SpiceJet Share Price Jumps 18% On Domestic Network Expansion, Introducing New Winter Routes
SpiceJet share price has snapped a three-day losing streek on Thursday.
SpiceJet Ltd. share price jumped 18% in Thursday's session as the company introduced new flights to Udaipur and Port Blair from India's major metro cities.
The budget carrier has launched direct flights to Udaipur and Port Blair from three major metro cities in India ahead of the winter season. Udaipur, in Rajasthan, and Port Blair, the capital of the Andaman and Nicobar Islands, are popular winter destinations.
The airline will operate daily flights to Port Blair from Kolkata and Delhi. It will also fly to Udaipur from Delhi and Mumbai, the company said in a press release on Wednesday.
Flights from Kolkata and Delhi to Port Blair have already started. Services from Delhi and Mumbai to Udaipur will begin on Nov. 6. Passengers can book tickets on SpiceJet’s website or mobile app, the release said.
The direct service between Port Blair and Kolkata will provide non-stop connectivity. Travellers from Delhi to Port Blair will have a short stopover in Kolkata, but there will be no aircraft change on this route, the release added.
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SpiceJet share price jumped 17.90% to Rs 33.66 apiece, the highest level since Sept 22. It pared some gains to trade 13.98% higher at Rs 33.52 apiece as of 10:51 a.m. compared to a 0.20% advance in the NSE Nifty 50 index.
SpiceJet's share price also snapped a three-day losing streak on Thursday.
The stock declined 50.67% in 12 months, and 41.48% on a year-to-date basis. Total traded volume so far in the day stood at 6.53 times its 30-day average. The relative strength index was at 54.77.
Out of four analysts tracking the company, one maintains a 'buy' rating, two recommend a 'hold', and one suggests to 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.7%.
