Shares of Spice Jet surged 15 per cent in morning trade on Thursday this is due to that rival Jet Airways suspended its operations.
Shares of the company have been on an upward path since last Thursday, and as of Tuesday’s close, the stock has gained 40 per cent. The stock rose on the troubles of rival Jet Airways as in the aviation industry, the fall of one player brings difference and opportunities to the rivals.
On Tuesday, the company said it plans to expand its regional jet fleet to 32 aircrafts by adding five more 90-seater Bombardier Q400s. Three of these planes will join the fleet in the next ten days while the remaining two will be inducted by June, SpiceJet said in a statement. Besides, the company is set to launch new international flights from Mumbai from May-end.
Shares of SpiceJet traded 4.45 per cent up at Rs 138.55 on BSE around 2:53 pm.