SpiceJet soars 15% ahead of Q2 results, fund raising plan; up 46% in 3 days

The company's board to consider options for raising fresh capital through the issuance of equity or convertible securities on a preferential basis today; also to announce Q2 results.

Shares of SpiceJet hit a fresh 52-week high of Rs 63.45, as they soared 15 per cent on the BSE in Monday's intra-day trade backed by heavy volumes ahead of its board meet today to consider fund raising.

At 12:22 PM; the stock was trading 14.5 per cent higher at Rs 62.94, as compared to 0.01 per cent gain in the S&P BSE Sensex. The average trading volumes at the counter jumped nearly three-fold today. As many as 39.33 million equity shares changed hands on the BSE so far, as against an average 14.17 million equity shares traded in the past two weeks, data shows.

Since December 6, in the past three trading days, the stock of domestic airlines has zoomed 45 per cent after the company announced that its board is considering options for raising fresh capital through the issuance of equity or convertible securities on a preferential basis in its meeting scheduled on December 11, 2023 (Monday).

The airline last week also said its board meeting, which was scheduled to be held on Friday to approve the second-quarter (Q2) results, has now been deferred to Monday.

Meanwhile, SpiceJet today said that in order to reach a wider investor base, the Company shall soon be listing its securities on National Stock Exchange of India Limited (NSE).

In another development, SpiceJet on Friday said one of its aircraft which was seized and grounded in Dubai in late October due to litigation has now been released following an order of the Dubai International Financial Centre (DIFC) Court.

In a DIFC Court hearing on December 7, the Order was discharged in favour of SpiceJet, the airline said in a statement. Additionally, the Judge has directed an inquiry into losses suffered by SpiceJet as a result of the Order having been made. The Court has further ordered to pay towards the legal costs incurred by SpiceJet, the airline said in the statement.

In the past one month, the stock price of SpiceJet has zoomed 71 per cent, as compared to 7.6 per cent rise in the S&P BSE Sensex. While, in the past six months, it has skyrocketed 120 per cent, as against 11.3 per cent rally in the benchmark index.