Jet Airways is finally on the take off mode. The stock was yesterday locked at the 5% UC at Rs.99.45 and today also, it opened straight 5% up at Rs.104.40, where it remains frozen.
The market is celebrating the return of Jet Airways to the skies soon, maybe over the next 6 months. Though there are many issues of slots and routes to be thrashed out, the relief is that it will be back in the skies after the Kalrock-Jalan consortium received approval to operate the airline again.
The consortium will now apply for the relevant government approvals before it can recommence operations. A monitoring committee, comprising representatives of banks, the consortium and resolution professional Ashish Chhawchharia will oversee the functioning of the company for the next 90 days.
While the consortium will be responsible for negotiations with airports and suppliers, the committee will function as a quasi-board and look after all corporate actions and compliances.