Spicejet cruising smooth

Spicejet is flying with a lot of wind under its wings today morning. The stock rose over 6.5% to Rs.121 and its 52-week high is at Rs.136.30.

The reason for the surge in the stock price is thanks to domestic brokerage firm – SBI Cap. It has put out a report, hiking the target price on the stock from Rs.128 to Rs.138.

The brokerage believes that the company’s operating environment is now more conducive given the below $50/barrel price of crude. It has revised profits for FY18 by 19% and that of FY19 by 16%.