Shares of SpiceJet Ltd. rose over 5% on Thursday as it settled a Rs 413-crore dispute with Echelon Ireland Madison One Ltd.
The settlement will result in savings of Rs 398 crore. As a part of the agreement, the airline will acquire two airframes, which is expected to strengthen its fleet, and enhance its operational capability, according to an exchange filing.
It is the third major dispute settlement for SpiceJet after a recent fundraise, the budget carrier said.
SpiceJet's stock rose as much as 5.62% during the day to Rs 65.40 apiece on the BSE. It was trading 3.63% higher at Rs 64.17 per share, compared to 0.10% advance in the benchmark Sensex at 11:16 a.m.
The share price has risen 77.27% in the last 12 months. The total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 48.21.
Out of four analysts tracking the company, one maintains a 'buy' rating and three recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 24.5%.
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