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Jet Airways share hits upper circuit on plan to restart operations in Q1 of next fiscal

Jet Airways share hits upper circuit on plan to restart operations in Q1 of next fiscal

Jet Airways share opened with a gain of 4.27% at Rs 82.95 against previous close of Rs 79.55 on BSE

Jet Airways share is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. Jet Airways share is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

Jet Airways share hit upper circuit of 5% in afternoon session today after Jalan Kalrock Consortium, the winning bidder for the grounded airline said the carrier would restart domestic operations by the first quarter of 2022 and short haul international flights by the last quarter of the next year.

The micro cap stock has gained after 3 days of consecutive fall. The share opened with a gain of 4.27% at Rs 82.95 against previous close of Rs 79.55 on BSE.

Later, it touched an intraday high of Rs 83.5, rising 4.97% on BSE. Jet Airways share is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

The share has gained 206% in one year but fallen 31.56% since the beginning of this year. Total 0.18 lakh shares changhed hands amounting to turnover of Rs 14.72 lakh on BSE.

Market cap of the firm rose to Rs 948.54 crore.

The first flight of the airline would be on Delhi-Mumbai route, the consortium said, adding that the airline would now be headquartered in Delhi instead of Mumbai.

In June this year, the National Company Law Tribunal (NCLT) had cleared the Jalan Kalrock Consortium's resolution plan for Jet Airways, two years after the once-storied full-service carrier went into insolvency proceedings.

In a statement, Murari Lal Jalan, Lead Member of the Jalan Kalrock Consortium, said, "Jet Airways 2.0 aims at restarting domestic operations by Q1-2022, and short haul international operations by Q3/Q4 2022."

Our plan is to have 50-plus aircraft in three years and 100 plus planes in five years, which also fits perfectly well with the short-term and long-term business plan of the Consortium, he noted.

"The aircraft are being selected based on competitive long term leasing solutions. It is the first time in the history of aviation that an airline grounded for more than two years is being revived and we are looking forward to being a part of this historic journey," he said.