SpiceJet gains as company may order Boeing 737 Max 10 planes

NEW DELHI: Shares of Spicejet gained on Thursday on reports that it is likely to place an order for the Boeing 737 Max-10 planes at the aircraft’s debut at the Paris Air Show later this month, thus becoming one of its launch customers globally.

"We are in discussions with Boeing for the Max 10s," ET reported SpiceJet chairman Ajay Singh saying so in an interview.

The scrip was trading 2.10 per cent up at Rs 124.10 around 10.20 am (IST). However, it shed most of the gains to end the day 0.66 per cent up at Rs 122.35.
Shares of the company opened at Rs 123 and touched a high and low of Rs 125.50 and Rs 123, respectively, in trade so far.

According to a person close to the development, the number of orders may be below 50 and would be part of airline's expansion plans following the positive results of last year.

SpiceJet, like rival IndiGo is however a serious participant in the Narendra Modi government's regional connectivity scheme. The airline on Monday announced the launch of two flights from July 10 under the UDAN (Ude Desh ka Aam Naagrik) scheme. The two flights will connect Mumbai to Porbandar and Kandla in Gujarat, the airline said in a release.

On the BSE, 21.85 lakh shares were traded on the counter so far as against the average daily volumes of 43.73 lakh shares in the past two weeks.

The stock had hit a 52-week high of Rs 126.25 on May 11, 2017 and 52-week low of Rs 54.50 on November 9, 2016.