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SpiceJet Shares Surge 6.7% on Plans to Start 20 New Domestic Flights from March

File image of SpiceJet aircraft. (Image: Reuters)

File image of SpiceJet aircraft. (Image: Reuters)

At 3:17 pm, SpiceJet shares were trading at Rs 87.80 apiece, up 4.5%, after hitting the day’s high of Rs 89.70.

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SpiceJet Ltd shares surged as much as 6.7% in intra-day trade on Wednesday after the domestic airline announced that it would start 20 new domestic flights from March 29.

At 3:17 pm, SpiceJet shares were trading at Rs 87.80 apiece, up 4.5%, after hitting the day’s high of Rs 89.70. The stock has shed over 40% in the last one year compared with a 13 % rise in the benchmark Nifty 50 index.

With the commencement of these new flights, the airline will now operate a total of 52 flights connecting 12 cities under the regional connectivity scheme, the company said in an exchange filing.

“We are excited to announce the launch of 20 new domestic flights. As we add newer cities and flights to our network, our focus remains firmly on connecting the unconnected parts of the country besides enhancing connectivity between metros and non-metros,” SpiceJet chief commercial officer Shilpa Bhatia was quoted as saying in the release.

The new flights will be operational on routes including Varanasi-Patna, Patna-Amritsar, Patna-Guwahati, Hyderabad-Mangaluru, Bengaluru-Jabalpur and Mumbai-Aurangabad routes, the airline said in a release.

All the new flights introduced will be operational daily and the airline will deploy a mix of its Boeing 737-800 and Bombardier Q400 aircraft on all these routes, SpiceJet added.

The airline said it will also enhance its operations with additional frequencies on the Mumbai-Bagdogra and Mumbai-Chennai routes with the addition of a second and fifth flight, respectively.

Earlier this week, SpiceJet had announced that that it has inducted two Airbus A320 aircraft on wet lease effective February 14, 2020. The aircraft were inducted from BH Air, a Bulgarian-registered airline based in Sofia, post regulatory approvals from Directorate General of Civil Aviation (DGCA).

With the latest induction, SpiceJet fleet now stands at 121, the airline said, adding that more than 40 planes have been added to its fleet since April 2019.

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