Jet Airways gains 2% after tie up with Air France-KLM

New Delhi: Shares of Jet Airways on Wednesday settled nearly 2 percent higher after the company announced enhanced cooperation with Air France-KLM.

Jet Airways and Air France-KLM today announced enhanced cooperation, widening their existing code-share agreement to expand their operations between Europe and India.

The shares of the company today opened on a bullish note at Rs 665, then surged to touch an intra-day high of Rs 674.95, registering a jump of Rs 2.78 percent over its previous closing price.

At the end of today's trading session the stock was quoted at Rs 669.05, up 1.89 percent on the BSE.

Similar movement was seen on the NSE as well, where the stock opened at Rs 669, then surged 2.67 percent to touch an intra-day high of Rs 675 and finally settled for the day at Rs 668.35, up 1.67 percent.

The agreement will see Jet Airways, India' second largest airline by revenue, and Air France-KLM working together to develop their commercial and product offerings.

"This agreement strengthens the partnership built between these airlines since 2014 and expanded in 2016 with an extensive code-share agreement for connections between Europe and North America and Jet Airways hubs in Mumbai and New Delhi via Air France-KLM's hubs in Charles de Gaulle airport of Paris and Amsterdam-Schiphol," the carriers said.

The agreement will improve better connectivity via Paris-Charles de Gaulle, Amsterdam-Schiphol as well as Mumbai, New Delhi, Bengaluru and Chennai.