On Friday this small-cap stock hit 20% upper circuit after Rakesh Gangwal in talks to buy a stake. This stock has delivered 36% returns in six months and 12% returns in one year. The stock closed above the 50-day and 200-day moving averages.
Spicejet Ltd
With a market capitalization of Rs. 2,982 Cr, the company belongs to a small-cap category. On Friday the stock hit 20% upper circuit and closed 19.3% up at Rs. 43.60 on BSE. On the same day, the stock reached a new 52-week high of Rs. 43.82.
As per the reports, Rakesh Gangawal, co-founder of the airline Indigo, was in advanced talks to buy a share in Spicejet Ltd.
The company’s total revenue decreased by 18% from Rs. 2,456.77 Cr in Q1 FY23 to Rs. 2,001.74 Cr in Q1 FY24 and the company reported a net profit of Rs. 204.56 Cr in Q1 FY24 against a loss of 788.83 Cr in Q1 FY23.
As per the latest shareholding data, promoters hold 58.98%, the public hold 40.67% and FIIs hold a 0.33% stake in the company.
Spicejet Ltd is an airline compnay. The company provides both domestic and international air travel services. The company’s operating segments include Airline Transport, Freighter, and Logistics Services. Its main source of revenue is passenger air travel, with secondary streams including Spice max, insurance, preferred seating, Spice vacations, lounge, visa, cab, cargo, and onboard goods.
Written by Sheshadri N
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