Spicejet has taken off in this lackluster market. The stock opened at Rs.25.80 and zoomed up to Rs.27 levels , hitting an intra day high at Rs.27.45 and currently hovers around the same levels, up over 8%.

Hardly a fortnight ago the company had issued a clarification on the news of Kuwait Airways buying stake in the company – it had not outrightly denied stake sale but had stated that few investors had evinced interest and said that it was too premature to give out names. This meant that something was indeed cooking. Then came news last week of the CEO putting in his papers. Speculation was rife about his reasons for leaving, right from poor performance to the fact that a deal was being worked out with some other foreign carrier.

Today, once again speculation remains the same about stake sale news being at an ‘advanced’ stage. Kuwait Airways and Qatar Airways are the names making the rounds for a 25% stake.