Jet flies nearly 8% on deal approval

Shares in Jet Airways surged as much as 7.9 per cent in morning trade on Tuesday after the Foreign Investment Promotion Board (FIPB) on July 29 cleared the Rs 2,058-crore Jet Airways-Etihad deal with some riders. 

Etihad had first agreed in April to buy a 24 per cent stake in Jet Airways in the first such deal since the government allowed foreign airlines to own up to 49 per cent of Indian carriers last September. 

After rising nearly 22 per cent over the previous two sessions on speculation the deal would be approved, shares of Jet Airways rallied nearly 8 per cent in morning trade today. 

Full report here Economic Times


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