Earlier, SpiceJet announced that it will lay off at least 1,000 employees as part of its ways and means to save costs and aiming to save about Rs 100 crore on an annual basis.
Share Market News: Shares of low-cost carrier SpiceJet surged 13 percent on Friday i.e. February 16. The surge in price comes as the Directorate General of Civil Aviation (DGCA) has stated that the airline has managed to hold on to its market share at 5.6 percent in January. The counter opened at Rs 64.25 and surged as much as 13 percent to hit an intraday high of Rs 71.9. The scrip had closed at Rs 63.63 in the last trading session.
The stock has been gaining for the last 2 days and has risen 11.13 percent returns in the period. Also, the stock has been highly volatile today with an intraday volatility of 5.63 percent (Calculated from the Weighted average price).
On technical parameters, SpiceJet is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Earlier, SpiceJet announced that it will lay off at least 1,000 employees as part of its ways and means to save costs and aiming to save about Rs 100 crore on an annual basis.
“As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalization, aimed at achieving profitable growth and positioning ourselves to capitalize on the opportunities in the Indian aviation industry,” a spokesperson said.
Through this initiative alone, the spokesperson said they anticipate an annual saving of up to Rs 100 crore.
The airline, which was launched in 2005, currently has around 9,000 employees and 30 planes,10 of which are wet-leased. In the pre-pandemic year 2019, the airline had a fleet of 118 planes and more than 15,000 employees.
About a fortnight ago, promoter Ajay Singh-led airline SpiceJet completed raising the first tranche of capital infusion worth Rs 744 crore through the allotment of securities on a preferential basis.
(With agency Inputs)