Multibagger airline stock surged 9.82 per cent to Rs 54.88 per share today; FIIs bought a 1.3 per cent stake & DIIs bought a 5.29 per cent stake in FY24
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 26.01 per share whereas BSE Small-Cap Index is up by 50 per cent in the same period.
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 is expanding its reach to Phuket, Thailand with daily non-stop flights from Delhi starting May 31, 2024. Passengers can expect convenient departure times (9:00 AM from Delhi, 4:15 PM from Phuket) for a hassle-free travel experience to this popular island destination known for its beaches, nightlife, and cultural heritage. In a separate legal victory, SpiceJet was awarded a Rs 450 crore refund by the Delhi High Court following a long-standing share transfer case against former promoter Kalanithi Maran and his firm.
This overturned a previous decision and allowed SpiceJet to recoup a significant portion of the Rs 730 crore it had previously paid Maran. SpiceJet strongly refutes any claims of damages sought by Maran, which have already been rejected by both an arbitration panel and the Delhi High Court.
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Today, shares of SpiceJet Ltd surged 9.82 per cent to an intraday high of Rs 54.88 per share from its previous closing of Rs 58.27. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs 26.01. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 26.01 per share whereas BSE Small-Cap Index is up by 50 per cent in the same period.
The company has a market cap of Rs 4,250 crore. According to the shareholding pattern of March 2024, FIIs increased their stake to 1.73 per cent and DIIs increased their stake to 5.30 per cent compared to 0.33 per cent and 0.04 per cent in December 2023. 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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