Stock market news: SpiceJet AGM meets today, shares rise over 5 percent in early trade

The counter has been increasing over the last two days and has increased by 6.84 percent during this period. It has outperformed the sector by 4.74 percent.

Stock Market News: Shares of SpiceJet rose over 5 percent in early trade on Wednesday, January 10. The price increase comes ahead of the annual general meeting (AGM) scheduled for 3:30 p.m. The counter opened with a gain of 2.89 and rose over 5.47 percent to hit an intraday high of Rs 65.6 on the BSE. The stock had closed at Rs 62.20 in the last trading session.

The counter has been increasing over the last two days and has increased by 6.84 percent during this period. It has outperformed the sector by 4.74 percent.

The annual general meeting (AGM) is scheduled at 3.30 pm today where the company’s board will seek shareholder approval to raise Rs 2,250 crore. Several entities have expressed interest in investing in the company.

Earlier, the Directorate General of Civil Aviation (DGCA) issued show-cause notices to Air India and SpiceJet following a series of fog-related delays and diversions of their flights at the Indira Gandhi International (IGI) airport.

The aviation regulator said both airlines failed to deploy pilots trained for Category III Instrument Landing System (CAT-III ILS) landings, a crucial requirement during low visibility caused by fog.

This non-compliance resulted in the diversion of multiple flights, inconveniencing passengers and raising concerns about airlines’ preparedness for adverse weather conditions.

Meanwhile, benchmark stock indexes fell in early trading on Wednesday, reflecting fresh outflows of foreign funds and a largely weak trend in global markets.

Investors preferred to stay on the sidelines ahead of the start of corporate earnings season and macroeconomic data announcements later this week, traders said.

Disclaimer: The article is for information purposes only and not for investment advice.