Murari Lal Jalan of Jalan-Kalrock consortium says Jet Airways may fly again by July-Aug; shares hit upper circuit

In a conversation with CNBC-TV18, Jalan said that while the initial plan was to get the airline flying again by April this year, he now expects the pending NCLT approval to come in over the next 3-4 weeks, and have the airline up and running by July-August.

February 22, 2021 / 10:56 AM IST
Jet Airways | The company announced the fourteenth meeting of Committee of Creditors (CoC) is scheduled to be held on August 25, 2020. (Image: PTI)

Jet Airways | The company announced the fourteenth meeting of Committee of Creditors (CoC) is scheduled to be held on August 25, 2020. (Image: PTI)

 
 
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Jet Airways share price jumped 5 percent, hitting upper circuit of Rs 114.90 per share on BSE, after Murari Lal Jalan of Jalan-Kalrock consortium said that the battered airline may fly again by July-August.

Almost two years after India’s oldest private airline was grounded, Jet Airways may be able to fly again by July or August of this year, the potential new owner of the airline told CNBC-TV18.

Murari Lal Jalan, the lead member of the Jalan-Kalrock consortium, said that the unexpected delay in securing National Company Law Tribunal’s (NCLT) nod may push the plans to get Jet Airways back in the sky by two to three months.

The Kalrock-Jalan consortium was declared the winning bidder for Jet Airways by the creditors' committee in October last year but is still awaiting the final clearance from NCLT before it can take over the airline.

In a conversation with CNBC-TV18, Jalan said that while the initial plan was to get the airline flying again by April this year, he now expects the pending NCLT approval to come in over the next 3-4 weeks, and have the airline up and running by July-August.

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The stock was trading at Rs 114.90, up Rs 5.45, or 4.98 percent at 09:56 hours. It has touched an intraday high of Rs 114.90 and an intraday low of Rs 114. There were pending buy orders of 15,760 shares, with no sellers available.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

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Moneycontrol News
first published: Feb 22, 2021 10:56 am

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