IANSHINDIBudget carrier SpiceJet’s shares shot up nearly 9% on the BSE in Wednesday's trade after the company informed that it was targeting the return of four of its grounded aircraft, two Boeing 737s and two Q400s, by June 15.
The stock hit a 52-week low of Rs 22.65 on Tuesday. It has fallen more than 14% over the past five trading sessions.
The smallcap aviation stock, with a market capitalisation of Rs 1,560 crore, is currently trading at a discount of more than 50% from its 52-week high of Rs 52.45. Around 54 lakh shares changed hands around 12:40 pm, according to the BSE data.
The airline company had earlier announced that it will bring back 25 grounded aircraft back into service by June 15.
On the eve of its 18th anniversary, the company also announced a sale on one-way domestic fares starting at Rs 1,818 on select routes such as Bengaluru-Goa and Mumbai-Goa. The sale will remain valid for bookings made between May 23 and May 28, 2023.
The travel period for bookings under the offer is between July 1 and March 30, 2024, the company said.
The company is planning to start a slew of flights including two international UDAN flights on the Agartala-Chattogram-Agartala and Imphal-Mandalay-Imphal sectors by the end of June. It further plans to launch a new UDAN flight on the Kolkata-Tezpur-Kolkata sector and restart Kolkata-Gwalior-Kolkata and Jammu-Gwalior-Jammu UDAN flights.
In addition, SpiceJet will launch flights on Kolkata-Agartala-Kolkata and Kolkata-Imphal-Kolkata routes and restart flights for the Kolkata-Chattogram-Kolkata route, it said in the release.
SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals, it said earlier this month.
"We want to scotch any speculation that may have arisen due to the filing by another airline," it said in a statement, clearly referring to Go First's insolvency.
The airline said it is firmly focused on its business and remains in active talks with investors to raise funds.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The stock hit a 52-week low of Rs 22.65 on Tuesday. It has fallen more than 14% over the past five trading sessions.
The smallcap aviation stock, with a market capitalisation of Rs 1,560 crore, is currently trading at a discount of more than 50% from its 52-week high of Rs 52.45. Around 54 lakh shares changed hands around 12:40 pm, according to the BSE data.
The airline company had earlier announced that it will bring back 25 grounded aircraft back into service by June 15.
On the eve of its 18th anniversary, the company also announced a sale on one-way domestic fares starting at Rs 1,818 on select routes such as Bengaluru-Goa and Mumbai-Goa. The sale will remain valid for bookings made between May 23 and May 28, 2023.
The travel period for bookings under the offer is between July 1 and March 30, 2024, the company said.
The company is planning to start a slew of flights including two international UDAN flights on the Agartala-Chattogram-Agartala and Imphal-Mandalay-Imphal sectors by the end of June. It further plans to launch a new UDAN flight on the Kolkata-Tezpur-Kolkata sector and restart Kolkata-Gwalior-Kolkata and Jammu-Gwalior-Jammu UDAN flights.
In addition, SpiceJet will launch flights on Kolkata-Agartala-Kolkata and Kolkata-Imphal-Kolkata routes and restart flights for the Kolkata-Chattogram-Kolkata route, it said in the release.
SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals, it said earlier this month.
"We want to scotch any speculation that may have arisen due to the filing by another airline," it said in a statement, clearly referring to Go First's insolvency.
The airline said it is firmly focused on its business and remains in active talks with investors to raise funds.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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