For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SpiceJet Shares Jump 14% To Hit 8-Month High

|

Shares of SpiceJet rallied as much as 14.2 percent on Friday morning to an intraday high of Rs 104.70 apiece, its highest price since July 2018. As per Bloomberg data, trading volume was around 40 times its twenty-day average for the time of the day.

SpiceJet Shares Jump 14% To Hit 8-Month High
 

Despite weak February passenger growth data released earlier this week, aviation stocks have surged. Interglobe Aviation, the parent company of IndiGo saw a 2 percent surge in morning trade while Jet Airways rose more than 3 percent.

According to the air passenger data released by Directorate General of Civil Aviation on Wednesday, domestic air passenger growth grew by 5.6 percent to 113.49 lakh, the slowest growth seen in the last 59 months.

IndiGo's passenger traffic was up by 15 percent to 49.31 lakh, Jet Airway's traffic fell by 28 percent to 12.92 lakh and SpiceJet's passenger traffic saw a 17 percent growth to 15.58 lakh.

Experts suggest that a likely consolidation in the aviation industry and the pricing power due to the cash troubles of Jet Airways could be the reason behind the rallying stock prices.

Meanwhile, a Reuters report citing sources said that SpiceJet is likely to lease some of Jet Airways' aircraft that are being grounded for failure to repay debts.

Read more about: spicejet
Story first published: Friday, March 22, 2019, 12:16 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more