SpiceJet Hits New 52-Week High on Fund Buying

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SpiceJet shares gained as much as 5.65 per cent to hit fresh 52-week high of Rs 95.30 on Wednesday. The rally in SpiceJet shares was aided by buying from foreign institutional investors, traders said.

According to the bulk deal data on Bombay Stock Exchange, Royal Bank of Scotland Plc as trustee of Jupiter India Fund purchased 3.2 million shares of SpiceJet at Rs 86.43 per share in an open market transaction on January 27, 2015.

Last week, SpiceJet had posted its highest-ever net profit in the December quarter. India’s second largest budget carrier had reported a net profit of Rs 238 crore on sales of Rs 1,460 crore on the back of higher passenger traffic and lower Aviation Turbine Fuel (ATF) costs.

SpiceJet shares have gained around 35 per cent since January 22, when the company announced its quarterly earnings. (Read: SpiceJet Posts Rs 238-Crore Profit for December Quarter)

Over the last year, SpiceJet shares are up 336 per cent outperforming the Sensex which is down 17.17 per cent.

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