SpiceJet shares jump 8% as it plans to expand its fleet

NEW DELHI: Shares of low-cost carrier SpiceJet surged as much as 8.09 per cent to Rs 129 in Tuesday's session.

The company is planning to expand its Bombardier fleet by inducting five more Q400s.

"The company will add five 90-seater Q400 aircraft taking its Bombardier fleet size to 32," SpiceJet said in a statement.

"Three of these planes will join SpiceJet’s fleet in the next ten days while the remaining two will be inducted by June. The airline had last week announced the induction of 16 Boeing 737-800 NG aircraft on dry lease," it added.

As per Reuters, seven of 8 brokerages covering the stock rate it "buy" or higher, one "hold".

The stock has jumped 33.8 per cent this year as of Monday's close.