Low-cost carrier shares SpiceJet Ltd continued its upward movement for the second consecutive session in Monday trading. The stock rose 4.26 per cent to hit a daily high of Rs 59.29. It was last seen up 3.25 percent at Rs 58.72. At this price, the stock has lost 3.17 per cent year-to-date, compared to a gain of 11.39 per cent in the benchmark BSE Sensex during the same period.

Today’s share price rise came after the airline announced 32 new flights for its winter schedule. “SpiceJet is delighted to announce the launch of 32 new flights for the winter schedule starting October 27, 2024. With 30 of these flights operating in the domestic sector and two connecting Delhi to Phuket with a daily non-stop service, SpiceJet aims to improve connectivity and provide travelers with more options,” he said.

“The winter schedule will feature exciting new routes, including four new flights from Mumbai to Patna, Gorakhpur, Varanasi and Goa. The airline will connect Patna to Ahmedabad, Guwahati, Kolkata and Bengaluru; Chennai to Port Blair and Pune; Delhi to Phuket, Amritsar, Gorakhpur and Kolkata to Port Blair,” the carrier added.

Debojo Maharshi, Chief Commercial Officer, SpiceJet, said: “As we continue to grow our fleet and operations, we will be adding more flights in the coming weeks. We look forward to welcoming passengers on board as we continue our journey to a more robust country. fleet and service provision.

SpiceJet has announced the induction of 10 aircraft into its fleet by November. The airline said it plans to add even more flights in the coming weeks to further meet passenger needs.

The mode of fleet expansion follows SpiceJet’s successful qualified institutional placement (QIP), which raised Rs 3,000 crore.

Furthermore, the aviation regulator DGAC (Directorate General of Civil Aviation) has removed the airline from enhanced surveillance, but it will continue to carry out spot checks to ensure flight safety.

SpiceJet was placed under enhanced surveillance on September 13 following sporadic disruptions in airline services due to non-payment of dues to service partners.

Technically, the stock is trading higher than the 5-day simple moving average, but below the 10, 20, 30, 50, 100, 150, and 200-day simple moving averages (SMA). The stock’s 14-day relative strength index (RSI) stood at 45.08. A level below 30 is defined as oversold while anything above 70 is considered overbought.

According to the BSE, the stock has a negative price-to-equity (P/E) ratio of 15.71 as against a price-to-book (P/B) value of (-)2.82. Earnings per share (EPS) stood at (-)3.62 with a return on equity (RoE) of 17.95. The promoters held a 29.13% stake in SpiceJet as of September 2024 quarter.