SpiceJet hits 52-week high on heavy volumes; stocks surges 27% in 3 days

The average trading volumes at the counter jumped four-fold today, with 21.24 million equity shares changing hands on the BSE till 12:23 PM.

Shares of SpiceJet hit a 52-week high of Rs 48.38, up 10 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes in an otherwise range-bound market. The stock of airline company was trading higher for the third straight day, surging 27 per cent during the period.

In comparison, the S&P BSE Sensex was up 0.04 per cent at 66,052 at 12:23 PM. The average trading volumes at the counter jumped four-fold today, with 21.24 million equity shares changing hands on the BSE so far. An average 4.8 million shares were traded in past 10 days, the exchange data shows.

SpiceJet, low-cost carrier, 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 Business Standard report, Spicejet told Delhi High Court on Monday that it was "struggling to stay afloat" after the low-cost carrier was ordered to make a payment to its former owner Kalanithi Maran over money owed.

The court told airline's Chairman and Managing Director Ajay Singh to attend the hearing on January 10 regarding payment of arbitral award dues to founder of the Sun Group and promoter of Kal Airways Maran, the report suggested. CLICK HERE FOR FULL REPORT

Meanwhile, in past seven months, the stock price of SpiceJet has zoomed 74 per cent.

On clarification of increase in volumes of securities, the SpiceJet on October 16 had said that there was no pending information or announcement from the company which may have a bearing on the price behaviour in the securities of the company except submission of un-audited financial results of the company for the quarter and half year ended September 30, 2023 with stock exchange which shall be declared by the company within the prescribed timeline under the SEBI LODR Regulations.

The date of the Board Meeting of the company for declaration of un-audited financial results for the quarter and half year ended September 30, 2023 will be intimated in due course, SpiceJet said.

Earlier, this month SpiceJet inducted five leased Boeing 737s, including three 737 Max aircraft, into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services, the airline said.