Multibagger penny stock at Rs 60 & FIIs increase stake: This airline company to enhance Haj operations with two wide-body A340 aircraft induction; details inside!
The stock gave multibagger returns of over 165 per cent from its 52-week low of Rs 22.65 per share whereas BSE Small-Cap Index is up by 55 per cent in the same period.
SpiceJet is gearing up for the upcoming Haj pilgrimage with a strategic move to enhance its operations. They have secured a lease agreement for two wide-body A340 aircraft, significantly increasing their fleet capacity. This decision highlights their commitment to providing exceptional service to pilgrims while also aiming to maximize their revenue during this crucial period.
The deployment of these A340 aircraft, each with a seating capacity of 324, will be primarily focused on originating from Srinagar and Guwahati. This move builds upon the success of SpiceJet's Haj operations last year, where they generated a substantial revenue of Rs 337 Crore. The airline is hoping to replicate this achievement in the upcoming pilgrimage season.
Furthermore, leasing these wide-body aircraft serves a dual purpose. It not only allows SpiceJet to cater to the specific needs of a large number of pilgrims but also paves the way for its long-term fleet expansion and network growth strategies.
To ensure a smooth travel experience for the pilgrims, SpiceJet has planned flights departing from seven Indian cities: Srinagar, Gaya, Guwahati, Bhopal, Indore, Aurangabad, and Vijayawada. These flights will commence on May 9th, 2024, with Medina as the designated destination. This initiative comes after their successful operation of over 200 Haj flights and transportation of more than 21,000 pilgrims in the previous year.
SpiceJet has significantly bolstered its fleet in preparation for the summer travel rush. By finalizing lease agreements for 10 new aircraft and acquiring 3 additional ones through settlements (saving over Rs 685 crore), the airline aims to meet the anticipated surge in demand and provide passengers with seamless connectivity and enhanced services during peak seasons. This expansion reflects SpiceJet's commitment to the Indian aviation sector, further strengthened by its successful resolution of disputes with lessors. As India's favourite low-cost carrier with a modern fleet and extensive regional network, SpiceJet offers passengers a comfortable and convenient travel experience, including the most spacious economy seating available in the country through their SpiceMax program.
Today, one of the Top Gainers on BSE & NSE, shares of SpiceJet Ltd surged 10.9 per cent to Rs 60 from its previous closing of Rs 54.11 per share with an intraday high of Rs 60 and an intraday low of Rs 53.06. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs 22.65. The stock gave multibagger returns of over 165 per cent from its 52-week low of Rs 22.65 per share whereas BSE Small-Cap Index is up by 55 per cent in the same period.
The company has a market cap of over Rs 3,600 crore. In February 2024, FIIs bought 4,62,33,331 shares and increased their stake to 6.21 per cent compared to December 2023. Investors should keep an eye on this small-cap stock.
Budget 2024 for Aviation Sector, Finance Minister Nirmala Sitharaman said; “The aviation sector has been galvanised in the past ten years. The number of airports has doubled to 149. The rollout of air connectivity to tier-two and tier-three cities under the UDAN scheme has been widespread. Five hundred and seventeen new routes are carrying 1.3 crore passengers. Indian carriers have proactively placed orders for over 1,000 new aircrafts. Expansion of existing airports and development of new airports will continue expeditiously”.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Related articles
-
Multibagger penny stock below Rs 70: Airline stock hit 52-week high after big news in the Budget 2024 by Nirmala Sitharaman for aviation sector – know more here!
-
Multibagger penny stock below Rs 70: This airline company takes flight with a strategic Rs 22,40,00,00,000 capital raise – Details inside!
-
Multibagger airline stock below Rs 60 in green after the company finalises lease agreement for 10 aircraft to boost capacity ahead of summer schedule; details inside!
-
Multibagger airline stock below Rs 70 in green as the company settles Rs 250 crore dispute with AerCap’s subsidiary - Celestial Aviation: details inside
-
Multibagger airline stock below Rs 80 surged 7 per cent as the company allocated 4,63,00,000 shares worth Rs 231,50,00,000 to FIIs
-
Multibagger airline stock below Rs 80 & FIIs bought 2,84,817: Ajay Singh & Busy Bee Airways Private Limited submit bid for GoFirst – know more here!
-
Heavy buying multibagger penny stock below Rs 75 & FIIs bought 2,84,817: Airline stock skyrocketed 13 per cent on February 16
-
Multibagger penny stock below Rs 75: Airline stock hit 52-week high after securing Haj flight rights from seven Indian cities being a significant revenue generator!
-
Multibagger penny stock below Rs 70 and FIIs & DIIs increase stake: Airline stock in green after NCLT rejects Wilmington Trust's insolvency petition claim – know more here!
-
Multibagger penny stock below Rs 70 and FIIs & DIIs increase stake: This airline stock gained 6 per cent as it completes first tranche of capital infusion aggregating to Rs 744 crore!
-
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
-
Multibagger airline stock at Rs 63.25 and FIIs & DIIs increase stake: Company to Seek a refund of Rs 450 crore from Kalanithi Maran; check details inside!
-
Multibagger airline stock at Rs 61 and FIIs & DIIs increase stake; Company takes flight to paradise: Announces daily non-stop service connecting Delhi and Phuket
-
Multibagger penny stock under Rs 60 in green as it secures a new client-win, ICICI Prudential Mutual Funds and has ramped up its business association with RazorPay
-
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!
-
Multibagger airline stock at Rs 63.4 in green as it is set to receive Q400 aircraft from NAC in settlement agreement; ownership of six Q400s transferred to airline!
-
3,00,00,000 shares allocated to promoter & 50,00,000 shares allocated to non-promoter: Multibagger penny stock below Rs 6 in green on conversion of warrants!
-
Rs 50 multibagger penny stock: The BPO company secures a new client-win with Gurgaon-based startup to tap into the Government-backed open network for digital commerce!
-
Multibagger airline stock below Rs 60: Elara India Opportunities Fund Ltd, an FII was allotted 34,66,666 equity shares upon warrant conversion!
-
FIIs bought 4,62,33,331 shares of this multibagger airline stock below Rs 65; Company saved total of Rs 685 crore from airline and added three airframes & engine to its fleet!