SpiceJet shares jump over 5% ahead of AGM meet today

Shares of low-cost carrier airline SpiceJet surged over 5 per cent on Wednesday i.e. January 10 as the company is gearing up for its Annual General Meeting (AGM) scheduled for 3:30 pm. The counter opened with a gain of 2.89 per cent against the last closing price of Rs 62.20 and surged over 5.47 per cent to touch an intraday high of Rs 65.6 on the BSE.

The stock has been gaining for the last two days and has risen 6.84 per cent in this period. It has outperformed the sector by 4.74 per cent. The stock of the company, which has a market cap of Rs 4,392.08, has a 52-week high of Rs 69.20 and a 52-week low of Rs 22.65. 

SpiceJet Share Price NSE, BSE: Buy, Sell or Hold?

According to Zee Business panellist and market expert Sumit Bagaria, investors must hold their positions and should wait for fresh buying. 

"Stock of SpiceJet is showing a sideways move and there will be fresh movement once it breaks the level of Rs 70. It has a support level of Rs 57-58," Bagaria added.

Meanwhile, the Annual General Meeting (AGM) is scheduled for 3:30 pm today where the board of directors of the company will seek approval from shareholders to raise Rs 2250 crore. Several entities have shown interest in investing in the company and Gurugram-headquartered airline is reportedly planning to bring back its 25 grounded planes back to operations with the fund.

Last seen, the counter held firmly in green and was trading at the level of Rs 64.55.

Earlier, SpiceJet - along with  Sky One, an aviation company based in Sharjah - expressed interest in acquiring the financially beleaguered Go First.

This development occurred after the proposal deadline had passed and while lenders were considering the possibility of liquidation.

Both entities sought permission from Shailendra Ajmera, the Resolution Professional overseeing Go First's Corporate Insolvency Resolution Process (CIRP), to conduct due diligence on the grounded airline.