Shares of SpiceJet Ltd. jumped over 8% on Thursday after it finalised a lease agreement for 10 aircraft as part of its efforts to boost capacity in preparation for the summer schedule.
The additional aircraft will help SpiceJet meet the growing demand for air travel during the busy summer-vacation period, the company said in an exchange filing.
The airline said it received three airframes as part of the recent settlement agreements that has also helped save Rs 685 crore for the airline.
SpiceJet's stock rose as much as 8.20% during the day to Rs 54.50 apiece on the BSE. It was trading 5.82% higher at Rs 53.30 apiece, compared to a 0.27% advance in the benchmark BSE Sensex as of 11:15 a.m.
The share price has risen 59.72% in the last 12 months. The total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 34.
Out of four analysts tracking the company, one has a 'buy' rating on the stock and three recommend 'hold,' according to Bloomberg data. . The average of 12-month analyst price targets implies a potential upside of 60%.
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