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SpiceJet shares zoom 8.5 pc on plans to induct 16 Boeing 737-800 NG aircraft

Press Trust of India  |  New Delhi 

Shares of zoomed 8.5 per cent Friday after the announced it will induct 16 737-800 NG aircraft, a move that will help in bringing down flight cancellations.

The company's scrip jumped 8.54 per cent to close at Rs 109.90 on the BSE. During the day, it rose sharply by 10.61 per cent to Rs 112.

In terms of traded volume, 99.96 lakh shares were traded on the BSE during the day.

The company's market valuation also rose by Rs 518.9 crore to Rs 6,590.90 crore.

The announcement comes at a time when airfares have been on an upswing across for the past few weeks due to a sharp decline in the number of flights, primarily caused by grounding of around 90 per cent of cash-strapped Jet Airways' 119-fleet.

grounded 12 737 Max in March over safety concerns following an Ethiopian plane crash.

"will induct 16 737-800 NG on dry lease and has applied to the of Civil (DGCA) for a no-objection certificate (NOC) to import the aircraft," the said.

Under dry lease, the lessor provides the with the aircraft but without any crew member, while under wet lease, the lessor provides the aircraft along with complete crew.

Meanwhile, InterGlobe Aviation's shares rose by 2.11 per cent to close at Rs 1,432.15 apiece and (India)'s scrip ended flat at Rs 260.45, up 0.02 per cent on the BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 16:45 IST