In Tuesday's trading, SpiceJet Ltd.'s shares increased 3.87 percent to reach a day high of Rs 65. The bird carrier announced that it has achieved a settlement agreement with aircraft leasing company Cross Ocean Partners, ending a dispute of around $11.2 million (Rs 93 crore), which sparked today's increase in the stock price.

"This joint statement was delivered by the parties in the ongoing execution petition that Cross Ocean Partners is pursuing before the Delhi High Court. SpiceJet is anticipated to save a substantial amount of money as a result of the settlement, which will also end the conflict. The agreement also includes a free transfer of an engine and an airframe, which will improve the airline's operational capabilities," the airline stated.

Ajay Singh, Chairman and Managing Director at SpiceJet, said, "We are happy to have worked with Cross Ocean Partners to come to a mutually agreeable arrangement that will stop the costly and time-consuming legal battle and save SpiceJet a substantial amount of money. Our resolve to efficiently resolve disputes with our partners and bolster our operational capacities is reaffirmed by this settlement. Our continued priorities include keeping up the good work and providing long-term value for our stakeholders."

A comparable settlement was also recently reached by SpiceJet with Celestial Aviation, a division of AerCap, one of the biggest groups of aircraft lessors. The amount of the settlement was $29.9 million, or Rs 250 crore.

The counter was trading below the 10-day, 20-day, 30-day, and 50-day simple moving averages (SMAs) but above the 5-day, 100-day, 150-day, and 200-day SMAs in terms of technical setup. The relative strength index (RSI) for the stock after 14 days was 48.90. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70. In comparison to a negative price-to-book (P/B) value of 1.61, the company's stock has a negative price-to-equity (P/E) ratio of 47.25.

At the time this story was written, almost 22.57 lakh shares had traded hands on the BSE today. The amount was less than the 41.41 lakh share two-week average. With a market capitalization (m-cap) of Rs 4,444.78 crore, the counter had turnover of Rs 14.42 crore. 

In opposition to buy orders totaling 6,30,428 shares, there were 14,09,712 sale orders. The promoters owned 48.49% of the airline as of December 2023.