FIIs increase stake in Q1: Multibagger airline stock under Rs 80 hit 52-week high on September 16; Rockets over 10 per cent with heavy volume!
The stock gave multibagger returns of 135 per cent from its 52-week low of Rs 34 per share.
Today, shares of SpiceJet Ltd gained 11.50 per cent and made a new 52-week high of Rs 79.90 per share from its previous closing of Rs 71.66 per share with a spurt in volume by more than 3.20 times and a total of 2.70 crore shares changed hands on BSE. The stock gave multibagger returns of 135 per cent from its 52-week low of Rs 34 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.
SpiceJet has successfully restructured its debt with Carlyle Aviation, securing significant financial relief. Carlyle Aviation has written off USD 40.17 million in lease arrears and converted USD 30 million into SpiceJet equity at INR 100 per share, substantially increasing its stake. This strategic investment reflects Carlyle Aviation's confidence in SpiceJet's future growth. Additionally, the agreement includes converting USD 20 million in lease arrears into CCDs of SpiceXpress & Logistics, providing further financial support to its subsidiary and strengthening its position in the logistics market. Overall, this restructuring is expected to bolster SpiceJet's financial position, accelerate its growth plans, and enhance its competitiveness in the Indian aviation market.
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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 6,000 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.
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