&w=3840&q=100)
SpiceJet rises 4% as Delhi HC rejects Maran's ₹1,300 crore damages plea
Shares of SpiceJet jumped over 4 per cent on Monday after the Delhi High Court dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of over ₹1,300 crore.
The airline's stocks rose as much as 4.45 per cent during the day to ₹45.7 per share, the biggest intraday gain since May 12 this year. The stock pared gains to trade 2.2 per cent higher at ₹44.8 apiece, compared to a 0.53 per cent advance in BSE Sensex as of 12:15 PM.
Shares of the company have fallen nearly 20 per cent from its recent highs of ₹54.5, which it hit last month. The counter has fallen 19 per cent this year, compared to a 5.2 per cent advance in the benchmark Nifty50. SpiceJet has a total market capitalisation of ₹5,743.31 crore.
SpiceJet legal tussle
The Delhi High Court dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than ₹1,300 crore, among other claims, the airlines said in an exchange filing on Monday. These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court, it added.
Earlier, the arbitration proceedings, led by a panel of three retired Supreme Court judges, had thoroughly examined and rejected the damages claim. "These claims were thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges. Following this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was also rejected by the court,' the airline said.
Maran and KAL Airways claimed they paid ₹679 crore for warrants and preference shares that were never issued, triggering a legal battle. An arbitral tribunal initially ruled in their favour, ordering SpiceJet to refund ₹579 crore with interest. But in 2024, both the Delhi High Court and the Supreme Court overturned the award and sent the case back for reconsideration.
About SpiceJet
SpiceJet, an Indian low-cost carrier based in Gurgaon, Haryana, is known for its extensive network of domestic and international routes. The airline operates a fleet that includes Boeing 737 and Bombardier Dash 8 aircraft.
SpiceJet posted a profit after tax (PAT) of ₹26 crore in the December quarter of financial year 2025 (Q3FY25), aided by overall improved performance. SpiceJet had posted a loss of ₹300 crore in the same quarter a year ago (Q3FY24).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
37 minutes ago
- Mint
Rate-sensitive sectors like banking, NBFCs, real estate and automobile to gain amid easing rates: Report
New Delhi [India], : Sectors such as banking, NBFCs, real estate, and automobiles are expected to be the key beneficiaries of the current easing interest rate environment, according to a report by Nexedge Research. The report mentioned that with borrowing costs on a downward trend, these rate-sensitive segments are likely to witness stronger credit flow, lower financing costs, and improved demand conditions. It said, "Banking, NBFCs, real estate, and automobiles are well positioned to benefit from lower borrowing costs." The report also noted that the Indian economy is entering a phase marked by benign inflation and ample liquidity, creating a sustained low-interest rate backdrop. This is already evident in the falling money market rates and a notable softening in the 10-year government bond yield. The report mentioned that the decline in yields has boosted bond prices and improved return prospects for fixed-income investors. It said, "Money market rates and bond yields are trending lower, with the 10-year G-sec yield already softening, boosting bond prices and supporting fixed-income returns." The report highlighted that inflation is currently hovering near the lower end of the Reserve Bank of India's target range of 2-6 per cent. With the RBI maintaining a neutral policy stance, the market is beginning to price in the possibility of further rate cuts. This combination of falling inflation and proactive monetary easing is seen as supportive for both equity and bond markets. The report suggested that these factors together are strengthening the medium-term macro outlook, offering a positive backdrop for investors and further momentum for India's economic growth. The RBI's Monetary Policy Committee on Friday cut the repo rate by 50 basis points to 5.50 per cent . This larger-than-expected cut marks the third consecutive reduction in 2025, totalling 100 bps of easing since February. Consequently, the Standing Deposit Facility rate stands adjusted at 5.25 per cent, and the Marginal Standing Facility rate and Bank Rate are set at 5.75 per cent. The RBI has also reduced CRR by 100 bps to augment durable liquidity in the banking system. This CRR cut will be implemented in phases beginning September 6, , and November 29, 2025, and is expected to release roughly ₹ 2.5 trillion of liquidity by November 2025, bolstering bank lending capacity. This article was generated from an automated news agency feed without modifications to text.
Mint
38 minutes ago
- Mint
FIIs infuse ₹15,208 crore; remains net sellers in 2025. Will FPIs make a comeback in 2025?
