Jet Airways could be a good contrarian pick: Jagdish Malkani

In a chat with ET Now, Jagdish Malkani, Member NSE & BSE shares his views on Jet Airways. Excerpts:

What is your call on Jet Airways now you think the stock is at an interesting point?

Jagdish Malkani: Not the stock. Right now it is completely out of the runs, but it has been a really puzzling one, considering the euphoria one saw when the Etihad deal was announced few months ago and after that the company had to face a torturous route to approvals and they stuck it out through thick and thin. They had a horrible quarter and there was some tough talk from Mr Goyal, but at least the entire approval process seems to be behind them. Overall the aviation industry is a thankless one, it goes from a major ups and down. But Jet Airways is a leader and the Etihad tie up is going to be greatly beneficial in the medium to long term. So now with midcap rallies on, you will suddenly see one day aviation stocks back in the news. Therefore this stock is at very interesting levels. Now the only real hurdle is the Subramaniam Swamy suit which will be heard shortly and hopefully it will be dealt with pretty firmly but yes, this could be a contrarian pick but it is certainly not in the runs at all now.