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SpiceJet shares zoom over 9% on plans to induct 16 Boeing 737-800 NG aircraft

Press Trust of India  |  New Delhi 

Shares of zoomed over 9 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 scrip jumped 9.43 per cent to Rs 110.80 on the BSE.

On the traded volume front, 59.71 lakh shares were traded on the BSE during the morning trade.

The announcement comes at a time when airfares have been on an upswing across for the last 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-aircraft fleet.

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

"will induct 16 737-800 NG aircraft 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, other listed -- InterGlobe and (India) -- were also trading with gains of up to 1 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. 13:40 IST