Penny stock under Rs 70 and FIIs & DIIs increase stake: This multibagger airline stock receives approval for fund infusion of Rs 2,242 crore from BSE!

Shares of the company have gained more than 110 per cent in the last six months.

SpiceJet is soaring into a brighter future with a major funding boost of Rs 2,242 crore from new shares and warrants, approved by BSE and shareholders, fuels their engine for growth and stability. This follows exciting route expansions with Ayodhya connections to Chennai, Bengaluru, and Mumbai taking off soon, along with more new routes on the horizon.

Recently, SpiceJet has expressed interest in acquiring Go First through a potential merger, aiming to create a stronger airline. 

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SpiceJet Limited is principally engaged in the business of providing air transport services for the carriage of passengers and cargo. The company is the 2nd largest player in the domestic aviation industry with a market share of 13 per cent. It also has a market share of 13 per cent in the international aviation market among the domestic players and is the 3rd largest player behind Air India and Indigo Airlines. The stock has also delivered multibagger returns of about 111 per cent in the last six months. FIIs and DIIs increased their stake in the company in December 2023.

SpiceJet Limited reported a strong robust quarter for FY24, with a net sales decrease of 29 per cent to Rs 1,347.52 crore, compared to Rs 1,897.90 crore in the same quarter last year. The operating profit stood at a loss of Rs 146.40 crore from a loss of Rs 407.99 crore. The company reported a loss for the quarter which stood at Rs 449.43 crore, which was a loss of Rs 833.23 crore in the previous year's same quarter. 

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