SpiceJet shares jump 5% to hit fresh one-year high; details here

SpiceJet Ltd shares surged 5.18 per cent to hit their one-year high of Rs 55 in Friday's trade. At this price, the stock has soared 26.21 per cent in two sessions. The budget carrier today said, "The Dubai International Financial Centre (DIFC) court on October 30, 2023 issued a freezing order in relation to certain engines installed on aircraft bearing Indian registration mark VT-SLM. As a result of aforesaid order, the aircraft was grounded at Al Maktoum International Airport, Dubai (DWC) and has remained there since.

"In a DIFC court hearing on December 7, 2023, the order was discharged in favour of SpiceJet. 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. Summarily, there isn't any order of the DIFC court restricting SpiceJet from operating the aircraft, including departing from DWC."

A couple of days back, the airline mentioned that its board would meet on December 11 to consider options to raise fresh capital. In a separate notification to bourses, SpiceJet also stated that its board would meet on December 11, 2023 to consider and approve, inter-alia, the unaudited standalone and consolidated financial results for the second quarter ended September 30.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 70.84. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 7.02 against a negative price-to-book (P/B) value of 0.61.

Also read: SpiceJet shares hit 52-week high as board to consider fund raising on December 11

The scrip has an analyst target price of Rs 38, Trendlyne data showed, suggesting a potential downside of 28 per cent in a year. It has a one-year beta of 0.2, indicating low volatility on the counter.

On BSE, around 1.69 crore shares changed hands today at the time of writing this story. The figure was way more than the two-week average volume of 99.85 lakh shares. Turnover on the counter came at Rs 88.79 crore, commanding a market capitalisation (m-cap) of Rs 3,512.38 crore.

There were 41,13,725 sell orders against buy orders of 38,97,206 shares. As of September 2023, promoters held 56.53 per cent stake in the airline.

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