Stock Market Today: SpiceJet share price gained almost 7% during the intraday trades on Tuesday. Spice jet on Monday post market hours had announced Re-Induction of First Grounded 737 MAX Aircraft into Service
SpiceJet share price movement
The SpiceJet share price opened at ₹44.48 on the BSE on Tuesday, almost 1.4% higher than the previous days closing price of ₹43.87. The SpiceJet share price thereafter gained further to intraday highs of ₹46.90, which also meant gains of close to 7%.
The SpiceJet share price has been on a down trend. SpiceJet share price from highs of ₹79.90 in September had slipped down to lows 52 week or 1 year lows of ₹43.61 on 27 January 2025
Thus news of Re-Induction of First Grounded 737 MAX Aircraft into Service lifted the investor sentiments.
Restoration of Max Fleet
Grounded for several months, the aircraft’s return marks a significant milestone in the airline’s fleet restoration and operational enhancement efforts.
SpiceJet in its release ion the exchanges said that Aircraft will resume operations on 29th January, 2025. The Fuel-efficient MAX is set to Enable Flights to High-Demand Markets like Jeddah and Riyadh without Operational Restrictions
To facilitate the restoration of its MAX fleet, SpiceJet said that it has recently entered into services agreements with StandardAero Inc., a leading US-based engine maintenance, repair, and overhaul (MRO) provider, and CFM International, Inc., the original equipment manufacturer (OEM) for LEAP-1B engines
While This will be the first 737 MAX aircraft to be restored under the program. The airline plans to restore ten aircraft, including four Boeing 737 MAX aircraft, to service by mid-April 2025 as part of its ongoing fleet restoration effort.
The addition of the MAX aircraft will enable SpiceJet to operate to high-demand markets such as Jeddah and Riyadh without any operational restrictions, SpiceJet said in its release. The induction of these fuel-efficient planes will result in significant cost savings due to the MAX’s reduced fuel consumption, lower maintenance requirements, and higher aircraft utilization, all of which will contribute to further optimizing the airline’s operations.
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