SpiceJet takes off on stake sale buzz

Meanwhile, the S&P BSE Sensex was up 79.02 points, or 0.40%, to 20,037.49.

The stock rose on high volumes even as SpiceJet reportedly denied the report. On BSE, 50.28 lakh shares were traded in the counter as against an average daily volume of 33.01 lakh shares in the past one quarter.

The stock hit a high of Rs 30.35 and a low of Rs 29 so far during the day. The stock had hit a 52-week high of Rs 50.90 on 7 December 2012. The stock had hit a 52-week low of Rs 24.50 on 27 July 2012.

The stock had underperformed the market over the past one month till 12 July 2013, sliding 8.28% compared with the Sensex's 4.82% rise. The scrip had also underperformed the market in past one quarter, rising 0.91% as against Sensex's 9.41% rise.

The small-cap company has an equity capital of Rs 520.28 crore. Face value per share is Rs 10.

Earlier in January 2013, SpiceJet had said that though few investors have evinced interest in the company post Government of India allowing foreign direct investment (FDI) in civil aviation sector to foreign airlines, it will be very pre-mature to comment on the possibilities of any fresh equity issuance to such interested parties or confirm/deny names of any specific entity. The company's clarification at that time came after media reports said that Qatar Airways may buy stake in SpiceJet.

SpiceJet reported net loss of Rs 186 crore in Q4 March 2013, as against net loss of Rs 249 crore in Q4 March 2012. Revenue rose 31% to Rs 1456 crore in Q4 March 2013 over Q4 March 2012.

SpiceJet currently operates more than 330 daily flights to 42 Indian cities and 7 international destinations.

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