Jet Airways shares hit the roof after Jalan Kalrock Consortium says it's ready to take control of airline

Shares of Jet Airways Ltd ended 5% higher today after the Jalan Kalrock Consortium (JKC) said it has completed the infusion of Rs 350 crore into the grounded airline after investing an additional Rs 100 crore. The consortium, which won the bid for the revival of cash-strapped carrier said it infused Rs 100 crore into the airline last week.  

Shares of Jet Airways closed at the upper circuit of 5% at Rs 55.91 on Friday against the previous close of Rs 53.25 on BSE. Total 1.42 lakh shares of the firm changed hands amounting to a turnover of Rs 79.31 lakh on BSE. The market cap of Jet Airways rose to Rs 635.12 crore on BSE. Jet Airways stock has a one-year beta of 0.1, indicating very low volatility during the period.   

Earlier, the stock opened 3.09% higher at Rs 54.90 today. The stock has lost 40.71% in a year and fallen 21.64% this year. However, the Jet Airways stock has delivered 100% returns for investors in three years.    

In terms of technicals, the relative strength index (RSI) of Jet Airways stock stands at 37.6, signaling it's trading neither in the overbought zone nor in the oversold zone. Jet Airways shares are trading lower than the 20 day, 30 day, 50 day, 150 day and 200 day but higher than the 5 day, 10 day and 100 day moving averages.

The consortium has said it aims to re-establish the airline's operations from 2024 and further announcements regarding the launch date of Jet Airways will be made in the coming weeks, according to a statement. 

"The consortium’s strategy to revive the airline remains unaltered. The new promoters are determined to re-establish the operations of the airline up and running in 2024. Further announcements regarding the launch date of Jet Airways will now be made in the coming week,” JKC said.  

Jet Airways closed its operations back in April 2019. It went into an insolvency resolution process afterwards and the Jalan Kalrock Consortium (JKC) emerged as the winning bidder.  

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