Stock to watch: Why SpiceJet share price will be in focus on Monday — explained

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Stock to watch: SpiceJet shares witnessed a strong bull trend on Friday after the announcement of DGCA numbers for January 2024. However, the aviation stock sustained its early morning gains when the Indian aviation major informed stock market bourses about fresh developments on GoFirst involving its MD Ajay Singh. The Indian budget carrier declared that SpiceJet MD Ajay Singh and Busy Bee Airways Private Limited had submitted a joint bid for bankrupt airline company GoFirst, which has been grounded since May 2023 and going through insolvency proceedings.

As this declaration by Spicejet came just ahead of the market close, some experts are expecting a fresh reaction from the markets on Monday. According to the Indian stock market experts, SpiceJet MD Ajay and Busy Bee Airways Private Limited have submitted a joint bid for the bankrupt airline company. They went on to add that leading online tourism company EaseMyTrip owner Prashant Pitti owns a 51 percent stake in GoFirst.

So, the move is aimed at improving the operational business of SpiceJet and Busy Bee Airways Private Limited. Also Read: Indian stock market: BEL to HAL — Why defence stocks will be in focus on Monday? If the bidding succeeds, then SpiceJet may get the benefit from EaseMyTrip that the Busy Bee Airways Private Limited is currently availing. They went on to add that Pran Sathiadasan is one of the directors at Busy Bee Airways Private Limited and he is a director at Fly Dubai as well.