Jet Airways at 6-mth high, up 5% for 12 straight days ahead of EOI deadline

The Committee of Creditors of Jet Airways at their meeting held on January 2, 2020 had passed the resolution to extend the last date for submission of Expression of Interest to January 15

Shares of Jet Airways (India) were locked in 5 per cent upper circuit for the 12th straight day at Rs 50.25 on the BSE on Wednesday ahead of the deadline for expressions of interest (EOI). The stock was trading at its highest level since July 18, 2019.

The Committee of Creditors (CoC) of Jet Airways (India), at their meeting held on January 2, 2020, had passed the resolution to extend the last date for submission of Expression of Interest from January 06, 2020 to January 15, 2020.

“This is to bring to the attention of all interested resolution applicants that the revised deadline for submission stands at 6:00pm (India time) on January 15, 2020,” it said.

In the past 12 trading days, the stock has rallied 78 per cent from the level of Rs 28.20, hit on December 30, 2019. In comparison, the S&P BSE Sensex was up 1 per cent during the same period.

With today’s gain, the stock price of Jet Airways (India) has jumped three-fold, up 233 per cent in less than three months, from the record low level of Rs 15.10, hit on October 22, 2019.

According to a Business Standard report, Jet Airways has received a second EoI for its revival. This comes after South America-based Synergy Group submitted an EoI for Jet late last week.

“The Resolution Professional of Jet informed the bankruptcy tribunal — National Company Law Tribunal (NCLT) — that they have received two EoI’s so far and the second EoI they have received is from a non-aviation company, with high net worth. Moreover, they are expecting a few more EoIs to come in before the deadline ends,” the report said. CLICK HERE TO READ FULL REPORT

Till 11:42 am, a combined 158,990 equity shares had changed hands and there were pending buy orders for 258,288 shares on the NSE and BSE, exchange data shows.

The stock is trading under ‘Z’ group category which includes companies which have failed to comply with its listing requirements and/or have failed to resolve investor complaints. The trades in these scrips executed in 'Z' group will be settled on trade-for-trade basis. Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.