SpiceJet shares soar after paying $1.5 million to Credit Suisse

Shares of SpiceJet soared over 3% in morning trade on September 15 after the airline said it has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse.

The payment was executed on Thursday, September 14th, the company said in an exchange filing on September 15.

The Supreme Court had warned SpiceJet’s CMD Ajay Singh of ‘drastic measures’ if the company does not comply with the order.

The payment is in connection with a legal dispute between SpiceJet and Credit Suisse over unpaid dues of around $24 million. The dispute dates back to 2015.

The payment of $1.5 million is a significant development for SpiceJet, as it brings to an end the legal dispute with Credit Suisse. The airline is now free to focus on its operations and financial performance.

The stock market also reacted positively to the news, with SpiceJet shares soaring over 3% in morning trade. The stock is now up nearly 3% on YTD basis, while the 1-year return stands at (-)10 percent.

The payment of $1.5 million is a positive development for SpiceJet, but it remains to be seen how the airline will be able to sustain its operations in the long term. The company is facing a number of challenges, including rising fuel costs and intense competition from other airlines.

Here are some of the key takeaways from the article:

• Shares of SpiceJet soared over 3% in morning trade on September 15 after the airline said it has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse.
• The payment was executed on Thursday, September 14th.
• The payment is in connection with a legal dispute between SpiceJet and Credit Suisse over unpaid dues of around $24 million.
• The payment of $1.5 million is a significant development for SpiceJet, as it brings to an end the legal dispute with Credit Suisse.
• The stock market also reacted positively to the news, with SpiceJet shares soaring over 3% in morning trade.
• The stock is now up nearly 3% on YTD basis, while the 1-year return stands at (-)10 percent.
• The payment of $1.5 million is a positive development for SpiceJet, but it remains to be seen how the airline will be able to sustain its operations in the long term.

• 22 Sep

  NBCC shares trade higher on Rs 100 crore work order from SAIL

  NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.

• 22 Sep

  Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences

  Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.

• 22 Sep

  Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus

  Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.

• 22 Sep

  Market Update for September 22, 2023

  IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure

• 22 Sep

  Lux Industries Shares Down 3% After Income Tax Raid

  Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.

• 1Auto
• 29Business
• 4Commodity
• 1Companies
• 1Cricket
• 6Currency
• 4Earnings
• 14Economy
• 2Entertainment
• 3Expert Columns
• 14India
• 60IPO
• 92Markets
• 44News All
• 2Opinion
• 6Personal Finance
• 7Politics
• 12Real Estate
• 101Stocks
• 1Technical
• 0Technology
• 0Trends
• 1Weather
• 30World