SpiceJet Soars over 8 Percent on Robust Q1 Results

Mumbai: Shares of SpiceJet surged over 8 percent, continuing the upward move for the second straight session, as the company reported a net profit of 56 crore for the April-June period. Buoyed by the good set of results, shares of the budget carrier gained 8.42 percent to touch a high of 33.45 on the BSE. Yesterday too, the stock had rallied over 22 percent. After being in losses for five consecutive quarters, SpiceJet reported a net profit of 56 crore for the April- June period on the back of significant growth in sales and better yields. The Chennai-based airline promoted by Kalanithi Maran, an Indian media baron who is the chairman and Managing Director of the Sun Group, had posted a net loss of 71.96 crore in the same period last fiscal. Besides, ace investor Rakesh Jhunjhunwala’s Rare Enterprises has acquired 25 lakh shares of SpiceJet for 7.69 crore through an open market transaction. According to the data available with the stock exchanges, Rare Enterprises bought 25 lakh shares of SpiceJet at 30.77 apiece, valuing the deal at 7.69 crore.