Heading in to trade on Friday, the investors are likely to take cues from the global markets, movement in oil prices and rupee. Apart from this, stock specific actions are likely to continue amid the incoming December quarter results.
Among key stocks, Jet Airways will be in focus as its lenders led by State Bank of India (SBI) will become the largest shareholders in a move to bail out the ailing domestic airline. The Naresh Goyal-led company made the disclosure on Thursday after its board approved a draft resolution plan comprising conversion of lenders’ debt into 114 million equity shares at an aggregate consideration of Rs 1, issue of fresh interim loan to the airline and changes in governance structure and board composition. Sources indicated that Goyal’s stake would be diluted to around 22 per cent from the current 51 per cent. Foreign partner Etihad will possibly retain its shareholding at the current level of 24 per cent. The airline also reported a standalone net loss of Rs 587.77 crore for the third quarter ended December 31.
