SpiceJet soars 8% on securing 10 aircraft ahead of summer schedule

Shares of low-cost airline SpiceJet soared 8 per cent to Rs 54.5 apiece on the BSE in Thursday's intraday trade after it secured lease for 10 aircraft. At 11:25 AM, the stock was quoting 6 per cent higher at Rs 54.4 per share as against 0.25 per cenr rise in the benchmark S&P BSE Sensex. 

The Ajay Singh-led airline said it has finalised lease agreements for ten aircraft to bolster its capacity ahead of the upcoming summer schedule. This move, it said, is to ensure seamless connectivity and improved services provided to travellers during this peak travel season.

“Recent settlement agreements have also bolstered SpiceJet's fleet capabilities, with the airline receiving three airframes. These agreements with key aircraft lessors have translated into significant savings of Rs 685 crore for the low-cost airline,” it said in an exchange filing.

SpiceJet has been, recently, settling claims with aircraft lessors. Last week, it announced the successful resolution of a $49.8 million (Rs 413 crore) dispute with Echelon Ireland Madison One Ltd, resulting in savings of $48 million (Rs 398 crore) and the acquisition of two airframes. 

That apart, SpiceJet resolved an $11.2 million (Rs 93 crore) dispute with aircraft leasing firm Cross Ocean Partners, leading to the transfer of an airframe and an engine to the airline.

Celestial Aviation, a subsidiary of AerCap, has also reached a mutual settlement with SpiceJet for their $29.9 million (Rs 250 crore) dispute, resulting in savings of Rs 235 crore for the airline.

Meanwhile, shares of the airline, had crashed 10 per cent intraday on March 12 after a report said that the low-cost airline's Chief Operating Officer (COO) Arun Kashyap, and Chief Commercial Officer (CCO) Shilpa Bhatia have resigned from the airline and are currently serving their notice period.

SpiceJet later clarified that several members of its commercial team have resigned with immediate effect, as part of a strategic restructuring at the airline. 

"As part of SpiceJet's strategic restructuring, several members of the commercial team including the Chief Commercial Officer have left the company with immediate effect," the airline's spokesperson said Tuesday.