Kingfisher Airlines has rallied 8% at Rs 9.50, extending its previous day’s 20% surge after the company said it is in talks with several investors to raise funds.
The stock opened at Rs 9.50 and hit a high of Rs 9.85 on the NSE. The counter has seen huge trading activities with a combined 35.3 million shares representing 7% of free-float equity changing hands on the counter so far on both the exchanges. The stock has appreciated around 40% from its all-time low of Rs 7.01 touched on August 13, 2012.
The cash-strapped private carriers has reported a straight quarterly loss for past twenty-two quarters, said that it continues to believe it will get recapitalised and get on a path of sustained profitability.
“The company is in discussions with several strategic and financial investors to bring fresh capital,” Kingfisher said on announcement of Q1 results on Friday.