Spicejet takes off

Spicejet seems to have really taken off today. The stock opened at Rs.41.90, hitting an intra day high at Rs.43.75 and is currently up almost 6% around the high levels.

The stock is up on news that Rakesh Jhunjhunwala and his wife Rekha have picked up 25 lakh shares in the company on Friday at an estimated amount of Rs 9.735 crore.  The stocks were bought at an average price of Rs 38.94 a share.

Prior to this, in July’12, they had bought 25 lakh shares and in March’13, the promoter of the company, Kalanithi Maran had increased his stake from 16.27% to 22.05% through convertible debentures. Promoters stake currently stands at 52.14%.