Jet Airways (India) rose 3.1% to Rs 566.20 at 14:25 IST on BSE on reports that a domestic brokerage has maintained buy on the stock for target price of Rs 615.
Meanwhile, the S&P BSE Sensex was up 4.33 points or 0.01% at 31,301.86. The S&P BSE Mid-Cap index rose 20.11 points or 0.14% at 14,865.40.
On the BSE, 4.06 lakh shares were traded on the counter so far as against the average daily volumes of 3.54 lakh shares in the past one quarter. The stock had hit a high of Rs 571.25 and a low of Rs 554.65 so far during the day. The stock had hit a 52-week high of Rs 626.70 on 1 August 2016 and a 52-week low of Rs 332.40 on 27 December 2016.
The stock had outperformed the market over the past one month till 20 June 2017, advancing 5.78% compared with the Sensex's 2.73% rise. The stock had also outperformed the market over the past one quarter, gaining 16.11% as against the Sensex's 6.03% rise. The scrip had, however, underperformed the market over the past one year, sliding 6.3% as against the Sensex's 16.49% rise.
The mid-cap company has equity capital of Rs 113.60 crore. Face value per share is Rs 10.
The brokerage reportedly feels that stabilization of airline industry yields in near term, secular trend in costs and debt reduction are key for profitability to get a leg up. It factored in Jet Airways to post lower growth and its yield to be impacted (due to focus on international operations) versus other players, reports suggested.
Jet Airways (India)'s net profit fell 90.7% to Rs 36.80 crore on 3.1% growth in net sales to Rs 5449.13 crore in Q4 March 2017 over Q4 March 2016.
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Jet Airways (India) is India's leading international airline which operates flights to destinations, including India and overseas.
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