The stock surged over 10 per cent on the Bombay Stock Exchange to Rs 296.55 in intraday trade on Friday.
“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,” the agency said in a statement.
Etihad had last year entered into a $600-million deal with Jet which included a 24% stake in the airline, purchase of its slots at London’s Heathrow airport and a majority stake in its privilege programme. Jet recognised part of the funds as a one-time gain to swing into a net profit of Rs 69.8 crore in July-September, after six loss-making quarters.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.