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SpiceJet share price jumps 11% after Boeing 737 MAX gets US FAA nod

The stock witnessed spurt in volume by more than 3.05 times and was trading with volumes of 3,681,406 shares, compared to its five day average of 1,847,192 shares, an increase of 99.30 percent.
Nov 19, 2020 / 12:01 PM IST
 
 
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SpiceJet share price jumped over 11 percent intraday on November 19 after Boeing 737 Max aircraft gets US FAA clearance.

The stock was trading at Rs 74.20, up Rs 7.85, or 11.83 percent at 11:20 hours. It has touched an intraday high of Rs 75.40 and an intraday low of Rs 68.

It witnessed spurt in volume by more than 3.05 times and was trading with volumes of 3,681,406 shares, compared to its five day average of 1,847,192 shares, an increase of 99.30 percent.

Boeing Co won approval on Wednesday from the US Federal Aviation Administration to fly its 737 MAX jet again after two fatal crashes that triggered two years of regulatory scrutiny and corporate upheaval, according to a Reuters report.

The FAA detailed software upgrades and training changes Boeing must make in order for it to resume commercial flights after a 20-month grounding, the longest in commercial aviation history.

With 13 of these aircraft grounded, SpiceJet has been in talks with Boeing for claims. In the second quarter, the airline has recognised Rs 138 crore of these claims as other income.

SpiceJet significantly cut down its net loss in the traditionally weak second quarter ended September, despite travel restrictions and COVID‐19 affecting demand. On a standalone basis, the net loss for Q2FY21 reduced to Rs 112.6 crore as against Rs 462.6 crore in the same period last year, the company said in a BSE filing.

Total income in Q2 stood at Rs 1,305 crore against Rs 3,074 crore in the same quarter last year.

"Going forward, as our cargo business continues to expand, passenger demand further improves, travel restrictions are eased and the 737 MAX returns to service we hope the recovery will be much quicker and stronger," said the company's Chairman and Managing Director.
Moneycontrol News
first published: Nov 19, 2020 12:01 pm

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