SpiceJet finalises lease agreements for 10 aircraft, shares surge over 9%
SpiceJet has resolved an $11.2 million (Rs 93 Crore) dispute with aircraft leasing firm Cross Ocean Partners, resulting in the transfer of an airframe and an engine to the airline.
Shares of low-cost air carrier SpiceJet surged over 9 per cent on Thursday as the company said that it has finalised lease agreements for ten aircraft to expand its capacity. The development comes ahead of the upcoming summer which is usually busy for airlines.
The no-frills airline has also received three airframes as part of recent settlement agreements.
The shares of SpiceJet opened in red at Rs 49.85 but went on to hit the day's high of Rs 55. This is a jump of 9.19 per cent from the previous close of Rs 50.37 on the BSE.
Meanwhile, SpiceJet has resolved an $11.2 million (Rs 93 Crore) dispute with aircraft leasing firm Cross Ocean Partners, resulting in the transfer of an airframe and an engine to the airline.
Currently, SpiceJet has more than 30 planes in its fleet. In a release on Thursday, the airline said it has finalised lease agreements for 10 planes.
According to the release, it has received three airframes as part of recent settlement agreements and these have also resulted in savings of Rs 685 crore for the airline. Airframe refers to an aircraft without engines.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Weather update: IMD Issues red alert, Rajasthan temperature soars; government suggests heatwave safety measures
SIP Investment, 15x20x12 Formula: How investing Rs 20K monthly can build a corpus of Rs 1 crore in 15 yrs | Know Calculation
Railway Stocks to Buy: These 2 Railway PSU stocks are ready to gather steam, know expert target prices and stop losses
SBI state bank of india Tax Saver FD With 80C Benefits: Rs inr 500000 investment in 5-year fixed deposit interest rate 2024 reward benefit guaranteed return income tax act nbfc
Gold and Silver rate today (May 21, 2024): Precious metal futures trade lower; yellow metal futures below Rs 73,750, white metal futures slips over 1%
01:46 PM IST