Shares of airline SpiceJet Ltd rose over 7% to a fresh 52-week high after the airline said the company shall soon be listing its securities on National Stock Exchange of India. The move will help the airline to reach wider investor base, it said. Sentiment around the stock was also positive as the company’s board will meet today to consider options to raise fresh capital. SpiceJet shares zoomed 7.33% to Rs 59 on Monday against the previous close of Rs 54.97 on BSE.

The aviation stock opened at high point of the day today. A total of 94.47 lakh shares of the firm changed hands amounting to a turnover of Rs 54.96 crore on BSE. The market cap of SpiceJet rose to Rs 3,906 crore. The stock fell to a 52-week low of Rs 22.65 on May 23, 2023. The stock has gained 43.75% since the beginning of this year and risen 39.63% in a year.

In terms of technicals, the relative strength index (RSI) of SpiceJet stands at 75.2, signaling it’s trading in the overbought territory. SpiceJet shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

The stock has a beta of 0.2, indicating low volatility in a year.

The options to raise fresh capital could include the issue of equity shares and / or convertible securities on a preferential basis, the airline said adding that the proposals considered will be subject to approval of the company’s shareholders and appropriate regulatory approvals as required.

The airline also said its board would meet on December 11 , 2023 to consider and approve, inter-alia, the unaudited standalone and consolidated financial results for the second quarter ended September 3.