an agreement with Boeing for buying 75 B-737 Max aircraft, as it looks to strengthen presence in the fast growing domestic aviation market.

Following the announcement, shares of the company opened on a bullish note at Rs 623, then gained further ground to touch an intra-day high of Rs 632.25, up 2.99 per cent over its previous closing price.

On NSE, the stock opened at Rs 617.90, then rose to a high of Rs 632.55, up 3.19 per cent over its previous closing price.

Last month, Jet Airways CEO Vinay Dube had said the airline is likely to close the order for another 75 narrow-bodied planes shortly.

The airline has already placed order for 75 Boeing 737 Max aircraft and their delivery is expected to commence by July-August.

The full service carrier has a fleet of around 119 planes, comprising Boeing 777-300 ERs, Airbus A330-200/300, Next Generation Boeing 737s and ATR 72-500/600s.

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| Edited by: Ahona Sengupta
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