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1-min read

SpiceJet Shares Zoom Over 9% on Plans to Induct 16 Boeing 737-800 NG Aircraft

On the traded volume front, 59.71 lakh shares were traded on the BSE during the morning trade.

PTI

Updated:April 12, 2019, 1:47 PM IST
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SpiceJet Shares Zoom Over 9% on Plans to Induct 16 Boeing 737-800 NG Aircraft
Image for representation. (Reuters)
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New Delhi: Shares of SpiceJet zoomed over 9 per cent on Friday after the airline announced it will induct 16 Boeing 737-800 NG aircraft, a move that will help in bringing down flight cancellations.

The scrip jumped 9.43 per cent to Rs 110.80 on the BSE.

On the traded volume front, 59.71 lakh shares were traded on the BSE during the morning trade.

The announcement comes at a time when airfares have been on an upswing across India for the last few weeks due to a sharp decline in the number of flights, primarily caused by grounding of around 90 per cent of cash-strapped Jet Airways' 119-aircraft fleet.

SpiceJet grounded 12 Boeing 737 Max aircraft in March over safety concerns following an Ethiopian Airlines plane crash.

"SpiceJet will induct 16 Boeing 737-800 NG aircraft on dry lease and has applied to the Directorate General of Civil Aviation (DGCA) for a No Objection Certificate (NOC) to import the aircraft," the airline said.

Under dry lease, the lessor provides the airline with the aircraft but without any crew member, while under wet lease, the lessor provides the aircraft along with complete crew.

Meanwhile, other listed airlines -- InterGlobe Aviation and Jet Airways (India) -- were also trading with gains of up to 1 per cent on the BSE.
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