SpiceJet jumps on plans to induct more planes

SpiceJet gained 7.95% to Rs 143.25 at 11:05 IST on BSE after the company said that it will induct six more Boeing 737-800 NG aircraft on dry lease.

The company made the announcement during market hours today, 18 April 2019.

Meanwhile, the S&P BSE Sensex was down 35.46 points, or 0.09%, to 39,240.18

On the BSE, 1.26 crore shares were traded in the counter so far, compared with average daily volumes of 56.89 lakh shares in the past two weeks. The stock had hit a high of Rs 152.60 and a low of Rs 138.15 so far during the day.

SpiceJet will induct six more Boeing 737-800 NG aircraft on dry lease. These six aircraft are in addition to the 16 B737s and 5 Q400s that the airline will soon induct. The total number of planes to be inducted in the immediate future now stands at 27.

The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals the aircraft would begin joining SpiceJet's fleet in the next ten days.

Ajay Singh, Chairman and Managing Director, SpiceJet said the company is taking all possible proactive measures to deal with the sudden reduction of aviation capacity in the Indian market.

SpiceJet's net profit fell 77.05% to Rs 55.07 crore on 16.09% rise in net sales to Rs 2382.21 crore in Q3 December 2018 over Q3 December 2017.

SpiceJet is an airline company. SpiceJet operates 516 average daily flights to 60 destinations, including 51 domestic and 9 international ones. The airline has a fleet of 48 Boeing 737, 27 Bombardier Q-400s and one B737 freighter. SpiceJet also operates a dedicated air cargo service under the brand name SpiceXpress.

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