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Kingfisher Airlines jumps on plan to sketch out full recovery arrangement in 2-3 days

16 Mar 2012 Evaluate

Kingfisher Airlines is currently trading at Rs. 21.65, up by 0.75 points or 3.59% from its previous closing of Rs. 20.90 on the BSE.

The scrip opened at Rs. 20.95 and has touched a high and low of Rs. 22.25 and Rs. 20.90 respectively. So far 3214852 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 49.25 on 07-Apr-2011 and a 52 week low of Rs. 17.55 on 11-Nov-2011.

Last one week high and low of the scrip stood at Rs. 22.25 and Rs. 19.50 respectively. The current market cap of the company is Rs. 1241.94 crore.

The promoters holding in the company stood at 50.51% while Institutions and Non-Institutions held 20.68% and 28.81% respectively.

Vijay Mallya owned Kingfisher Airlines is expected to sketch out a full recovery plan in 2-3 days for addressing its financial issues and restore dozens of flights. The cash strapped airlines has almost halved its daily flights from the scheduled 200 after several pilots refused to report to work and a suspension by global industry body IATA from its settlement system restricted bookings through overseas agents.

The carrier, which has a debt of $1.3 billion, is in debacle as banks have so far refused to lend it more for day-to-day operation and massive cutback in flights have reduced revenues, leaving the carrier with little cash to pay its employees, airports and tax authorities.

Further, much towards the positive development, one foreign airline and two non-airline foreign investors have envisaged interest in picking up stake in the Indian carrier. The Indian government is also said to be considering

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