SpiceJet flies 8% higher on lease deal for 10 aircraft ahead of summer schedule

The move underscores SpiceJet’s aim to providing seamless connectivity and tackle increased passenger demand during peak travel season.

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Shares of SpiceJet zoomed 8 percent in early trade on March 14 after the budget airline finalised lease agreements for 10 aircraft to augment its capacity for the upcoming summer schedule.

At 10.53am, shares of SpiceJet were trading at Rs 53.56 on the NSE.

The move underscores the airline’s aim to provide seamless connectivity and tackle increased passenger demand in the peak travel season.

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These additional aircraft will enable the airline to meet the growing demand for air travel, particularly during the busy summer months. SpiceJet has received three airframes as part of the recent settlement agreements, strengthening its fleet capabilities.

These settlements with key aircraft lessors have also resulted in savings of Rs 685 crore for the low-cost airline.

Some bargain buying also played a factor in lifting shares of the airline. In the previous session, the stock plunged as much as 10 percent after two executives from the company’s senior management, Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia tendered their resignations.

The management said that this was a part of SpiceJet’s strategic restructuring and the company continues to see significant growth in revenue and load factor.

“With the recent infusion of funds, SpiceJet has expedited the resolution of all previous disputes. The company is poised to enhance its capacity, expand swiftly, and maintain its significant presence in the Indian aviation sector,” the management stated.

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