HDFC Trustee Co picks 5.4% stake in SpiceJet

?OUR BUREAU New Delhi | Updated on March 30, 2020 Published on March 30, 2020

HDFC Trustee Company Ltd has bought 3.4 crore shares of SpiceJet from the open market constituting 5.45 per cent stake in the Delhi- headquartered low-cost airline.

HDFC Trustee Company is the Trustee to HDFC Mutual Fund (country’s largest mutual fund) and is a wholly-owned subsidiary of HDFC.

“This act shows that companies such as HDFC, which owns the country’s largest mutual fund, has confidence in the airline to come out of the current crisis,” a source close to the development said.

SpiceJet officials were unavailable to comment and there was no listing on the BSE.

SpiceJet stock closed at ₹35.15 on the BSE on Monday, down 5 per cent.

On February 14, SpiceJet had reported a net profit of ₹73.2 crore for the quarter ended December 31 as against a net profit of ₹55.1 crore reported during the same period previously.

Published on March 30, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.