February 16, 2023

New Delhi, India

SpiceJet’s Stock Takes Flight

SpiceJet Shares Surge

SpiceJet saw its shares skyrocket by 13% today. This surge was triggered by data from the Directorate General of Civil Aviation (DGCA), which revealed that SpiceJet had successfully maintained its market share at 5.6% in January.

Stock Market Performance

The stock, which opened at Rs 64.25, hit an intraday high of Rs 71.9. This marked a significant increase from the closing price of Rs 63.63 in the previous trading session.

Cost-Cutting Measures

Despite recently announcing plans to lay off at least 1,000 employees as part of a cost-cutting strategy, SpiceJet has managed to maintain investor confidence. The airline’s cost-cutting measures aim to save about Rs 100 crore annually.

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Capital Infusion

About two weeks ago, the airline completed the first tranche of capital infusion worth Rs 744 crore through the allotment of securities on a preferential basis. This move likely contributed to the surge in the company’s share price, signaling investor confidence in the airline’s future profitability.

Looking Ahead

Despite the layoffs, SpiceJet is optimistic about its future. The company is positioning itself to capitalize on opportunities in the Indian aviation industry, promising profitable growth in the years to come.

SpiceJet Shares ended at Rs.70.81 up +7.18+11.28%.

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