BackSpiceJet shares jump 11.22% after posting record quarterly profit
Intraday, the stock jumped 14.89% to touch a high of Rs81.40, after SpiceJet posted record quarterly net profit of Rs238.39 crore
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Mumbai: Shares of India’s second largest low-fare airline SpiceJet Ltd on Monday surged 11.22% after the company reported a record profit in the fiscal third quarter.
Intraday, the stock jumped 14.89% to ₹ 81.40 apiece, before closing 11.22% higher at ₹ 78.80.
Ajay Singh-controlled SpiceJet posted a net profit of ₹ 238.39 crore in the December quarter, against a loss of ₹ 275.02 crore in the year-ago period. Revenue rose 11.34% to ₹ 1,459.95 crore for the quarter from ₹ 1,311.17 crore a year earlier.
However, share prices of rival InterGlobe Aviation Ltd fell 6.79% to ₹ 903 apiece.
The Indigo stock has fallen in 12 of the last 16 trading sessions. Since 8 January, Indigo has fallen 29.1%. On Thursday, the company reported a 24% rise in net profit to ₹ 657.28 crore in the December quarter compared with ₹ 531.56 crore a year ago. Net sales rose 11.9% from a year ago to ₹ 4,407.50 crore.
Shares of Jet Airways rose 1.46% to ₹ 626.35. Jet Airways will announce its earnings on 6 February. According to a poll of four Bloomberg analysts, Jet Airways may post a net profit of ₹ 334.40 crore on net sales of ₹ 5,668.90 crore.
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