SpiceJet surged 6.35% to Rs 62.85, extending its winning run to third consecutive trading session.Shares of the low-cost air carrier have gained 15.43% in three trading days from its previous closing low of Rs 54.45 on 13 November 2020. The stock is up 104% from its 52-week low of Rs 30.80 reported on 25 March 2020. The stock hit a 52-week high of Rs 120 on 1 January 2020.
A foreign brokerage has reportedly upgraded the stock to 'buy' from 'hold' with a price target of Rs 80. The brokerage said that abating of survival risk is yet to build into stock price.
SpiceJet is a domestic low-budget air carrier which provides scheduled flights between major cities in India.
The company reported a reported net loss of Rs 112.59 crore in Q2 FY21 compared with net loss of Rs 462.58 crore in Q2 FY20. Net sales fell 63.17% to Rs 1,016.08 crore during the period under review due to COVID‐19. For the same comparative period, expenses were Rs 1,418 crore as against Rs 3,536 crore.
Revenue from cargo increased by 39% in Q2 FY21 over Q1 FY20. In terms of operational parameters, SpiceJet had the best domestic passenger load factor of 73.1% amongst all airlines in the country during the quarter. The company's capacity (in terms of seat kilometre for passenger segment) contracted by 71% in Q2 September 2020 as compared to same quarter last year.
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