Jet Airways rallies 9% as Hinduja Group prepares bid

The London-based conglomerate has received the approval of key stakeholders of the Jet Airways, including founder Naresh Goyal and Etihad Airways

Shares of Jet Airways rallied 9 percent intraday on May 21 on reports that Hinduja Group is finally set to bid for the grounded airline this week.


"Hinduja Group is evaluating the Jet Airways opportunity," a spokesperson told Moneycontrol. But, he declined to give further details.

The London-based conglomerate has received the approval of key stakeholders of the Jet Airways, including founder Naresh Goyal and Etihad Airways.

The Hinduja Group has engaged investment bankers led by SBI Capital Markets for due diligence, which will commence soon, media reports said.

Also Read: Evaluating Jet Airways opportunity: Hinduja Group

The report comes a day after the Hinduja brothers, Srichand and GP, reclaimed the title of Britain's wealthiest. Their combined net worth is reportedly 22 billion pounds.

The Hindujas expect the SBI-led consortium of 26 lenders to take a significant haircut, with initial calculations placing the airline’s dues at Rs 12,000 crore, the publication said.

At 1343 hours, Jet Airways was quoting at Rs 143.15, up 8.94 percent on the BSE.

A special offer this week. take 2 days  free trial in Stock Market Tips and MCX Tips 

Comments

Post a Comment

Popular posts from this blog

Technical Classroom: How to use Fibonacci Retracement Levels in stock trading

Image
Fibonacci retracement is a method of technical analysis for determining support and resistance levels A Fibonacci retracement is a popular tool among technical traders and is based on some key numbers. The origins of the Fibonacci series can be traced back to the ancient Indian mathematic scripts, with some claims dating back to 200 BC. However – in the 12th century - Leonardo Pisano Bigollo, an Italian mathematician who was known to his friends as Fibonacci, discovered Fibonacci numbers. It is a popular tool that technical traders use to help identify price levels for transactions, stop losses or target prices. These retracement levels also provide support and resistance levels for a stock. However, it really becomes most effective when confirming signals or conditions identified by additional technical analysis tools. Fibonacci Retracement is a method of technical analysis for determining support and resistance levels. It is named after the use of the Fibonacci sequ...
Read more

Veto Switchgears jumps 5% on realisation of unsecured loan

Image
Veto Switchgears had given unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E. Veto Switchgears and Cables shares rallied 4.8 percent intraday on June 14 after realization of unsecured loan from a subsidiary. "We realized an amount of $1 million against an unsecured loan on June 13," the wires & cables and electrical accessories manufacturer said in its filing. Veto Switchgears had given unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E. The stock climbed 10 percent in the last 15 sessions. At 13:13 hours IST, it was quoting at Rs 66.75, up to Rs 1.10, or 1.68 percent on the BSE. G et a 2 days free trial in Stock Market Tips and MCX Tips  
Read more

Top buy and sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

Image
Sudarshan Sukhani of s2analytics.com recommends buying Dabur India with stop-loss at Rs 381 and target of Rs 394, Ajanta Pharma with stop-loss at Rs 944 and target of Rs 973 and Hexaware Tech with stop-loss at Rs 410 and target of Rs 424. The market reversed most of its gains that were seen in the previous session and closed sharply lower on June 21. Escalated geopolitical tensions between the US and Iran and the RBI's concern over slowing economy dented traders' sentiment. Sensex fell 407.14 points or 1.03 percent to 39,194.49, while Nifty shed 107.70 points or 0.91 percent to 11,724.10, forming a bearish candle on the daily as well as weekly charts. For the week, indices declined 0.65 percent and 0.8 percent, respectively. The broader markets outperformed benchmark indices, with the Nifty Midcap and Smallcap indices closing flat with a negative bias. All sectoral indices closed in the red. According to the Pivot charts, the key support level is placed at...
Read more