Spicejet hit a lifetime high today at Rs.128.80 after it announced that it has signed an initial pact with US plane maker, Boeing Co.

The company has ordered 40 737 Max planes and the bill for this comes to $4.7 billion as per current list price. The company has stated that the order is split evenly between 20 new orders for the 737 MAX 10 and conversions of 20 737 MAX 8 airplanes from the airline's existing order to 737 MAX 10s.

It is the first airline in India to order the newest version of the 737, which will enable the company to capitalise on its dense routes while having a lower unit seat cost. SpiceJet is scheduled to take the delivery of its first 737 MAX in 2018.

SpiceJet currently has a fleet of 55 planes, comprising 35 Boeing B 737s 20 Bombardier Q400s and plans to expand this to 200 planes by 2020 and looks to expand regionally with the new 737 MAX family of airplanes.