SpiceJet flies on bourses

The SpiceJet counter has seen a surge in trading volumes since mid-April, sparking speculation over the identity of the buyers. Some market players have even gone to the extent of comparing this with similar stock accumulation of Air Deccan stocks just before it was bought by Kingfisher last year.
The accumulation started on March 26, when the stock of SpiceJet, India's second largest budget airline, fell to Rs 37.90 from its all-time high of Rs 104.80 on January 8. The March 26 level was close to the scrip's one-year low of Rs 36 on May 9 last year.
The scrip closed at Rs 39.50, down 6.8 per cent, on the Bombay Stock Exchange (BSE) on Friday.
In the 12 trading sessions between March 26 and April 14, over 11.4 million stocks of SpiceJet were traded on the BSE, out of which 6.5 million were delivered. That gave an average of 0.95 million stocks traded and 0.5 million stocks delivered per day in that period.
10/05/08 Abhineet Kumar/Business Standard

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Categories: SpiceJet May 2008