SpiceJet shares gain amid fundraise plans - Check details
The gain in share price comes amid the airline's Rs 3,000-crore fundraising plan by the end of next month.
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Shares of Spicejet gained over 5 per cent on Friday. The counter opened with a slight gain at Rs 65 and went on to touch the high of Rs 68.20 - a gain of around 5.41 per cent from the previous close of Rs 64.70. The stock has been gaining for the last six days and has risen 22.48 per cent in this period. The gain in share price comes amid the airline's Rs 3,000-crore fundraising plan by the end of next month.
The low-cost airlines announced raising Rs 3,000 crore through a Qualified Institutional Placement (QIP) earlier this month. This is expected to be completed by the end of September 2024.
SpiceJet had reported a six-fold jump in its standalone profit to Rs 119 crore for the January-March quarter of 2023-24 over Rs 16.85 crore profit in the corresponding quarter of the previous year.
Revenue from operations during the quarter under review, however, declined 20 per cent to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ended March 31, 2023, according to a regulatory filing.
For the full fiscal 2023-24, the airline posted a loss of Rs 409.43 crore against a loss of Rs 1503 crore in FY 23, as per the filing.
For the December quarter, SpiceJet reported a loss of Rs 409.43 crore as against a profit of Rs 106.82 crore in FY23, it stated.
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