Tuesday, June 27, 2017

Bloomberg crowns SpiceJet world's top performing aviation stock

SpiceJet, which has risen by 124% in 2017, has been ranked the world's top performing stock by Bloomberg. The news agency reported - "None of the analysts covering SpiceJet recommends selling the stock, according to Bloomberg data. HDFC Securities Ltd., the only firm recommending the equivalent of a hold rating, still predicts profitability will increase "sharply" on a stronger rupee and weak oil prices".
SpiceJet had recently placed orders with Bombardier Commercial Aircraft for purchase of up to 50 Q400 turboprop planes, valued at up to $1.7 billion. The Q400 turboprop planes can seat 86 passengers.
SpiceJet's current fleet includes 35 Boeing 737s and 20 Bombardier Q400s in the 78-seat configuration. The company has also committed to buy 40 new 737 MAX 10 planes from Boeing, a deal valued at $4.7 billion. At the beginning of 2017, they had ordered 100 Boeing 737 Max aircraft, valued at $11 billion. In all, SpiceJet has placed orders for new planes worth $26 billion.
27/06/17 Sify