Jet Air up 14%, Hong Kong firm picks sizeable shares

Shares of Jet Airways rallied around 14% to Rs 495.10 on  reports that a Hong Kong-based brokerage & investment company has turned buyer at the counter.

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.

Jet Airways which has promoter holding of 80% needs to increase its public share-holding to 25% by June 3 next year. For this reason, the promoters have to reduce their stake by 5% as per Sebi guidelines.

SpiceJet also rose 10% on hopes of further changes in FDI in aviation, as the government's move to allow foreign airlines to buy up to 49 per cent stake in Indian airlines.