SpiceJet shares hit 52-week high

Shares of budget carrier SpiceJet rose 6.5 per cent today after the company posted second straight quarterly profit of Rs 71.8 crore for the three months ended June 30, 2015.

The stock gained 6.57 per cent to Rs 28.35 — its 52-week high — on the BSE.

In the previous session also, the stock had gained nearly 6 per cent.

SpiceJet, which was on the verge of closure late last year, had yesterday posted second straight quarterly profit of Rs 71.8 crore for the three months ended June 30, 2015 on lower expenses and higher seat occupancy.

Announcing the quarterly earnings, the Gurgaon-based airline also said it plans to buy new aircraft for fleet expansion. The low-cost carrier had posted a net loss of Rs 124.1 crore in the April-June quarter of 2014-15 fiscal.

Snapping seven-straight quarters of loss, the budget carrier had returned to the black with a Rs 22.1-crore net profit in the three months ended March 31, 2015 after original promoter Ajay Singh took control.