SpiceJet soars on plans to launch 20 new domestic flights

SpiceJet, a low-cost airline, is planning to launch 20 new flights on its domestic routes, including some services under the government's regional connectivity scheme, ‘Ude Desh Ka Aam Naagrik’ (UDAN), from the second-half of next month as part of the airline's summer schedule.

The new flights will start from March 29 which includes service to Patna from Amritsar, Varanasi and Guwahati. Besides, it is also planning to launch flights on Hyderabad-Mangaluru, Bengaluru-Jabalpur and Mumbai-Aurangabad routes, all under the Regional Connectivity Scheme (RCS) for the first time.

The new services will fly daily and will be operated by a mix of Boeing 737-800 and Bombardier Q400 aircraft. These services will improve connectivity between key metros and smaller cities.

The promoters holding in the company stood at 59.96 per cent, while institutions and non-institutions held 12.07 per cent and 27.97 per cent, respectively.

Looking at the domestic air passenger tariff data, in January 2020, it increased by 2.2 per cent. Looking at the market share of SpiceJet, it grew to 16.6 per cent in January 2020 from 16.5 per cent in December 2019.

Today, the stock of SpiceJet gained nearly seven per cent and made an intraday high of Rs 89.65 on BSE.