Both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs), remained net buyers on Friday, June 6, despite the Nifty moving within a tight range near its all-time highs. Foreign Portfolio Investors (FPIs) or FIIs recorded net purchases of ₹ 1,009 crore, having bought equities worth ₹ 15,208 crore and sold ₹ 14,198 crore on Friday, as per data available on NSE. In comparison, DIIs were notably more active, registering net purchases of ₹ 9,342 crore. DIIs acquired shares amounting to ₹ 22,522.51 crore while offloading ₹ 13,180 crore worth. Although there were positive inflows during the day, FIIs have continued to be net sellers in 2025, having sold equities worth ₹ 1.24 lakh crore so far. On the other hand, DIIs have consistently backed the market, with their net purchases approaching ₹ 3 lakh crore since the beginning of the year. In June so far, FIIs have recorded net outflows of ₹ 4,575.59 crore, whereas DIIs have made net purchases totaling ₹ 16,170.95 crore, highlighting the strong domestic backing that has been driving recent market resilience. According to a report by Iconic Wealth, FIIs hold 18.8 per cent of Indian equities versus an average of 30 per cent for EM (ex-China). This leaves wide runway for fresh global capital to chase the India growth story over the coming decade. Since 2015, FIIs have trimmed their allocation to large-cap stocks from around 80 per cent to under 77 per cent. However, during the same period, they significantly broadened their portfolios—now holding positions in 80 per cent of Nifty-500 companies compared to just 20 per cent twenty years ago, the report revealed. FIIs are steadily increasing their exposure to sectors like chemicals, EMS, telecom, financials, and infrastructure—driven by themes such as the China+1 strategy, tech-enabled consumption growth, and the ongoing capex upcycle. "From hundred favourites to four hundred front runners: FIIs have moved from investing in just top 20% of Nifty 500 companies till two decades ago to 80% today, while their allocation to the Nifty 50 has simply dwindled to historic lows - indicating that global investors now see opportunity across the full breadth of Indian market," said Srikanth Subramanian, Co-Founder & CEO, Ionic Wealth. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
an hour ago
- Time of India
BM Property: Bengaluru emerges as prime market for office space retrofitting
Bengaluru's commercial real estate market is poised for a major transformation, as a new report by CBRE South Asia Pvt Ltd has highlighted massive potential in retrofitting existing office spaces. Titled 'From Existing to Exceptional: A Strategic Approach to Retrofitting Indian Office Spaces', the study estimated that nearly 130-140 million sq ft of the city's 230 million sq ft office stock is ripe for upgradation—presenting a significant opportunity for value micro-markets such as Outer Ring Road, Whitefield, and the Extended Business District are identified as the hotspots for modernisation. These areas not only hold the greatest retrofitting potential but also promise varying rental premiums upon upgrade. CBRE estimates that Bengaluru alone represents an investment potential of INR 95–162 billion through targeted improvements in ageing office broader office market too, shows considerable opportunity, with nearly 50% of the office inventory across top seven cities exceeding 10 years in age. Of the estimated 882 million sq ft of total stock, more than 434 million sq ft—based on ownership and asset age—qualifies for strategic retrofitting. Bengaluru and Delhi-NCR account for nearly 45% of this older inventory, followed by Mumbai and Chennai with another 32%.The report noted that this transformation isn't just aesthetic. Upgraded buildings can command rental premiums of up to 20%, and in some cases, even 30–40% based on market demand. This makes retrofitting a smart strategy for developers and investors to align with rising occupier expectations around sustainability, wellness, and offers both immediate and long-term advantages. Tenants benefit from lower operating costs, improved amenities, and healthier work environments. Landlords gain higher leasing velocity, stronger tenant retention, and improved asset valuation. Enhanced safety, energy efficiency, and ESG alignment make such properties more appealing to institutional investors and REITs, boosting asset push for modern, high-performance workspaces is also a response to evolving workplace expectations. Retrofitted buildings can include smart systems, modular designs, wellness features like gyms and daycare facilities, and even community-centric Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, emphasised that retrofitting has become a strategic imperative. 'This is no longer about cosmetic upgrades,' he said, adding that retrofitting is now a sophisticated, data-backed approach to transforming real estate assets to meet long-term sustainability and financial the sentiment, Gurjot Bhatia, Managing Director - Asia, PJM Advisory, Turner & Townsend, stated, 'India's office sector is at a critical juncture. With 434 million sq ft of space ready for transformation, the focus must be on creating future-ready workplaces that cater to modern occupier needs and ESG-focused investment.' As Bengaluru leads the national push towards retrofitting, the city's commercial real estate sector is set to make new benchmarks in asset performance, investor returns, and occupier satisfaction.
