Rakesh Jhunjhunwala turned Rs 1 lakh into Rs 7.5 lakh in 4 years with this stock!
BusinessToday.In May 7, 2019
The SpiceJet share price has delivered strong returns to investors during last four years. The stock which has been a long-term bet of ace investor Rakesh Jhunjhunwala stood at Rs 17.40 on May 8 2015. SpiceJet share price currently trades at 131 level on BSE. Rs 1 lakh invested into SpiceJet on May 8, 2015 would have grown to Rs 7.52 lakh today.
The SpiceJet stock has delivered 652.87% returns during the last four years. SpiceJet share price has risen 46.75% since the beginning of this year and gained 5.61% during the last one year.
At the end of March quarter, Rakesh Jhunjhunwala held 75 lakh shares of the firm amounting to a stake of 1.25% in the carrier.
Jhunjhunwala, who is a long-term investor in SpiceJet, bought 25 lakh shares for the first time in July 2012 and May 2013 at Rs 30.7 and Rs 38.94, according to BSE data.
Since then, the canny investor has been gradually adding to his shareholding in SpiceJet.
The earnings for Q4 and full fiscal 2018-19 for the carrier are still awaited. In Q3 of last fiscal, SpiceJet reported a 77 per cent decline in its net profit at Rs 55.1 crore for the third quarter ending December 31, 2018, due to an increase in crude oil prices and depreciation of the Indian rupee. "The Gurgaon-headquartered company had posted net profit of Rs 240 crore in the same quarter last year," SpiceJet said. Total income stood at Rs 2,530.8 crore for the reported quarter as against Rs 2,096.1 crore in the same quarter last year.
The carrier will launch 12 new domestic flights connecting Delhi and Mumbai with other cities on its network. Out of the 12 new flights, 6 are to and from Mumbai while the remaining 6 are connecting flights to Delhi, said the official statement. All the new flights will be effective from May 11, 2019, according to the airlines. The Gurugram-based carrier will also commence two new daily flights connecting Durgapur with Mumbai from June 25, 2019.
Since April, SpiceJet has introduced 77 new flights including 48 flights connecting Mumbai,16 connecting Delhi and eight between Mumbai and Delhi as it seeks to fill the capacity deficit due to the shuttering of Jet Airways mid last month.
Edited by Aseem Thapliyal