SpiceJet gains 12% on expansion plan

The company has decided to add five 90-seater Q400 aircraft.

Apr 16, 2019 08:04 IST India Infoline News Service

SpiceJet gained 12% on Tuesday after the company in its filing to the exchanges informed that it will add five 90-seater Q400 aircraft taking its Bombardier fleet size to 32.

Accordingly, three of these planes will join SpiceJet’s fleet in the next ten days, while the remaining two will be inducted by June, the airline company said in a press note to the exchanges on Tuesday. The airline had last week announced the induction of 16 Boeing 737-800 NG aircraft on dry lease.

The 90-seater variant is part of SpiceJet’s second purchase order for up to 50 Q400 turboprops placed in September 2017. This was the largest ever single order for the Q400 turboprop aircraft program valued at up to $1.7bn. The airline has already inducted five planes as part of this order. SpiceJet also operates a 78-seater variant of the same aircraft. Besides the Q400 fleet, SpiceJet has a fleet of 48 Boeing 737s and one B737 freighter, the company added.

SpiceJet Ltd's share price is currently at Rs132, up by Rs12.65 or 10.6%, from its previous close of Rs119.35 on the BSE.

The scrip opened at Rs123.85 and has touched a high and low of Rs135.80 and Rs123.50, respectively. So far, 1,56,83,696 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs7,157.64cr.

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