SpiceJet share price jumps 5% after resolution of ₹413 crore dispute. Do you own?

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Stock market today: SpiceJet shares have been under bulls' attention since early morning deals. SpiceJet share price today opened upside at ₹62 apiece and went on to touch an intraday high of ₹65.40 apiece on NSE, logging an intraday gain of around 5.50 percent within few hours of stock market opening bell. According to stock market experts, SpiceJet share price is rising today as the aviation company has resolved ₹413 crore dispute with Echelon Ireland Madison One Ltd.

SpiceJet declared to resolve the dispute in an exchange filing on Thursday. Asked about the reason for rise in SpiceJet shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The aviation company has decalred to have resolved ₹413 croer dispute with Echelon Ireland Madison One Ltd. This is a big fundamental development for the aviation company as it would strengthen its balance sheet in upcoming quarters.

In fact, the company has recently resolved some other disputes as well. It recently resolved a dispute (though small inn size) with the aircraft leasing company, which was subjudice in the Delhi High Court. So, this rise in SpiceJet shares should be seen as a thumbs up to such positive developments." Also Read: Mukka Proteins shares dip after listing below estimates.

Buy, sell or hold? On the outlook of SpiceJet shares, Sumeet Bagadia, Executive4 Director at Choice Broking said, “SpiceJet shares are in ₹55 to ₹75 range. One can hold the scrip for ₹75 target maintiang a buy-on-dips strategy till the stock is sustaininig above ₹55 apiece level. On breaching ₹75 hurdle, the stock may become highly bullish.