SpiceJet takes off after launching new flights

SpiceJet was up 3.99% to Rs 130.20 at 10:31 IST on the BSE after the company said it launched eight new non-stop international flights.

The announcement was made after market hours yesterday, 11 June 2019.

Meanwhile, the S&P BSE Sensex was up by 100.64 points, or 0.26% to 39,535.58.

On the BSE, 11.29 lakh shares were traded in the counter so far compared with average daily volumes of 13.39 lakh shares in the past two weeks. The stock had hit a high of Rs 132 and a low of Rs 125.30 so far during the day. It hit a 52-week high of Rs 156.90 on 3 June 2019 and a 52-week low of Rs 60.60 on 4 October 2018.

SpiceJet announced the launch of eight new non-stop international flights from Mumbai and Delhi. The airline is the first Indian low-cost carrier (LCC) to connect Mumbai with Riyadh and Dhaka and Delhi with Dhaka and Jeddah.

Riyadh, the capital city of Saudi Arabia, earmarks SpiceJet's 10th international destination and the fourth station in the Middle Eastern market. The flights to Dhaka and Jeddah are effective from the last week of July while the flight to Riyadh will commence on 15 August 2019. The airline will deploy its 168-seater Boeing 737-800 aircraft on all the routes.

On a consolidated basis, SpiceJet's net profit rose 5% to Rs 40.51 crore on a 24.2% rise in the net sales to Rs 2004.78 crore in Q4 March 2019 over Q4 March 2018.

SpiceJet is a low-cost air carrier, operating 597 average daily flights to 62 destinations, including 53 domestic and 9 international ones.

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