Home/ Markets / Stock Markets/  SpiceJet shares end six-day losing streak, up 6%; Here's why

SpiceJet share price ended its six-day loosing streak and rose over 6% on Wednesday's trade. The concern of insolvency was around the counter in the last few months but the news of bringing back four out of 25 grounded aircraft by June 15, and announcement of second pay hike for pilots in seven months is adding some kind of relief in the stock to trade in green.

SpiceJet hikes salaries for pilots, to pay 7.5 lakh per month

SpiceJet shares opened 3.43% up at 24.99 apice on BSE. Considering all the recent developments, analysts remain neutral on the counter and avoid due to the poor balance sheet as of now.

The stock has been underpressure and has shown relative under performance. Analysts believe that there is no signs of reversal yet, and the resistance level for stock is around 35.

The airline has announced a sale on domestic one-way tickets starting at 1,818 on a few routes, including Bengaluru-Goa and Mumbai-Goa, on the occasion of its 18th anniversary. For reservations made between May 23 and May 28, 2023, the promotion will still be in effect.

According to the company, the travel window for reservations made through the deal runs from July 1 to March 30, 2024.

By the end of June, the company hopes to launch a number of flights, including two international UDAN flights on the Agartala-Chattogram-Agartala and Imphal-Mandalay-Imphal sectors. It also intends to relaunch UDAN flights from Jammu to Gwalior and from Kolkata to Gwalior to Jammu as well as conduct a new UDAN route from Kolkata to Tezpur and Kolkata.

Sharesof low-cost carrier SpiceJet nosedived on Tuesday hitting a fresh 52-week low. In the past six trading sessions, the stock has fallen 22.90%.

SpiceJet share price extends 6-days losing streak, dips 19% today; here's what investors should know


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Updated: 24 May 2023, 09:56 AM IST
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