Jet Airways stock hits 5% upper circuit on plan to resume operations next summer

Jet Airways share hit upper circuit of 5% today after new promoters of the defunct airline said the airline is likely to make a comeback during next summer. Share of Jet Airways opened 5% higher at Rs 75.60 against previous close of  Rs 72 on BSE.

The  share was stuck in upper circuit of 5% in afternoon trade. Jet Airways share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 8.62% in the last 2 days.  The microcap share has gained 268% in one year and risen 155% since the beginning of this year. Market cap of the airline rose to Rs 858 crore on BSE.

The Murari Lal Jalan-Kalrock Capital combine, in its first statement since winning the resolution bid, said that Jet Airways will be restarted as a full service airline like before. The new promoters also clarified that Jet 2.0 will operate on all domestic slots allotted to the airline in the past, and resume international operations.

"As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations. If everything goes as per plan and the consortium receives the NCLT and regulatory approvals on time, Jet Airways would be back in the skies by the summer of 2021," the Jalan-Kalrock consortium said.

Jet Airways to resume operations next summer, will fly domestic, international routes