Citigroup unit sells entire stake in Rain

Citigroup unit sells entire stake in Rain
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First Published: Tue, Dec 08 2009. 10 26 PM IST
Updated: Tue, Dec 08 2009. 10 26 PM IST
Mumbai: A Citigroup Inc. unit sold its entire 8.77% stake in Rain Commodities Ltd, an Indian cement maker, for Rs109 crore in Mumbai trading.
Hyderabad-based Rain traded at a 15-month high. Citicorp Finance (India) Ltd sold 6.21 million Rain shares at Rs176 each, the Bombay Stock Exchange said on its website.
Reliance Capital Trustee Co. Ltd purchased a total of 3 million Rain shares in two funds. Franklin Templeton Mutual Funds bought 2 million shares across two funds and Citigroup Global Markets Mauritius Pvt. Ltd bought 1 million shares of Rain, the exchange said.
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Jet close to breaking even on US routes
Mumbai: Country’s largest airline Jet Airways (India) Ltd said revenue generated through its flights to the US from India is about to equal costs and its UK flights have broken even.
Other international routes of Jet Airways to sectors such as West Asia and South Asia have already been profitable.
“We are pretty close to break even for the US flights,” said Nikos Kardassis, chief executive officer, Jet Airways, that claims 27.7% market share in domestic traffic.
“The international passenger traffic for Jet Airways registered a growth of 19% on a seat factor of 81.9% in November. The domestic passenger traffic in November reported a 33% increase compared to the corresponding period last year.”
— P.R. Sanjai
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First Published: Tue, Dec 08 2009. 10 26 PM IST