Jet Airways Ltd. shares went up strongly on Monday, making it the seventh day in a row that they have gone up. Today, the stock went up by 5%, reaching its upper price band of Rs 50.80. In seven days, the number has gone up by 37.22%. However, it has dropped by 28.80% so far in 2023 and 51.46 % in the last year.
The price of the company’s stock went up today because the aviation regulator DGCA renewed its air operator licence. Jet Airways’ Airport Operator Certificate (AOC) was extended on July 28 by the Directorate General of Civil Aviation (DGCA), according to a statement from the Jalan-Kalrock Consortium.
With the NCLT’s approval of the resolution plan, Jet Airways is being brought back to life under the Insolvency and Bankruptcy Code (IBC). In January of this year, ownership of the company was passed to the Jalan-Kalrock consortium.
“JKC thanks the aviation regulator, the Ministry of Civil Aviation, and all other stakeholders from the bottom of its heart for having faith in JKC and in the revival of Jet Airways,” the consortium said.
Due to financial problems, the private carrier stopped running in April 2019. Jet Airways is making good progress toward regaining its place in the Indian aviation business, and the renewal of the AOC is a good sign.
Bourses The securities of Jet Airways have been put under the ESM (Enhanced Surveillance Measure) system by BSE and NSE. The ESM framework is a way for exchanges to warn buyers about the high volatility of stock prices.
From a technical point of view, Rs 47 could be a point of support for the counter.
CMT’s Kush Ghodasara said, “The stock’s volume has picked up again after good news about the re-operational move. The stock is finally selling above its short-term moving averages, which are at 42.80. This is a strong sign that the stock is going in the right direction. The next obstacle is the 200-day moving average, which is at Rs 66.40. Buying at the current price seems hard, but you could try buying on dips with a stop loss set at Rs 42.80.”
“Jet Airways looks bullish on the daily charts, with strong support at Rs. 47,” said AR Ramachandran of Tips2trades. A daily finish above the resistance level of Rs 52.50 could lead to the short-term goal of Rs 56.”
The relative strength index (RSI) for the counter was 65.12 after 14 days. When the number is below 30, it is said to be oversold, and when it is above 70, it is said to be overbought. The stock of the company has a negative price-to-earnings ratio of 0.55 and a negative price-to-book ratio of 0.03.
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The stock’s one-year beta is 0.27, which means it is not very volatile.
Today in the afternoon, technology, metals, energy, and car stocks led the way as Indian equity benchmarks went up.