Spicejet breached the 10% upper circuit at Rs.18.30 from yesterday’s close of Rs.16.65.

The stock is up on unconfirmed reports that the former director of the company, Ajay Singh, is in talks with a few US based private equity funds to invest in the airline. News is that JP Morgan is very close to picking up a stake with the due diligence process currently underway. The company is expected to raise the first tranche of payment by tomorrow - this is what it has informed the civil aviation ministry.