SpiceJet shares fly 6% after Plutus Wealth buys 9 mn shares via bulk deal

SpiceJet shares jumped 6.4 per cent in Wednesday's trade on BSE, logging an intraday high at Rs 48.9 per share. The airline stock flew after Plutus Wealth Management LLP increased its stake by buying 9 million shares on BSE of SpiceJet. 

 

Around 11:51 AM, SpiceJet share price was up 6.05 per cent at Rs 48.7 per share on BSE. In comparison, the BSE Sensex was up 1.15 per cent at 73,830.60. The market capitalisation of the company stood at Rs 6,241.81 crore. The 52-week high of the stock was at Rs 79.9 per share and the 52-week low was at Rs 39.91 per share. 

 

As per BSE bulk deal data, Plutus Wealth Management LLP bought  9 million shares at Rs 46 per share of SpiceJet. In October 2024 too, Plutus Wealth Management LLP bough 7.5 million shares of the company and in September 2024, 8.5 million shares were bought. As of December 2024, as per the shareholding pattern on BSE, Plutus Wealth held a 1.29 per cent stake in the company. 

 

In Q3, the airline’s consolidated net profit came in at Rs 20.2 crore for Q3FY25 against a net loss of Rs 299 crore in the same period a year ago as the low cost carrier claimed to have maneuvered a bunch of payment disputes and got a leg up from lower fuel expenses.

 

Moreover, the airline’s fuel expenses in the third quarter of the current financial year decreased by 46.9 per cent Y-o-Y to Rs 415.2 crore.

 

 

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We have significantly strengthened our balance sheet, resolved key disputes, and are continuously expanding our fleet. We are in discussions with OEMs (original equipment manufacturers) for advanced deliveries of aircraft and are actively exploring both organic and inorganic growth opportunities.”

 

That apart, SpiceJet recently settled multiple disputes with eight aircraft lessors and four engine lessors over pending dues during this financial year, reducing outstanding claims from Rs 1,700 crore to Rs 1,233 crore, resulting in a financial benefit of Rs 467 crore.

 

In the past one year, SpiceJet shares have =lost 29 per cent against Sensex's decline of 0.93 per cent.