Stock Under Rs 70 in Green After Company Announced Expansion of Domestic Network with Eight New Flights Starting November 15
The stock is up by 74 per cent from its 52-week low of Rs 36.75 per share.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15, 2024. These new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities. SpiceJet will deploy its 78‐seater Q400 aircraft in these sectors.
Debojo Maharshi, Chief Business Officer of SpiceJet said, “We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience. These new flights reflect our commitment to supporting passenger demand across tier‐II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences.”
About the Company
Today, shares of SpiceJet Ltd surged 4.48 per cent to an intraday high of Rs 64 per share from its previous closing of Rs 61.25 per share. The stock is up by 74 per cent from its 52-week low of Rs 36.75 per share.
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.
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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 8,000 crore. According to the shareholding pattern of September 2024, FIIs bought 26,99,23,000 shares or a 21.06 per cent stake and increased their stake to 22.87 per cent compared to 1.81 per cent in June 2024. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.