Jet Airways hits the UC

Yesterday, Jet Airways was very volatile, hitting the 5% UC as well as the LC. Today, there seems to be no confusion – it is only upwards, hitting the 5% UC at Rs.29.60 the moment it opened for trade.

This re-kindled love for the airline stock is on hope that all might not be lost after all – on unconfirmed news, it is learnt that the Hinduja brothers are planning to put in a bid for the airline and submit an Expression of Interest (EoI) before the deadline of 15th Jan. The news is that Hinduja is looking for a partner along with them to make the bid.  

Last time, the creditors had sought to sell, they had received only one EoI and that was from South American conglomerate Synergy Group Corp.

It is too early to say whether this will go through or not, or whether more bidders might emerge; for now, the market is happy though that someone is interested!