New Delhi: Boeing said on Wednesday it has won a binding order from Jet Airways for 75 of its 737 MAX narrowbody jets, as the Indian carrier expands to meet domestic passenger demand that has shown no sign of abating despite years of growth.
Jet Airways, in a regulatory filing late on Tuesday, said it had entered an agreement to buy the aircraft, but it did not say whether the agreement was a formal order or a non-binding memorandum of understanding.
Boeing said in a statement that Jet Airways will be the first Indian airline to take delivery of the new and improved 737 jet.
Based on Boeing’s list prices, the deal could be worth between $7.2 billion and $9.7 billion depending on which 737 MAX variants the airline chooses. Airlines usually get significant discounts from manufacturers though, bringing costs well below list prices.
The 737 MAX can seat between 130 and 230 passengers, depending on the variant.
Shares of Jet Airways, which rose as much as 3.2 percent in Wednesday morning trade, closed 1.5 percent lower, as the wider Indian market pulled back late in the trading day.
The latest agreement comes as Indian airlines rush to expand fleets to meet ever-increasing demand for domestic as well as international flights, making it one of the most targeted sales markets for Boeing and European rival Airbus SE.
Boeing said in July it expected Indian airlines to order up to 2,100 aircraft worth $290 billion over the next 20 years, calling it the highest-ever forecast for Asia’s third-largest economy.
Domestic passenger traffic increased 17.9 percent in January from a year earlier for the 41st consecutive month of double-digit growth, according to data from the International Air Transport Association.
Jet Airways Chief Executive Vinay Dube last month told reporters the airline was hoping to close the latest deal by the end of March.
The airline finalized a separate deal to buy 75 other Boeing 737 MAX aircraft last year.
Boeing says India’s Jet Airways signs firm order for 75 737 MAX jets
Boeing says India’s Jet Airways signs firm order for 75 737 MAX jets
- Based on Boeing’s list prices, deal could be worth between $7.2 billion and $9.7 billion
- Indian airlines rushing to expand fleets to meet ever-increasing demand for domestic and international flights
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
