Jet stock flies high, up 3% on revival steps

Jet AirwaysNSE 0.69 % climbed over 3 per cent on the BSE on Monday after the carrier is said to have taken steps to turn itself around.

The stock traded 1.05 per cent up at Rs 309 around 10.30 am after climbing 3 per cent earlier. The BSE benchmark Sensex was 0.49 per cent up at 36,371 at that point.

Jet Airways is reworking its international network, cutting down unviable flights and adding new ones where it hopes to make money as the cash-strapped carrier tries to revive its fortunes while simultaneously seeking a cash infusion to keep itself afloat.

The move comes at a time when Jet is wooing Etihad for soft loans and additional stake purchase. Etihad owns 24 per cent of Jet. Jet has also grounded planes, delayed  salaries and laid off people as the airline struggles with depleted cash reserves, mounting losses and debt

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