SpiceJet shares rose after the airline announced the induction of two Boeing 737 aircraft into its fleet, boosting its operational capacity on key domestic and international routes.
Buying in the SpiceJet stock came after the low-cost airline unlocked fresh liquidity of $89.5 million after a settlement with Carlyle Aviation Partners
SpiceJet's net worth position strengthened considerably, rising to ₹446 crore as against the earlier deficit of ₹2,398 crore in Q1FY25.
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While most of these aircraft will join the fleet in October, a few are scheduled to arrive a couple of weeks earlier, the airline said in a company statement
SpiceJet's shares saw an uptick after the company announced the successful resolution of its dispute with Willis Lease Finance Corporation, a global aircraft engine lessor.
At close, Hindustan Petroleum Corporation (HPCL) was up 3.66 per cent, Bharat Petroleum Corporation (BPCL) was up 3.6 per cent and Indian Oil Corporation (IOC) was up 2.4 per cent
Brent crude futures climbed $1.48, or 1.86 per cent, to $81.24 a barrel by 0113 GMT after hitting an intraday high of $81.49, the highest since August 27
On January 10, 2025, its shares fell by 5.01 per cent to an intraday low of Rs 50.5, marking a total decline of 7.13 per cent over three days
The spike in SpiceJet share price came after the company announced that it has settled a $23.39 million dispute with Aircastle (Ireland) & Wilmington Trust SP Services (Dublin) Limited for $5 million
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The airline has already signed agreements for the leased aircraft, with the full induction of all the seven planes expected by November 15.
SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline. Foreign entities, including Societe Generale - ODI, Goldman Sachs (Singapore) Pte - ODI, Nomura Singapore Ltd ODI and Discovery Global Opportunity (Mauritius) Ltd are among the investors who have been allotted shares under the airline's Qualified Institutional Placement (QIP) that was oversubscribed. The airline's fundraising committee, on September 20, approved the allotment of more than 48.70 crore shares at a price of Rs 61.60 apiece to the more than 80 QIP participants, according to a regulatory filing. The total amount for which the securities have been issued is nearly Rs 3,000 crore. "Pursuant to the allotment of equity shares in the Issue, the paid-up equity share capital of the company stands increased from Rs 7,94,67,27,170 consisting of 79,46,72,717 equity shares to Rs 12,81,68,57,030 consisting of 1,28,16,85,703 equity
The budget airline owes payments to airports, has placed staff on leave without pay and withheld mandatory social security payments since January 2022
SpiceJet on Thursday said its shareholders have approved the proposal to raise up to Rs 3,000 crore through issuance of securities. The no-frills carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations. In a regulatory filing on Friday, the airline said shareholders have given their nod for the special resolution for raising funds of up to Rs 3,000 crore. The funds are proposed to be raised through Qualified Institutional Placement (QIP) and other options. SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft. Shares of the airline rose 8 per cent to close at Rs 71.66 on the BSE.
SpiceJet moved the Supreme Court against the Delhi High Court order that directed the grounding and return of three engines leased from Team France 01 SAS and Sunbird France 02 SAS.
Large deals of 1.5 million shares take place in SpiceJet, the company plans QIP, restructuring, and settlement with Carlyle Aviation
Cash-strapped domestic carrier Spicejet plans to raise over Rs 3,200 crore through various debt and equity instruments and capital infusion by the promoter, the airline said in a corporate presentation. The funds will be utilised in fleet ungrounding, liability settlement, new fleet induction and other general purposes, SpiceJet said in the presentation. "Spicejet plans to raise Rs 2,500 crore through QIP and Rs 736 crore through Previous Warrants and promoter infusion," it said. The proposed fundraising is subject to shareholders' approval, it added.
The move comes after an audit of the airline's engineering facilities on August 7 and 8 revealed certain deficiencies.
The company reported a profit of Rs 150 crore ($17.9 million) for the quarter ended June 30, down 26.7% from last year