Jet Airways to take off

Jet Airways, which had closed on Friday at Rs.113.30, opened itself today at its 5% UC of the day at Rs.118.95, where it since then remains frozen. Its 52-week high is Rs.133.10.

The good news is that the company has received the Air Operator Certificate (AOC) from the civil aviation regulator on Friday. This means it will soon take-off into the skies once again.

It is expected that it will start operations in the September quarter after more than three years of closure. The fresh AOC received by Jet Airways has a one-year validity.

The airline is now owned by a consortium of UAE-based businessman Murarilal Jalan and British investor Kalrock Capital.

The airline will announce further senior management appointment next week and begin hiring for resumed operations. Jet Airways confirmed that hiring preference is being given to former Jet Airways staff whenever possible.

The company is expected to  release details in the coming weeks regarding its aircraft and fleet plan, route network, and loyalty program.