Jet Airways jumps 3% on report of fresh loan from PNB

NEW DELHI: Shares of Jet Airways jumped 3 per cent on Monday morning after a Mint report suggested that it has received fresh loan of Rs 2,050 crore from Punjab National Bank.

The scrip hovered at Rs 250.60, up 3.09 per cent at around 09:49 am while the benchmark BSE Sensex was up 0.78 per cent at 36,957.31.

"The airline also raised foreign currency term loans worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB. Jet Airways will use the credit facility for its working capital needs," the report added.

"If the loan proceeds are used to pay dues to lessors and pare the company’s debt, then this may improve Jet Airways’ credit rating," the report further said.

Meanwhile, Jet Airways shares opened at Rs 251.15 on BSE against its previous closing of Rs 243.10.