SpiceJet hits 52-week high on heavy volumes; stocks surges 27% in 3 days

By Liam On Nov 23, 2023

Shares of SpiceJet hit a 52-week high of Rs 48.38, up 10 percent on the BSE in intraday trade on Thursday, amid heavy volumes in an otherwise capped market. The airline’s shares traded higher for the third day in a row, rising 27 percent in the period. In comparison, the S&P BSE Sensex rose 0.04 per cent to 66,052 at 12:23 pm. Average trading volumes at the counter increased fourfold today, with 21.24 million shares changing hands on the BSE so far. The stock market data shows that an average of 4.8 million shares were traded over the past ten days.

SpiceJet, a low-cost airline, operates a fleet of Boeing 737s and Q-400s and is one of the country’s largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. Most of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India.

According to Business standard According to a report from Spicejet, Spicejet told the Delhi High Court on Monday that it was “struggling to stay afloat” after the budget fighter was ordered to make a payment to its former owner Kalanithi Maran on the money owed.

The court told the airline’s chairman and managing director Ajay Singh to attend the hearing on January 10 on payment of arbitral damages to Sun Group founder and Kal Airways promoter Maran, the report suggested. CLICK HERE FOR THE FULL REPORT

Meanwhile, SpiceJet’s share price has risen 74 percent in the last seven months.

Regarding the clarification on the increase in volumes of securities, SpiceJet had on October 16 said that there was no pending information or announcement from the company that could impact the price behavior of the company’s securities other than the filing of unaudited financial results. of the company for the quarter and half year ended September 30, 2023 with stock exchange, which will be declared under the SEBI LODR Regulations by the company within the prescribed timeline.

The date of the company’s board meeting for the declaration of unaudited financial results for the quarter and half-year ended September 30, 2023 will be announced in due course, SpiceJet said.

Earlier this month, SpiceJet inducted five leased Boeing 737s, including three 737 Max aircraft, into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services, the airline said.