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BW Businessworld

Jet Airways Slumps; ACC, Ambuja Shares Fall

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Shares in Jet Airways slumped as much as 6.4 per cent after the company reported its worst quarterly loss on record on Wednesday, squeezed by high fuel costs and a weaker local currency.

Read: Jet Air Posts Worst Quarterly Loss


Jet, which has lost money in the past six years, said on 23 October it was awaiting approvals from some regulators for the Etihad deal, without specifying. The agreement, struck to help Jet break out of a pattern of losses in India's airline business, won the cabinet's approval earlier this month. Jet shares were trading down 5 per cent to Rs 329 at 9.24 am

ACC, Ambuja Shares Fall As July-Sept Earnings Miss Estimates
Shares in Ambuja Cements and ACC fall after the cement makers reported lower-than-expected July-September earnings. ACC and Ambuja are controlled by Switzerland's Holcim, the world's No.2 cement maker, which in July said it plans to restructure its Indian operations to cut costs.

Shares in Ambuja Cements fell as much as 2.3 per cent after it posted a 45 per cent fall in net profit to Rs 166 crore, missing market estimates of Rs 240 crore, according to Thomson Reuters I/B/E/S.

ACC also fell as much as 1.8 per cent after net profit for India's second-largest cement maker halved to Rs 121 crore in the July-September quarter, missing estimates of Rs 189 crore, according to Thomson Reuters I/B/E/S .

(Reuters)