SpiceJet surges in volatile trade

SpiceJet gained 4.38% to Rs 14.76 at 14:18 IST on BSE after the budget carrier placed an order with Boeing Co for 42 Boeing B737 Max planes worth $4.4 billion by swapping existing orders of 12 Boeing 737 planes.

Meanwhile, the S&P BSE Sensex was up 31.48 points or 0.14% at 21,857.90

On BSE, 36.83 lakh shares were traded in the counter as against average daily volume of 27.47 lakh shares in the past one quarter.

The stock was highly volatile. It fell as much as 0.63% the day's low of Rs 14.05 so far during the day. It rose as much as 7.49% at the day's high of Rs 15.20 so far during the day. The stock hit a 52-week high of Rs 43.75 on 6 May 2013. The stock hit a 52-week low of Rs 12.50 on 4 March 2014.

The small-cap company has an equity capital of Rs 535.28 crore. Face value per share is Rs 10.

SpiceJet placed an order with Boeing Co for 42 Boeing B737 Max planes worth $4.4 billion by swapping existing orders of 12 Boeing 737 planes. "We have swapped 12 existing Boeing B737 Next Generation planes out of total 31 such planes to order 42 Boeing 737 Max planes," said S.L. Narayanan, group chief financial officer at Sun Group, the parent company of SpiceJet. Narayan said delivery will start from 2018 and the airline will fund the acquisition through sale and leaseback mode.

SpiceJet reported a net loss of Rs 172.80 crore in Q3 December 2013, as compared to net profit of Rs 102.01 crore in Q3 December 2012. Net sales rose 13.8% to Rs 1796.27 crore in Q3 December 2013 over Q3 December 2012.

SpiceJet is India's low fare airline.

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