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Wednesday, January 19, 2022

Jet Airways: Will flights fly again? Upper Circuit for the 8th consecutive day in the stock, 262% return in 7 months

Jet Airways Stocks Performance: Jet Airways shares had an upper circuit of 5 per cent on Monday. This is the eighth consecutive trading day, when Jet Airways shares have got an upper circuit. At the same time, from the March low, the stock has given 262 percent return since March 26. It is reported that Jet Airways lenders have received approval for its revival plan. After which it is expected that Jet Airways will be able to fly again. Let us know that from April last year, the operations of this company’s aircraft are stopped.

According to Reuters, the new owner of the company has planned to put Rs 1000 crore working capital in it for revival of Jet Airways. At the same time, 1000 rupees will be given to its creditors during 5 years.

262 percent return in 7 months

Jet Airways shares had touched Rs 13 on 26 March. It was a 1-year low for the stock. At the same time, since March 26, it has increased about 261 percent so far and the stock has reached the price of Rs 47 today. Today is the 8th consecutive trading day, when Jet Airways shares have got an upper circuit.

Duplicate products worth Rs 15.56 lakh from Shapoorji Palonji Group company Eureka Forbes seized from Ahmedabad

Investor sentiment strengthened

In fact, the consortium of Britain’s Kalrock Capital and UAE entrepreneur Murari Lal Jalan has become the new owner of Jet Airways. The Creditors Committee, which has given loans to Jet Airways, has approved for this. At the same time, the resolution plan of Murarilal Jalan and Florian Fritsch through e-voting was approved on 17 October 2020. Please tell that Jet Airways was founded by Naresh Goyal. But Jet Airways had to shut down due to a serious problem of funds.

Services have been closed since April last year

Jet Airways, which provides full aviation services, has been in operation since April last year. At one time there were 120 aircraft in the jet fleet, which was only 16 at the time of its closure. The company had to cease operations due to fund problems. The company went under the corporate insolvency resolution process in June 2019 after ceasing operations. Jet Airways’ losses reached under the insolvency resolution process increased to Rs 5,535.75 crore in the financial year ended March 2019. As the company’s expenses increase, its losses have increased. At the same time last year, the company did a business of Rs 23,958.37 crore.

Source: www.financialexpress.com

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