Heavy buying in this multibagger airline stock below Rs 70: Gains over 8 per cent today post receiving six Q400 aircraft and FIIs & DIIs increase stake!
The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 22.65 per share whereas BSE Small-Cap Index is up by 66 per cent in the same period.
Today, one of the Top Gainers on BSE, shares of SpiceJet Ltd surged 8.07 per cent to Rs 69.60 from its previous closing of Rs 64.40. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs 22.65. The shares of the company saw a spurt in volume by more than 2 times on BSE. The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 22.65 per share whereas BSE Small-Cap Index is up by 66 per cent in the same period.
SpiceJet is finalizing a major win by acquiring full ownership of six Q400 turboprop aircraft from Nordic Aviation Capital (NAC), settling all past lease liabilities and saving on future rentals. This adds to five Q400s SpiceJet already owns, previously leased from NAC. A sixth Q400 is arriving imminently to join SpiceJet's fleet in time for the peak summer travel season, allowing the airline to offer more connections and improved service. This coup is part of a series of settlements SpiceJet has struck with aircraft lessors, saving the airline a total of Rs 1,252 crore. The largest settlement, with Export Development Canada (EDC), granted SpiceJet ownership of thirteen Q400s and saved Rs 567 crore, while agreements with Cross Ocean Partners and AerCap provided additional savings of Rs 685 crore and included three Boeing aircraft for SpiceJet.
Also Read: Understanding Cash Flow: Essential Types You Need to Know
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 & freighters and is the country’s largest regional player 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.
The company has a market cap of over Rs 5,300 crore. In February 2024, FIIs bought 4,62,33,331 shares and increased their stake to 6.21 per cent compared to December 2023 and DIIs have increased their stake to 0.19 per cent in February 2024 compared to 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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