SpiceJet fell 2.61% to Rs 31.70 at 14:19 IST on BSE after state-run oil marketing firms on Wednesday, 1 August 2012, raised jet fuel price by a steep 4.5% on firming international crude oil prices.
Meanwhile, the BSE Sensex was down 54.25 points or 0.31% to 17,203.13.
On BSE, 24.69 lakh shares were traded in the counter as against average daily volume of 44.05 lakh shares in the past one quarter.
The stock hit a high of Rs 32.70 and a low of Rs 31.50 so far during the day. The stock had hit a 52-week high of Rs 36.15 on 3 July 2012. The stock had hit a 52-week low of Rs 15.35 on 22 December 2011.
The stock had underperformed the market over the past one month till 1 August 2012, falling 2.69% compared with the Sensex's 0.99% fall. The scrip had, however, outperformed the market in past one quarter, surging 9.41% as against Sensex's 0.35% fall.
The small-cap low cost air carrier has an equity capital of Rs 484.35 crore. Face value per share is Rs 10.
The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was hiked by Rs 2,797.41 per kilolitre (kl), or 4.5%, to Rs 65,005.59. The latest hike in ATF price comes on back of a 1.7% hike in rates effected from 16 July 2012. The latest increase in ATF prices snapped a six fortnight trend of reduction in rates, including a steep 5% (Rs 3,260 per kl) cut effected from 16 June and about 2% (Rs1,241 per kl) fall in prices from 1 July 2012.
ATF typically makes up for 50% of an airlines' operating cost. ATF prices vary from airport to airport, depending on the local sales tax or VAT. State-run oil marketing firms -- Indian Oil Corporation (IOC), BPCL and HPCL revise ATF prices on the 1st and 16th of every month based on the average international crude price in the preceding fortnight.
Shares of SpiceJet had witnessed a sharp rally recently after the company reported turnaround Q1 results during trading hours on 30 July 2012. The stock jumped 29.16% in three trading sessions to settle at Rs 32.55 on Wednesday, 1 August 2012, from Rs 25.20 on 27 July 2012.
SpiceJet reported net profit of Rs 56.15 crore for Q1 June 2012, compared with net loss of Rs 71.96 crore in Q1 June 2011. Net sales jumped 51.1% to Rs 1406.74 crore in Q1 June 2012 over Q1 June 2011.
SpiceJet said it has returned to profitability in Q1 June 2012 after five successive quarters of losses. The company's market share rose to 18.6% by 30 June 2012, from 17.1% in March 2012. The average revenue per passenger rose 24% in Q1 June 2012 over Q1 June 2011. Load factor was at 80.3% in Q1 June 2012, up from 78.9% in Q1 June 2011. SpiceJet said that though the load factors and yields have been holding firm, the high cost of operations influenced by a weak rupee prevented the company from posting even better results.
SpiceJet operates more than 284 daily flights to 34 Indian cities and 3 international destinations
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