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SpiceJet jumps on signing MoU with Gulf Air

Spicejet is currently trading at Rs. 110.80, up by 1.40 points or 1.28% from its previous closing of Rs. 109.40 on the BSE.

The scrip opened at Rs. 110.70 and has touched a high and low of Rs. 113.50 and Rs. 110.00 respectively. So far 558682 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 156.90 on 03-Jun-2019 and a 52 week low of Rs. 72.00 on 10-Dec-2018.

Last one week high and low of the scrip stood at Rs. 113.50 and Rs. 105.55 respectively. The current market cap of the company is Rs. 6671.87 crore.

The promoters holding in the company stood at 59.96%, while Institutions and Non-Institutions held 13.13% and 26.90% respectively.

SpiceJet has signed a Memorandum of Understanding (MoU) with Gulf Air, the national carrier of the Kingdom of Bahrain, to explore greater cooperation between the two airlines including an interline and codeshare agreement, coordinated cargo services, engineering services and pilot training.

Besides looking at a codeshare and interline agreement, the scope of the MoU includes the two airlines exploring growth opportunities beyond network expansion by leveraging each other’s strengths. SpiceJet and Gulf Air will look at collaborating in the field of pilot training to nurture talent in order to deliver the finest resources for both the airlines. The airlines will also engage and collaborate to enhance their respective cargo and engineering services.

SpiceJet is among the first private companies that stepped into the Indian aviation sector.

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