SpiceJet shares surge over 8% Ahead of Q3 and Q4FY24 board meet

15 Jul 2024 , 04:22 PM

SpiceJet’s shares have surged over 8% in anticipation of its upcoming board meeting to review and approve the financial results for Q3 and Q4FY24. The exact date for announcing the unaudited financial results for the quarter ending June 30 will be communicated by the company soon.

Legal disputes with aircraft lessors and ongoing conflicts with Kalanithi Maran and KAL Airways, coupled with liquidity challenges impacting employee salaries and EPF contributions, have troubled SpiceJet recently.

At the time of writing on July 15, 2024 at 4:17 pm, shares of SpiceJet closed at ₹55.89 which is a 7.71% gain than the previous close. SpiceJet shares has witnessed a 81% gain in the last one year, and 7% sip  since the beginning of the year.

Ajay Singh, Chairman of SpiceJet, has announced plans to raise Rs 2,000 crore by August, following a recent similar fundraising effort. The airline aims to expand its fleet capacity through additional aircraft leases.

Singh emphasized plans to strengthen the airline’s financial position over the next two quarters and aims to operate 100 aircraft in India. This growth strategy includes a mix of wet leases, dry leases, and new aircraft acquisitions.

SpiceJet, headquartered in Gurgaon, Haryana, ranks as India’s sixth-largest airline by domestic passenger numbers as of June 2024. It operates a network of 73 destinations, comprising 60 within India and 13 international routes.

Originally established as ModiLuft in 1994, the airline was rebranded as SpiceJet following its acquisition by Indian entrepreneur Ajay Singh in 2004. It commenced operations in May 2005 and currently operates a fleet featuring Boeing 737 and Bombardier Dash 8 aircraft.