SpiceJet shares jump 4% today as airline adds 44 flights. Details here

Shares of SpiceJet Ltd rose sharply in Friday's trade, extending their gains for the fourth consecutive session. The stock surged 4.34 per cent to hit a day high of Rs 39.45 over its previous close of Rs 37.81. At today's high price of Rs 39.45, the scrip traded 9.97 per cent lower from its 52-week high of Rs 43.82, a level seen on October 13 this year. Despite the said fall, the counter has gained 74.17 per cent from its one-year low price of Rs 22.65, hit on May 23, 2023.

To boost its network ahead of the winter schedule, SpiceJet said it has added 44 flights that will serve new and existing routes. The airline has also inducted eight Boeing 737s, including four 737 Max.

"Shillong will be connected with Kolkata for the first time on SpiceJet's network with daily flights. The airline is also enhancing connectivity between Chennai-Pune, Hyderabad-Kolkata and Jaipur-Delhi," the budget carrier stated in a release.

"The airline has launched a daily flight connecting Mumbai with Bangkok. SG 81 will depart from Mumbai at 4:10 am and reach Bangkok at 10:10 am (local time). On its return journey, SG 82 will depart from Bangkok at 10:40 pm (local time) to reach Mumbai at 2:10 am," SpiceJet further mentioned.

Shilpa Bhatia, Chief Commercial Officer at SpiceJet, said, "We are excited to enhance our network and add 44 flights in our winter schedule. This expansion allows us to better serve the increasing passenger demand across the country. Flights have been carefully selected with a strong focus on passenger convenience, providing them with a wider range of travel options."

On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 57.56. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 5.08 against a negative price-to-book (P/B) value of 0.44.

The scrip has an analyst target price of Rs 38, Trendlyne data showed, suggesting a potential downside of 4 per cent. It has a one-year beta of 0.63, indicating low volatility on the counter.

On BSE, around 16.54 lakh shares changed hands today at the time of writing this story. The figure was lower than the two-week average volume of 20.49 lakh shares. Turnover on the counter came at Rs 6.42 crore, commanding a market capitalisation (m-cap) of Rs 2,655.15 crore.

There were 26,02,154 sell orders against buy orders of 4,92,682 shares.

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