Jet Airways stock rises 3% on aircraft pact

Shares of Jet Airways on Wednesday rose as much as 3 % in morning trade on the bourses after the company said it had entered a pact for buying 75 B737 planes.

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.

The company’s share opened on a bullish note at ₹ 623, then gained further ground to touch an intra-day high of ₹ 632.25, up 2.99 % over its previous closing price.

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

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

It 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.