FIIs bought 1.4 per cent stake & DIIs bought 5.26 per cent stake: Penny stock under Rs 60 jumps 4.75 per cent with heavy volume!

FIIs bought 1.4 per cent stake & DIIs bought 5.26 per cent stake: Penny stock under Rs 60 jumps 4.75 per cent with heavy volume!

Kiran Shroff
/ Categories: Trending, Penny Stocks

The stock is up by 82 per cent from its 52-week low of Rs 30 per share.

Today, shares of SpiceJet Ltd jumped 4.75 per cent to Rs 54.50 per share from its previous closing of Rs 52.03 with a spurt in volume by more than 2 times. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs 30. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces. 

SpiceJet has received a favourable ruling in a legal dispute with Kalanithi Maran. The Supreme Court dismissed an appeal challenging a previous Delhi High Court decision in favour of SpiceJet. This decision overturned a prior ruling that required SpiceJet to pay a significant sum to Maran. As a result of this outcome, SpiceJet intends to pursue a refund of a substantial amount.

In separate news, SpiceJet’s board of directors has approved plans to raise additional capital through the issuance of equity shares or other financial instruments. This fundraising initiative is subject to shareholder and regulatory approvals and aims to strengthen the company’s financial position.

About SpiceJet Ltd

SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy-class seating in India.

According to Quarterly Results, the company reported net sales of Rs 1,738.38 crore in Q4FY24. The operating profit increased by 18.4 per cent to Rs 401.33 crore in Q4FY24 over Q4FY23. The company reported a net profit of Rs 126.87 crore in Q4FY24 compared to a net loss of Rs 6.22 crore in Q4FY23, an increase of 2,140 per cent. SpiceJet significantly improved its financial performance in the fiscal year ending March 31, 2024, narrowing losses by nearly 73 per cent to Rs 409 crore compared to the previous year's Rs 1,503 crore.

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This improvement was driven by a substantial increase in EBITDA to Rs 772 crore from a negative Rs 33 crore, and EBITDAR growing to Rs 1,410 crore from Rs 342 crore in the prior year. The airline also achieved an industry-leading domestic load factor of 92 per cent, a 1 per cent increase over the previous year, contributing to an 8 per cent improvement in passenger RASK due to a combination of higher yield and load factor. Additionally, SpiceJet strengthened its financial position by increasing its net worth by 20 per cent to Rs 646 crore compared to the previous fiscal year.

The company has a market cap of over Rs 4,300 crore. According to the shareholding pattern of March 2024, FIIs increased their stake to 1.73 per cent and DIIs increased their stake to 5.30 per cent compared to 0.33 per cent and 0.04 per cent in December 2023. The stock is up by 82 per cent from its 52-week low of Rs 30 per share. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.

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