SpiceJet continues its big run for fifth day in a row; shares zoom 15% after airline announces plans to expand its fleet

New Delhi: Shares of SpiceJet continued their best performance for the fifth day in a row, zooming 15 percent Thursday, following the company’s plans to expand its fleet. The scrip jumped 14.99 percent to Rs 152.60 – its 52-week high – on BSE. SpiceJet Thursday said it will induct six more Boeing 737-800 NG aircraft on dry lease. “These six aircraft are in addition to the 16 B737s and 5 Q400s that the airline will soon induct. The total number of planes to be inducted in the immediate future now stands at 27,” the company said in a BSE filing Thursday. The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals the aircraft would begin joining SpiceJet’s fleet in the next ten days, it added. [caption id=“attachment_3316598” align=“alignleft” width=“380”] Representational image. Reuters[/caption] Ajay Singh, Chairman and Managing Director, SpiceJet said, “we are taking all possible proactive measures to deal with the sudden reduction of aviation capacity in the Indian market. SpiceJet continues to work closely with the government and regulatory authorities to help minimise passenger inconvenience. “We will induct as many as 27 planes in a record time of less than two weeks and are hopeful that these inductions will help considerably ease the pressure situation,” he said. The shares climbed 8.5 percent Friday after the airline announced it will induct 16 Boeing 737-800 NG aircraft, a move that will help in bringing down flight cancellations. On Monday, the stock zoomed nearly 9 percent as the company announced the launch of direct flights from Mumbai to seven international destinations, including Colombo, Jeddah, Dhaka, Riyadh and Hong Kong. The next day, the scrip soared over 11 percent on plans to expand its fleet. Stock markets were closed Wednesday on account of Mahavir Jayanti. Meanwhile, other listed airline InterGlobe Aviation also gained 4.22 percent to Rs 1,650 – its 52-week high – on BSE.