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Aviation shares rally on heavy volumes, Jet Airways surges 15%

This article was posted on Nov 23, 2012 and is filed under Market News

A combined 6.5 million shares representing 38% of free-float equity of Jet Airways have changed hands on the BSE and NSE.

Shares of aviation companies mainly Jet Airways and SpiceJet have rallied more than 7% each on back of heavy volumes.

Jet Airways has soared 15% to Rs 501, also its 52-week high, on back of about three-fold jump in trading volumes. As many as a combined 6.5 million shares representing 38% of free-float equity of the company have already changed hands on the counter till noon deals against an average 2.5 million shares that were traded daily in past ten trading days.

Naresh Goyal-owned Company Jet Airways having total promoter holding of 80% as on today. In order to increase its public share-holding to at least 25% by June 3, 2013, the prompter have to reduce their stake by 5% as per Sebi norms.

On Sunday, November 18, Finance Minister P Chidambaram said that the government may be open to tweaking FDI (foreign direct investment) norms in the aviation sector to attract investment. There has to be “willing buyer and a willing seller” in the sector said the finance minister.

“Under the changes brought about by the government in the FDI norms in September, foreign carriers were allowed to pick up stake of up to 49% of paid-up capital in domestic airlines,” PTI report suggests.

Among other individual stocks, SpiceJet has surged 9% to Rs 39.65, while Kingfisher Airlines is up 2% at Rs 13.70 on the BSE.

Source: Business Standard

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