SpiceJet flies high on planning to partner with FTAI Aviation
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SpiceJet is currently trading at Rs. 28.13, up by 1.37 points or 5.12% from its previous closing of Rs. 26.76 on the BSE.
The scrip opened at Rs. 26.81 and has touched a high and low of Rs. 29.00 and Rs. 26.78 respectively. So far 5294822 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 52.40 on 03-Aug-2022 and a 52 week low of Rs. 22.65 on 23-May-2023.
Last one week high and low of the scrip stood at Rs. 29.00 and Rs. 25.65 respectively. The current market cap of the company is Rs. 1694.80 crore.
The promoters holding in the company stood at 58.98%, while Institutions and Non-Institutions held 0.44% and 40.59% respectively.
SpiceJet is planning to partner with FTAI Aviation, a leading aftermarket provider of engine services, on a CFM56 revitalization program. Under this program, FTAI Aviation will provide SpiceJet with up to twenty engines for lease, inclusive of maintenance services. By leveraging FTAI Aviation's engine expertise, SpiceJet will have access to a pipeline of available engines which eliminates the need for frequent shop visits. The revitalization program will reduce maintenance expense and minimize aircraft downtime, enhancing the airline's overall performance.
This program will further emphasize on SpiceJet's commitment to cost efficiency and operational excellence. The first engines will be used to support the re-activation of SpiceJet's aircraft fleet over the next 2-3 months and will be critical for service on new routes. With FTAI Aviation managing the engines, SpiceJet will strengthen its resource allocation and focus on delivering an exceptional travel experience while maximizing their operational potential.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.
