Spicejet takes off, again

Spicejet is up over 5% at Rs.26.60, with an intra day high at Rs.27.35 though volumes remain muted at around 13 lakh shares.

The stock is up on the same expectations – a foreign airline company buying stake. Earlier it was Emirates, which promptly issued a denial and today it is Tigerair, a Singapore based low Budget airline. News is that both the airlines have already held two rounds of talks for stake sale and Maran is reportedly looking to offload 24% stake. This rumour could have got wind from the fact that both are now at a concluding stage on its code-sharing agreement. Also some months ago, Tigerair had expressed its desire to form an alliance or partnership with an Indian airline.