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Jet Airways hits fresh 52-week high after stock comes out of F&O ban

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The Jet Airways stock rose more than 6 percent on BSE and NSE after it came out of the Futures and Options ban on Tuesday.  At 11:51 am, the stock was trading nearly 6.01 percent or 45.55 points higher at 803.35 on the BSE. On the NSE, the stock was trading more than 5 percent or 43 points higher at 802.80. A stock is banned from trading in the F&O segment when the combined open interest in its derivative contracts crosses 95% of the market-wide position limit. The stock comes out of ban only after the aggregate open interest across exchanges falls to 80% or below the market-wide position limit.The stock closed at 757 level on Friday. On Tuesday, it opened at 761 level and hit an intra day high and low of 802.25 and 758 level, respectively.  In fact, the stock hit its fresh 52 week high of 807 level on the BSE after the F&O ban was removed today. The stock is up 136.91% or 463 points on an yearly basis. On an year-to-date basis, the stock rose 455 points or 131.67% on the BSE.Jet Airways saw its net profit for the second quarter of financial year 2017-18 fall to Rs 49.63 crore in comparison to Rs 549.02 crore recorded last year for the corresponding period last fiscal. Despite posting a profitable quarter, the second-largest air carrier saw its profit fall by 91 per cent in the September quarter of the current fiscal.The fall in the profit was attributed to the inability to offset the rise in jet fuel prices.

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