 "SpiceJet hits 52-week high; surges 25% in two days post Q3 results")
SpiceJet has rallied 12% to Rs 88.45, also its 52-week high on the BSE in otherwise subdued market, extending its Monday’s surge after the company reported robust earnings for the third quarter ended December 31, 2015 (Q3FY16).
The stock surged 25% from Rs 70.85 on January 21, after SpiceJet posted net profit at Rs 238 crore for Q3FY16 against a loss of Rs 275 crore in Q3FY15. This is the fourth straight profitable quarter for the company on the back of lower fuel prices.
The fuel cost per available seat kilometer (ASKM) for the quarter declined to 1.07 from 1.59 last year, a decline of 33%, SpiceJet said in a statement.
Total revenue increased 11% to Rs 1,460 crore against Rs 1,311 crore in the same period last year, it added.
This is the fourth consecutive profitable quarter for SpiceJet since its turnaround after December 2014. The airline recorded a load factor of 91.6 % for the quarter, the highest in the industry. This load factor reflects an increase of 8% over the same period last year.
At 09:44 a.m. the stock was up 10% at Rs 86.60 on the BSE on back of heavy volumes. About 13.61 million shares already changed hands in first half-an-hour of trading as compared to an average 22.44 million shares that were traded daily in past two weeks on the BSE. The S&P BSE Sensex up 0.01% at 24,488 points.
The stock surged 25% from Rs 70.85 on January 21, after SpiceJet posted net profit at Rs 238 crore for Q3FY16 against a loss of Rs 275 crore in Q3FY15. This is the fourth straight profitable quarter for the company on the back of lower fuel prices.
The fuel cost per available seat kilometer (ASKM) for the quarter declined to 1.07 from 1.59 last year, a decline of 33%, SpiceJet said in a statement.
Total revenue increased 11% to Rs 1,460 crore against Rs 1,311 crore in the same period last year, it added.
This is the fourth consecutive profitable quarter for SpiceJet since its turnaround after December 2014. The airline recorded a load factor of 91.6 % for the quarter, the highest in the industry. This load factor reflects an increase of 8% over the same period last year.
At 09:44 a.m. the stock was up 10% at Rs 86.60 on the BSE on back of heavy volumes. About 13.61 million shares already changed hands in first half-an-hour of trading as compared to an average 22.44 million shares that were traded daily in past two weeks on the BSE. The S&P BSE Sensex up 0.01% at 24,488 points.
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