• Source:PTI
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Shares of budget airline SpiceJet climbed more than 7 percent in morning trade on Tuesday after the company reported a significant increase in standalone profits in the January-March quarter of 2023-24. The stock climbed 7.35 percent to Rs 60 on the BSE.

SpiceJet reported on Monday a significant increase in standalone profits to Rs 119 lakh crore in the January-March quarter of 2023-24, up from Rs 16.85 lakh crore in the corresponding quarter of the previous year.

However, revenue from operations during the quarter under review decreased by 20% to Rs 1,719.37 crore, from Rs 2,144.85 crore in the fourth quarter of the financial year that ended on March 31, 2023, according to a regulatory filing.

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For the entire financial year 2023-24, the filing said the airline recorded a loss of Rs 409.43 crore, as against a loss of Rs 1,503 crore in FY23.

The airline also signed a US$22.5 million settlement agreement with Export Development Canada (EDC) to settle liabilities worth US$90.8 million and settle liabilities totaling more than US$50 million with various lessors during the fourth quarter of the last fiscal year.

On Tuesday morning, domestic benchmark equity indices maintained their winning streak for the third straight session, with the Nifty index reaching a new all-time high amid foreign fund inflows and a rally in US markets.

In early morning trading, the 30-share BSE Sensex rose 185.55 points to 80,850.41. The NSE Nifty rose 63.35 points to reach a new all-time high of 24,650.05.

(With PTI's Input)

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