Jet Airways (India) gains after credit rating upgrade

Jet Airways (India) rose 3.19% to Rs 232.70 at 13:37 IST on BSE after credit ratings agency ICRA upgraded its rating on the company's Rs 7460 crore line of credit.

The announcement was made during trading hours today, 19 September 2014.

Meanwhile, the BSE Sensex was up 34.47 points, or 0.13%, to 27,146.68.

On BSE, so far 1.55 lakh shares were traded in the counter, compared with an average volume of 2.87 lakh shares in the past one quarter.

The stock hit a high of Rs 234.75 and a low of Rs 225 so far during the day. The stock hit a 52-week high of Rs 414.70 on 4 October 2013. The stock hit a 52-week low of Rs 210.25 on 5 February 2014.

The stock had underperformed the market over the past one month till 18 September 2014, falling 6.18% compared with 2.73% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 8.91% as against Sensex's 7.39% rise.

The small-cap company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.

Jet Airways (India) announced that the rating committee of ICRA has after due consideration upgraded the long term rating for line of credit from [ICRA] D (pronounced ICRA D) to [ICRA] C (pronounced ICRA C).

Further the rating committee of ICRA has also upgraded the short term rating for Line of Credit from [ICRA] D (pronounced ICRA D) to [ICRA] A4 (pronounced ICRA A four), Jet Airways (India) said in a statement.

Jet Airways (India) reported a net loss of Rs 217.65 crore in Q1 June 2014, lower than net loss of Rs 355.38 crore in Q1 June 2013. Total income rose 17.4% to Rs 4779.76 crore in Q1 June 2014 over Q1 June 2013.

Jet Airways (India) (along with Jet Lite India - its wholly-owned subsidiary) currently provides scheduled services to around 56 destinations in India and 20 international destinations. The company's fleet stands at 113 aircraft as on March 2014.

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