SpiceJet on Friday said it will induct 16 Boeing 737-800 NG aircraft on dry lease to bring down its flight cancellations. The aircraft are likely to be inducted in the next 10 days with SpiceJet applying for no objection certificates (NoCs) from the Directorate General of Civil Aviation (DGCA) for import of these planes. This would take SpiceJet\u2019s fleet strength to 80, which got curtailed due to grounding of 12 fuel-efficient, Boeing 737 aircraft following an Ethiopian Airlines plane crash on March 10. The airline had to cancel 35 daily flights during March. As a result, SpiceJet\u2019s fleet reduced to 64 planes comprising 37 Boeing 737s and 27 Bombardier Q400s aircraft. Read | IndusInd Bank @ 25: Rs 100 invested in this Sensex stock in 1998 would have grown to this much today Under the dry lease arrangement, the lessors provide aircraft without crew, ground staff, etc. SpiceJet\u2019s stock rose 8.5% on the Bombay Stock Exchange to close at Rs 109.90 after the announcement. The overall capacity in the domestic market has been significantly curtailed due to grounding of 90% of Jet Airways\u2019 fleet over liquidity crunch. Fares on key metro routes like Delhi-Mumbai and Mumbai-Bengaluru are 15-20% year-on-year for the upcoming holiday season SpiceJet said the latest induction will also help it in aggressive international and domestic expansion plans. \u201cThe sudden reduction of aviation capacity has created a challenging environment in the sector,\u201d Ajay Singh, chairman and managing director, SpiceJet said in a statement.