FIIs Bought 26,99,23,000 Shares: Airline Stock Under Rs 60 In Green As Company Launches 32 New Flights for Winter Schedule, Expanding Domestic and International Connectivity
The stock is up by 67.7 per cent from its 52-week low of Rs 35.35 per share.
SpiceJet Ltd announced the launch of 32 new flights for the winter schedule beginning October 27, 2024. With 30 of these flights operating in the domestic sector and two connecting Delhi to Phuket with daily non‐stop service, SpiceJet aims to enhance connectivity and provide travellers with more options. The winter schedule will feature exciting new routes, including four new flights from Mumbai to Patna, Gorakhpur, Varanasi, and Goa. The airline will connect Patna to Ahmedabad, Guwahati, Kolkata, and Bengaluru; Chennai to Port Blair and Pune; Delhi to Phuket, Amritsar, Gorakhpur and Kolkata to Port Blair.
SpiceJet has announced the induction of 10 planes to its fleet by November. The airline announced the commencement of new UDAN flights connecting Shivamogga in Karnataka with Chennai and Hyderabad, starting on October 10, 2024. SpiceJet also launched a double daily flight service connecting the key cities of Chennai and Kochi, the increased frequency catering to the high demand for travel between these two important destinations. As SpiceJet accelerates its fleet ungrounding process, the airline anticipates adding even more flights in the coming weeks to further cater to passenger needs.
SpiceJet has recently made substantial progress in resolving its financial disputes. The airline has successfully settled claims worth a combined total of over USD 170 million with various entities, including Shannon Engine Support Limited, Aircastle, Horizon Aviation, and Engine Lease Finance Corporation. These settlements were achieved through amicable negotiations and without resorting to legal proceedings. Additionally, SpiceJet has exited the enhanced surveillance regime imposed by the DGCA, demonstrating its commitment to safety and operational excellence.
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About the Company
Today, shares of SpiceJet Ltd gained 4.25 per cent to Rs 59.29 per share from its previous closing of Rs 56.87 per share. The stock is up by 67.7 per cent from its 52-week low of Rs 35.35 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.
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 7,500 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.