CapitalMarket.com - SpiceJet recovers on bargain hunting after 2-day 14.8% slide
Hot Pursuit Friday, June 01, 2012 12:16 Hrs IST

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SpiceJet recovers on bargain hunting after 2-day 14.8% slide

SpiceJet rose 1.42% to Rs 28.55 at 12:15 IST on BSE, with the stock recovering on bargain hunting after 2-day 14.82% slide.

Meanwhile, the BSE Sensex was down 152.15 points or 0.94% to 16,066.38.

On BSE, 20.22 lakh shares were traded in the counter as against average daily volume of 55.80 lakh shares in the past one quarter.

The stock hit a high of Rs 29.35 and a low of Rs 28.35 so far during the day. The stock had hit a 52-week high of Rs 42.50 on 1 June 2011. The stock had hit a 52-week low of Rs 15.35 on 22 December 2011.

The stock had outperformed the market over the past one month till 31 May 2012, falling 5.38% compared with the Sensex's 6.35% fall. The scrip had also outperformed the market in past one quarter, surging 33.41% as against Sensex's 8.64% fall.

The company has an equity capital of Rs 484.35 crore. Face value per share is Rs 10.

The SpiceJet stock had tumbled 14.82% in two trading sessions to settle at Rs 28.15 on Thursday, 31 May 2012, from Rs 33.05 on 29 May 2012.

SpiceJet reported net loss of Rs 249.18 crore for Q4 March 2012, much higher than net loss of Rs 58.63 crore in Q4 March 2011. Net sales jumped 47.4% to Rs 1102.10 crore in Q4 March 2012 over Q4 March 2011. The company reported net loss of Rs 605.77 crore for the year ended 31 March 2012, compared with net profit of Rs 101.16 crore in the year ended 31 March 2011. Net sales rose 36.9% to Rs 3943.26 crore in the year ended 31 March 2012 over the year ended 31 March 2011. The company announced the results after market hours on Wednesday, 30 May 2012. The stock had tumbled 10.06% to settle at Rs 28.15 on Thursday, 31 May 2012.

SpiceJet said its average passenger yields rose 18% in Q4 March 2012. Load factor during Q4 March 2012 was 74.4%, lower than 81% in Q4 March 2011. SpiceJet's market share in March 2012 increased to 17.1% from 13.6% in March 2011, the company said.

The falling value of rupee against the dollar, high fuel prices and significant tax burden continued to hurt the entire domestic aviation sectors, SpiceJet said. However, SpiceJet was able to successfully grow passenger traffic by around 24% in Q4 March 2012, outperforming the domestic industry passenger growth of around 16%, the company said. However, the increase in fares was inadequate to fully absorb the impact of higher costs of operation, SpiceJet said in a statement.

SpiceJet operates 270 fights daily to 32 Indian cities and 2 international destinations.

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