SpiceJet Shares Surge Over 7 Per Cent Following MultiFold Profit Increase
Shares of budget carrier SpiceJet surged by over 7 per cent in morning trade on Tuesday, following the company's announcement of a significant increase in standalone profit for the January-March quarter of the 2023-24 fiscal year. The stock rose by 7.35 per cent, reaching Rs 60 on the BSE.
On Monday, SpiceJet reported a substantial rise in standalone profit, which jumped to Rs 119 crore in the January-March quarter of 2023-24, compared to Rs 16.85 crore in the same period the previous year. However, the company's revenue from operations during this quarter saw a 20 per cent decline, dropping to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ended March 31, 2023, according to a regulatory filing.
At 1 pm, shares of Sp...