SpiceJet’s shares jump 5.5% as a result of its plans to introduce 10 Boeing 737 aircraft

SpiceJet said on Friday that it would begin taking delivery of 10 Boeing 737 aircraft in September. The airline has agreed to lease 10 Boeing 737 aircraft, five of which are 737 Max models. Following this information, SpiceJet stock increased 5.5% in early Friday trading. The low-cost carrier is diligently working to repair and revive its grounded aircraft, which should shortly be put back into service.

SpiceJet has been planning capacity augmentation to meet the expanding demands of the Indian aviation sector, according to Ajay Singh, chairman and managing director of SpiceJet.

Ten B737 aircraft will be introduced between September and October 2023. We will be able to introduce new routes and increase our presence on current ones thanks to the introduction of these aircraft, which falls during India’s busiest travel period, Singh told the news agency. He had mentioned the rising demand and expressed the expectation that it would continue until the end of the year.

SpiceJet has been focusing on capacity growth in an effort to meet the expanding demands of the Indian aviation sector. This date coincides with India’s busiest travel period, enabling SpiceJet to launch new routes and bolster its presence on current ones, according to Singh.

Just the day before, the low-cost airline had announced a partnership with FTAI Aviation to efficiently control maintenance costs and minimize aircraft downtime. In accordance with this partnership, FTAI Aviation will lease up to 20 engines to SpiceJet and provide maintenance support.

SpiceJet will have access to a pool of accessible engines by using the experience of FTAI Aviation in engine servicing, removing the need for numerous shop trips and guaranteeing a smoother operating procedure. This partnership is a part of SpiceJet’s revitalization effort, which aims to save maintenance costs and improve performance overall by decreasing aircraft downtime. The stock had also soared 4.4% higher in the previous day on the announcement of a partnership with FTAI Aviation.