SpiceJet’s share price has increased by 120% during the last six months.
SpiceJet shares have been on an upward trajectory over the past six months. The airline stock has climbed from ₹29.25 per share to ₹65.40 per share on NSE, a 120% increase in the last six months. Following the news reports, SpiceJet‘s share price received purchasing attention from Dalal Street bulls during early trades, according to news agency PTI.
SpiceJet’s share price surged to an intraday high of ₹65.40 on the NSE, up over 6% from Monday. According to PTI, the aviation company will receive approximately ₹900 crore in finance this month.
In an internal note to senior staff on Monday, the airline said it now has a substantial bank balance of more than ₹900 crore, including ₹160 crore received as an installment under the government’s Emergency Credit Line Guarantee Scheme (ECLGS),” according to PTI. The carrier, which had been facing multiple headwinds in recent months, has so far received around ₹1,000 crore under the ECLGS. The latest installment occurred shortly after its Chairman and Managing Director, Ajay Singh, invested funds in the airline.”
Spicejet releases news.
Over the past month, SpiceJet’s share price has increased by 6.50%, and over the past year, the aviation stock has increased from ₹34.50 to ₹65.40 per share, providing an 85% return to its positioned shareholders.
The airline declared last week that it had received the first tranche of ₹744 crore, which is a portion of the ₹2,250 crore that will be raised through the preferential issuing of stocks.
The airline announced on December 12 that it would fund ₹2,250 crore through the issuing of securities. During a meeting with the airline’s top executives, Singh emphasized the need for prudent spending and stated that he would personally oversee any large expenditures.
With nearly Rs 900 crore in investment this month, SpiceJet will focus on fleet upgrades and cost-cutting initiatives as the no-frills airline seeks to emerge from tumultuous times.
The airline, which has faced numerous challenges in recent months, has so far received almost Rs 1,000 crore under the ECLGS.
According to an official, the next installment came shortly after its Chairman and Managing Director, Ajay Singh, invested assets in the airline.
Singh, who has been in charge of the no-frills airline, has already invested Rs 200 crore of the Rs 500 crore financial infusion he announced last year.
