SpiceJet share price jumps 4% after this declaration before Delhi High Court

livemint.com:

Stock market today: SpiceJet share price today witnessed buying interest as the aviation company has declared to have settled down ₹93 crore dispute with the aircraft leasing company Cross Ocean Partners. Both the companies made a joint announcement before the Delhi High Court on Tuesday.

The joint declaration was made by both parties before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners. SpiceJet share price today opened upside at ₹62.90 apiece on NSE and went on to touch an intraday high of ₹65 per share within a few minutes after the aviation company shared the dispute settlement news with the Indian stock market exchanges.

while climbing to this intraday high, the aviation stock surged to the tune of 4 percent against its previous close of ₹62.58 apiece on NSE. Also Read: JG Chemicals IPO: GMP, subscription status to review.

Should you apply? As per the latest exchange filing by SpiceJet, "The settlement is expected to result in significant savings for SpiceJet and also put an end to the dispute. As part of the arrangement, the airline will also benefit from the transfer of an airframe and an engine at no additional cost, augmenting its operational capabilities." Also Read: Multibagger? Ventura sees Religare Enterprises surging 128% in 2 years; 5 reasons why Speaking on the ₹93 crore dispute settlement with the aircraft leasing company, Ajay Singh, Chairman, and Managing Director of SpiceJet, said, “We are pleased to have reached a mutually acceptable resolution with Cross Ocean Partners, which will result in significant cost savings for SpiceJet and also cease prolonged expensive litigation.