SpiceJet shares rise 9% intraday after ICAO audit finds airline’s operations safe

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Shares of budget carrier SpiceJet jumped 9% after a detailed audit conducted by the International Civil Aviation Organization (ICAO) found the airline’s operations, safety procedures and systems to be in order. Shares of SpiceJet rose 8.94% to Rs 43.25 against previous close of Rs 39.70 on BSE. Aviation stock today opened flat at Rs 39.30.

The stock is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but is trading lower than 200 day moving averages. The stock has lost 38.11% since the beginning of this year and 38.74% in one year.

A total of 10.75 lakh shares of the firm changed hands on BSE for a turnover of Rs 4.50 crore. The market cap of SpiceJet increased to Rs 2,536.78 crore. The stock hit a 52-week high of Rs 71.80 on December 15, 2021 and hit a 52-week low of Rs 34.60 on July 28, 2022. Later, the SpiceJet stock closed 6.17% higher at Rs 42.15 on the BSE.

Read also: SpiceJet shares fall 4% after second quarter loss widens

“SpiceJet was the only scheduled Indian airline part of the audit conducted by ICAO under the Universal Safety Oversight Audit Program (USOAP) continuous monitoring approach. The SpiceJet safety systems audit helped India achieve its highest ever safety ranking in an ICAO audit,” said the wind. Carrier in a communication for exchanges.

SpiceJet Chairman and Managing Director Ajay Singh said, “ICAO audit is the benchmark for safety.
We are proud that our security culture, systems, processes and operations have been found to be in line and at par with global best practices and security standards.”

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