Jet Airways surges ahead of Q2 results

Jet Airways has surged 5% to Rs 353 extending its previous day’s 4% gain ahead of its second quarter (Q2) results to be announced tomorrow.

The stock opened at Rs 336 and hit a high of Rs 354 on the BSE. A combined 1.30 million shares have changed hands on the counter so far on both the exchanges.

Analyst on an average expecting a net loss of Rs 71 crore and operational income of Rs 4,936 crore in July-September 2012 quarter. The company had reported net loss of Rs 439 crore and operational income of Rs 3,122 crore in corresponding quarter of previous fiscal.

The company had surprised the Street by reporting net profit of Rs 25 crore in the first quarter ended June 30, 2012 after having reported losses in five consecutive preceding quarters. Analyst had expected loss of Rs 144 crore from the private carrier.

“Although Q2 results will likely be muted due to seasonal weakness, we expect the fundamentals to pick up starting Q3 (October-December). Load factors and yields are likely to see significant sequential improvement in Q3, a holiday season,” said Joseph George, analyst at IIFL Institutional Research in recent report.