Shares of Jet Airways extended gains in Monday's trade and rose over 8 per cent on the Bombay Stock Exchange (BSE) to clock 17.42 per cent spurt in two consecutive trading sessions.
In the previous session, the stock settled at Rs 436.70, up 9.36 per cent, while it hit an intraday high of Rs 472, up 8.08 per cent in today's trade. The scrip closed 3.06 per cent up at Rs 450.05.
Here are three reasons shaping positive sentiment on the scrip:
Private carrier posted a consolidated net profit of Rs 83 crore in the second quarter of this fiscal year, ended September 30, against a net loss of Rs 42.8 crore a year-ago period, helped by healthy 26.3 per cent growth in passenger traffic coupled with improved aircraft utilisation by the airline.
Total sales grew by 8.1 per cent to Rs 5,504 crore in the July-September quarter of the current fiscal as compared to Rs 5,092 crore in Q2FY15, the company said in a release.
"It is encouraging to report a profit in the second quarter, which is traditionally a lean season for the aviation sector...The growth in passengers flown by Jet Airways and the improved aircraft utilisation have been significant contributors to the performance in the second quarter," Jet Airways Chief Executive Cramer Ball said.