Shares of SpiceJet are running high, holding on to gains of over 8 percent in anticipation ahead of its much-delayed board meet to review and approve its Q3 and Q4FY24 financial results.
The date of the board meeting to declare the un-audited financial results for the first quarter ending June 30 will be intimated in due course, the company has said.
The airline has been marred by legal troubles with lessors and an ongoing spat with Kalanithi Maran and KAL Airways, as well liquidity issues that have delayed salaries are EPF contributions of the employees by the airline.
Several lessors have taken the airline to court via the National Company Law Tribunal (NCLT), and have sought insolvency over delayed payment against aircraft that were leased to the airline.
Shares of SpiceJet are higher by 82 percent compared to a year ago and down 8 percent on a YTD basis.
The quarter gone by has also seen Akasa take over SpiceJet in terms of market share.
SpiceJet chairman Ajay Singh has already announced plans to raise Rs 2,000 crore by August, after having raised a similar amount recently from investors. The airline also intends to expand its capacity by leasing more aircraft, the chairman had said. Over the next two quarters, the airline plans to "clean up its balance sheets", Singh had said in June.
He had also said that SpiceJet aims to operate 100 aircraft in India soon and is planning to add aircraft through a combination of wet lease, dry leases and new aircraft deliveries. "We will grow our own fleet," Ajay Singh had said on June 5, "It's very difficult to kill SpiceJet, it's time to grow again", he added.
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