Jet Airways (India) rose 4.16% to Rs 266.70 at 15:05 IST on BSE after the airline's Chairman told the media that the company will look at selling planes and restructuring its debt.
Meanwhile, the BSE Sensex was up 91.35 points, or 0.35%, to 26,117.15.
On BSE, so far 9.88 lakh shares were traded in the counter, compared with an average volume of 4.39 lakh shares in the past one quarter.
The stock hit a high of Rs 270.70 and a low of Rs 255.95 so far during the day. The stock hit a 52-week high of Rs 445 on 30 July 2013. The stock hit a 52-week low of Rs 210.25 on 5 February 2014.
The stock had outperformed the market over the past one month till 22 July 2014, rising 6.18% compared with 3.67% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 11.29% as against Sensex's 14.36% rise.
The small-cap company has an equity capital of Rs 113.60 crore. Face value per share is Rs 10.
Jet Airways (India)'s Chairman Naresh Goyal was quoted by media as saying today, 23 July 2014, that the company will look at selling planes and restructuring its debt as it tries to find ways to end the losses that have plagued it for years.
Goyal said the carrier is talking to its bankers, without giving details of the discussions.
Jet, partly owned by Abu Dhabi-based Etihad Airways, is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
Goyal said that the proposed plans would return the company to profitability in 2017 fiscal, without disclosing details of how the plans would be effective. The carrier will also expand its international operations, which are currently profitable, to 63% of its business by 2016 from 45% at present.
Etihad Airways had purchased 24% stake in Jet Airways in a deal worth about Rs 2060 crore, which was announced in April 2013.
Jet Airways (India) reported a net loss of Rs 2153.57 crore in Q4 March 2014, higher than net loss of Rs 495.53 crore in Q4 March 2013. Total income rose 9.59% to Rs 4678.17 crore in Q4 March 2014 over Q4 March 2013.
Jet Airways currently operates a fleet of 112 aircraft. With an average fleet age of 5.08 years, the airline has one of the youngest fleet of aircraft in the world. Flights to 74 destinations span the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark), Paris, Riyadh, Sharjah, Singapore and Toronto.
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