Multibagger Airline Stock In Green As Company Launches UDAN Flights Connecting Shivamogga With Chennai And Hyderabad
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 34 per share.
SpiceJet Ltd is pleased to announce the commencement of new UDAN flights connecting Shivamogga in Karnataka with Chennai and Hyderabad, starting from October 10, 2024. This launch marks Shivamogga’s addition as a new station on SpiceJet’s domestic network and is the airline’s first new destination following its successful Rs 3,000 crore Qualified Institutional Placement (QIP), which has bolstered the airline’s expansion and growth plans.
The new flights will operate daily, except Tuesdays, providing convenient travel options for passengers between Shivamogga and major metro cities, thereby encouraging tourism, trade, and regional development. Additionally, SpiceJet is launching a double daily flight service connecting the key cities of Chennai and Kochi, also starting from October 10, 2024. This increased frequency will cater to the high demand for travel between these two important destinations.
Shivamogga, a picturesque city in Karnataka, is known for its rich heritage, natural beauty, and rapidly developing infrastructure. With its addition to SpiceJet’s network, the airline aims to meet the rising demand for affordable air travel from Tier‐2 cities and bring them closer to major urban centres. The airline will deploy its 78‐seater De Havilland Canada Q‐400 aircraft on these routes. Bookings are now open on the SpiceJet Website & SpiceJetʹs mobile app and through online travel portals and travel agents.
About the Company
Today, shares of SpiceJet Ltd gained 4.90 per cent to Rs 68.98 per share from its previous closing of Rs 65.76 per share. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 34 per share.
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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 1,708 crore, operating profit of Rs 49 crore and net profit of Rs 158 crore in Q1FY25. In its annual results, the company reported net sales of Rs 7,085 crore, an operating loss of Rs 644 and a net loss of Rs 424 crore in FY24.
The company has a market cap of over Rs 8,700 crore. According to the shareholding pattern of June 2024, FIIs bought 8,85,885 shares and increased their stake to 1.81 per cent compared to 1.73 per cent in March 2024. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.