Jet Airways zooms over 50% in one week

The stock has rallied 58% to Rs 386 from Rs 245 on November 25.

Jet Airways (India) has soared 11% to Rs 386, bouncing back 17% from intra-day low on BSE, on back of heavy volumes.

The stock opened at Rs 344 and touched a low of Rs 329 on BSE. The trading volumes on the counter jumped more than three-fold with a combined 11.33 million shares changed hands till 1454 hours on NSE and BSE.

In past one week, shares of Jet Airways (India) zoomed 58% from Rs 245 on November 25, due to falling crude oil prices. The benchmark S&P BSE Sensex gained 0.37% during the same period.

On Friday, November 28, the company said the rating agency ICRA has upgraded the long-term rating for bank facilities of the company has been reinstated to “BB” (stable) and the short-term rating of “A4” has been reaffirmed.

“ICRA has upgraded the long-term rating assigned to the Rs 3,210 crore, long-term, fund-based bank facilities of Jet Airways (India) to BB from C,” the company said in a statement.

ICRA has reaffirmed the short-term rating of A4 assigned to the Rs 4,250 crore, short-term, fund-based/non-fund based bank facilities of Jet Airways, it added.

ICRA has taken a consolidated view of Jet Airways, along with its wholly-owned subsidiary, Jet Lite (India) (Jet Lite).

The rating upgrade takes into account the improvement in the liquidity and credit profile of the company, arising from improved operating performance as well as support from its strategic partner – Etihad Airways PJSC, it said.