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Jet Airways shares ride high, up 14% on rating upgrade by ICRA

PTI 28 Nov 2014, 16:52:29 PM IST

New Delhi: Shares of Jet Airways surged nearly 14 per cent today after ICRA upgraded rating of Rs 3,210-crore loan facility given to the company based on improvement in cash flows.

Jet Airways's stock went up by 13.78 per cent to Rs 305.40 on the BSE.

On the NSE, it soared 13.46 per cent to Rs 305.10.

The ratings agency has upgraded the long-term rating assigned to the Rs 3,210 crore, fund-based bank facilities of Jet Airways to [ICRA]BB from [ICRA]C, a statement had said yesterday.

The rating upgrade takes into account the improvement in the liquidity and credit profile of the company, arising from improved operating performance as well as support from its strategic partner“Etihad Airways PJSC,” it said.