 "Jet Airways hits four-month high; soars 105% from October low")
Shares of Jet Airways hit a four-month high of Rs 335 per share, up 30% on the BSE in intra-day trade on Thursday after a media report suggested that Tata Sons Chairman N Chandrasekaran is expected to present to the board on Friday a business viability plan on a proposed acquisition of cash-strapped airline company.
“Tata Sons chairman N Chandrasekaran is expected to present the board on Friday (November 16) a business viability plan on the proposed acquisition of the struggling Jet Airways,” The Times of India report suggests.
According to an Economic Times report on Thursday, Tata SIA Airlines, Vistara's parent, is eyeing an all-stock merger with Jet, founded by entrepreneur Naresh Goyal who has a 51% stake. Etihad Airways has a 24% stake in Jet. Tata and Jet are inching towards a two-step transaction that would first see Jet merge with Tata SIA through a share swap, the report said, citing sources. CLICK HERE TO READ FULL REPORT
The stock rallied 105% from its 52-week low level of Rs 163 touched on October 1, 2018 on the BSE in intra-day trade, as compared to 3.5% decline in the S&P BSE Sensex. It touched a 52-week high of Rs 884 on January 5, 2018, on BSE in intra-day deal.
Jet Airways, however, termed media reports saying 'Tata SIA Airlines eyes all-stock merger of Vistara with the airline' as "speculative".
Jet Airways said on Wednesday that the board of directors of the company in its meeting held on August 27, 2018, had considered various cost-cutting measures, debt reduction and funding options, including infusion of capital, monetization of assets and sale of company's stake in its Loyalty program. These measures also include carrying out a sale and subsequent leaseback of its finance leased aircraft, it added.
Jet Airways finally settled 24.5% higher at Rs 321 on the BSE, as compared to 0.34% rise in the Sensex today. The trading volumes on the counter jumped five-fold with a combined 53.43 million equity shares changed hands on the BSE and NSE.
“Tata Sons chairman N Chandrasekaran is expected to present the board on Friday (November 16) a business viability plan on the proposed acquisition of the struggling Jet Airways,” The Times of India report suggests.
According to an Economic Times report on Thursday, Tata SIA Airlines, Vistara's parent, is eyeing an all-stock merger with Jet, founded by entrepreneur Naresh Goyal who has a 51% stake. Etihad Airways has a 24% stake in Jet. Tata and Jet are inching towards a two-step transaction that would first see Jet merge with Tata SIA through a share swap, the report said, citing sources. CLICK HERE TO READ FULL REPORT
The stock rallied 105% from its 52-week low level of Rs 163 touched on October 1, 2018 on the BSE in intra-day trade, as compared to 3.5% decline in the S&P BSE Sensex. It touched a 52-week high of Rs 884 on January 5, 2018, on BSE in intra-day deal.
Jet Airways, however, termed media reports saying 'Tata SIA Airlines eyes all-stock merger of Vistara with the airline' as "speculative".
Jet Airways said on Wednesday that the board of directors of the company in its meeting held on August 27, 2018, had considered various cost-cutting measures, debt reduction and funding options, including infusion of capital, monetization of assets and sale of company's stake in its Loyalty program. These measures also include carrying out a sale and subsequent leaseback of its finance leased aircraft, it added.
Jet Airways finally settled 24.5% higher at Rs 321 on the BSE, as compared to 0.34% rise in the Sensex today. The trading volumes on the counter jumped five-fold with a combined 53.43 million equity shares changed hands on the BSE and NSE.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%