SpiceJet hits 52-week high on huge volumes

The stock has outperformed the market by appreciating 44% in past seven days as compared to around 3% rise in benchmark Sensex

SpiceJet Limited has soared 13% to Rs 36.30, also its 52-week high on back of huge volumes. As many as 10.94 million shares have changed hands on the counter till late noon trades, against an average of around 7.2 million shares that were traded daily in the past ten trading days on the Bombay Stock Exchange.

The stock of the Chennai-based airline promoted by Kalanithi Maran has outperformed the market by appreciating 44% in past seven days after reporting a net profit of Rs 56 crore for the quarter ended June 2012 on the back of significant growth in sales and better yields.The company had posted a net loss of Rs 71.96 crore in the same period last fiscal. The BSE benchmark index has gained around 3% during the same period.