Spicejet soars over 8% on robust Q1 results

Mumbai: Shares of Spicejet today surged over 8 per cent, continuing the upward move for the second straight session, as the company reported a net profit of Rs 56 crore for the April-June period.

Buoyed by the good set of results, shares of the budget carrier gained 8.42 per cent to touch a high of Rs 33.45 on the BSE.

Yesterday too, the stock had rallied over 22 per cent. After being in losses for five consecutive quarters, Spicejet reported net profit of Rs 56 crore for the April- June period on the back of significant growth in sales and better yields.

The Chennai-based airline promoted by Kalanithi Maran had posted a net loss of Rs 71.96 crore in the same period last fiscal.

Besides, ace investor Rakesh Jhunjhunwala's Rare Enterprises has acquired 25 lakh shares of SpiceJet for Rs 7.69 crore through an open market transaction.

According to the data available with stock exchanges, Rare Enterprises bought 25 lakh shares of SpiceJet at Rs 30.77 apiece, valuing the deal at Rs 7.69 crore.