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Jet Airways flies high on inking GMA with European turboprop aircraft manufacturer ATR

07 Feb 2013

Jet Airways (India) is currently trading at Rs. 592.80, up by 5.25 points or 0.89% from its previous closing of Rs. 587.55 on the BSE.

The scrip opened at Rs. 590.05 and has touched a high and low of Rs. 595.45 and Rs. 582.35 respectively. So far 151070 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 688.30 on 28-Jan-2013 and a 52 week low of Rs. 267.80 on 07-Mar-2012.

Last one week high and low of the scrip stood at Rs. 642.90 and Rs. 553.00 respectively. The current market cap of the company is Rs. 5120.90 crore.

The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 11.53% and 8.47% respectively.

Jet Airways, India’s premier international airline, has inked a new Global Maintenance Agreement (GMA) with the European turboprop aircraft manufacturer ATR, valued at some $48 million. This new GMA extends the agreement for the following 7 years and covers the supply of spare parts and maintenance services for the fleet of ATRs of the airline.

This new GMA will handle the complete management of the components, including the repair of line replaceable units (LRUs) and propellers, and the access to an ATR advance standard exchange pool. The service package includes also an inventory of spare parts at Jet Airways premises.

With the signature of this agreement, Jet Airways will mainly take advantage of guaranteed spares availability and a large reduction of maintenance costs. The airline will additionally benefit from simplified maintenance procedures, with ATR as single channel.

Jet Airways, including its subsidiary Jet Konnect, currently operates a fleet of 16 ATR 72-500 and 1 ATR 72-600 aircraft, and will introduce an additional 4 new ATR 72-600 aircraft into its fleet. The airline has been operating ATR aircraft since 1999 and has covered its fleet with GMAs since the beginning of its partnership with ATR.

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