Spicejet cruising smooth

Spicejet is flying smooth and high today, currently up over 4% at Rs.14.67 though it remains a long way off its 52-week high of Rs.23.05.

The stock is doing well on reports that it has beaten Jet Airways to grab the second spot in terms of domestic travel. Its market share in the month stood at 20.9 per cent, compared with the Jet Airways-JetLite combine's 19.6%. In terms of occupancy, Spicejet was at least 100 bps higher than GoAir and Indigo at 79.4%.

It is after a long time that some good news has come the way of Spicejet as it has been beaten down ever since news of it getting into trouble with the Income Tax and employees not being paid surfaced. Though the company issued statements that all was well, the market simply refused to shrug it off. Today, this news has probably brought in all the traders back on the counter.