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SpiceJet Take Off, Soaring 8% to a Fresh 52-Week High—Decoding the Surge

11 December 20234 mins read by Angel One
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In the dynamic world of stocks, there’s a saying by Vladimir Ilyich Lenin that perfectly captures the essence of certain market moments: “There are decades where nothing happens, and there are weeks where decades happen.” Well, welcome to one such exhilarating week in the life of SpiceJet Ltd, where the stock price has taken a breathtaking leap of over 50% in just a few weeks, soaring to a dazzling high of Rs 59.70 on Monday. Fasten your seatbelts; we’re about to delve into the thrilling tale of SpiceJet’s recent highs, legal victories, and strategic maneuvers that have set the stock market abuzz.

SpiceJet Ltd has found itself in the spotlight for various reasons, with one of the most recent developments being the company’s announcement of listing its securities on the National Stock Exchange of India (NSE). However, before this announcement, the airline faced a significant legal challenge. On October 30, 2023, the Dubai International Financial Centre (DIFC) Court issued a freezing order related to certain engines on one of SpiceJet’s aircraft. This resulted in the grounding of the aircraft at Al Maktoum International Airport in Dubai. However, in a hearing on December 7, 2023, the court discharged the order in favor of SpiceJet, directing an inquiry into the losses suffered and ordering compensation for legal costs incurred by the airline. Summarily, the DIFC Court has not imposed any restrictions on SpiceJet’s aircraft operations.

Strategic Moves and Board Meeting:

Looking ahead, the company is gearing up for strategic moves. The Board of Directors is scheduled to meet on December 11, 2023, to discuss and consider various options for raising fresh capital. This includes the possibility of issuing equity shares and/or convertible securities on a preferential basis. These decisions will be made in compliance with relevant laws, subject to shareholder approval, and contingent on obtaining necessary regulatory approvals.

A Journey Through Time:

Established in 1984 and headquartered in Gurugram, Haryana, SpiceJet Limited has undergone a series of transformations since its inception. Originally established as an air taxi provider, the company diversified into domestic aviation services in 1993, later changing its name to ‘Modiluft’ in 1994 through a technical partnership with Lufthansa AG. In 2005, it rebranded as SpiceJet, commencing operations with three leased Boeing 737-800s fleets. Over the years, the company has seen changes in ownership, with key stakeholders including US-based investor Mr. Wilbur Ross and, more recently, Mr. Ajay Singh, the current promoter.

Low-Cost Carrier Model:

Following a Low-Cost Carrier (LCC) business model, SpiceJet aims to provide the lowest airfares with the highest consumer value, catering to price-sensitive consumers. As a public limited company listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), SpiceJet remains a significant player in the aviation industry with a diverse fleet of 72 aircraft serving both domestic and international destinations as of November 30, 2022.


The recent surge in SpiceJet’s stock price, coupled with legal triumphs and strategic considerations, paints a picture of resilience and adaptability for the airline. As it navigates through the ever-evolving aviation landscape, SpiceJet’s journey continues to be one of highs and triumphs.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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