SpiceJet shares hit 52-week high as board to consider fund raising on December 11

Shares of airline SpiceJet Ltd surged 20% to a fresh 52-week high today after the airline said its board would meet on December 11 to consider options to raise fresh capital. SpiceJet shares zoomed 20% to Rs 52.29 on Thursday against the previous close of Rs 43.58 on BSE. The aviation stock opened higher at Rs 45 today. A total of 310.57 lakh shares of the firm changed hands amounting to a turnover of Rs 154.95 crore on BSE. The market cap of SpiceJet rose to Rs 3,577 crore. The stock fell to a 52-week low of Rs 22.65 on May 23, 2023.    

The stock has gained 34.25% since the beginning of this year and risen 26.75% in a year.  

In terms of technicals, the relative strength index (RSI) of SpiceJet stands at 56.8, signaling it's trading neither in the overbought nor in the oversold territory. The stock has a beta of 0.2, indicating low volatility in a year.    

The options to raise fresh capital could include the issue of equity shares and / or convertible securities on a preferential basis, the airline said adding that the proposals considered will be subject to approval of the company's shareholders and appropriate regulatory approvals as required. 

Also read: SpiceJet shares up 32% in a month; here's what technical charts indicate

In a separate communication to bourses, the airline said its board would meet on December 11 , 2023 to consider and approve, inter-alia, the unaudited standalone and consolidated financial results for the second quarter ended September 3. 

Also read: Day 2 of RBI MPC meeting, IRCON OFS to open in Top News on December 7: Stock market, Bank Nifty outlook, Revanth Reddy set to become new Telangana CM, TECNO SPARK GO 2024 first sale on Amazon

Also read: Adani Group shares: Five stocks turned multibaggers from 52-week low, rose up to 335%