SpiceJet Shares Rally 13% To Hit 52W-High After Budget Proposal; Should You Bet?

Shares of Aviation company SpiceJet's share price today opened upside and surged 13 per cent on NSE and went on to touch an intraday high of Rs 72.50 per share, which is a new 52-week high for the aviation stock. While climbing to this new 52-week high. Shares also witnessed strong buying in morning deals on the post-budget session.

In Budget 2024, FM Nirmala Sitharaman declared to further continue the existing airport expansion plan and roll out air connectivity in tier-2 and tier-3 cities under the UDAN scheme. SpiceJet share price is rising due to the fresh budget proposals.

In January 2024, SpiceJet announced that it has more than Rs 900 crore in funding coming. The low-cost airline plans to utilise this funding for the upgradation of its fleet and cost-cutting measures.

SpiceJet is an Indian budget airline, which operates a fleet of Boeing 737s, Q‐400s & freighters and is a leading national regional player operating multiple daily flights under UDAN or the regional connectivity scheme. The majority of the airline's fleet offers SpiceMax, an economy-class seating offering.

Commenting on the share price target of SpiceJet, AR Ramachandran from Tips2trades said "SpiceJet is bullish on the Daily charts with next resistance at 74. Investors should book profits at current levels as a Daily close below support of 62 could lead to a fall till 52 in the near term."

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