SpiceJet extends gain for 2nd day after Delhi govt cuts tax on ATF

SpiceJet has rallied 6% to Rs 82.20 in intra-day trade, extending its previous day’s 3% gain on BSE, on the back of heavy volumes after the Delhi government on Wednesday said VAT on Aviation Turbine Fuel (ATF) will be brought down from 25% to 1% for flights to remote areas such as North Eastern states.. SpiceJet operates 343 average daily flights to 45 destinations, including 39 domestic and 6 international ones. The majority of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India, as an additional fee option. Future & Option Trading Tips

Meanwhile, in past three weeks, the stock outperformed the market by surging 35% from Rs 61 on February 16, as compared to 2% rise in the S&P BSE Sensex. It trading close to its 52-week high of Rs 85.60 touched on May 19 last year during intra-day trade. At 10:29 am; the stock was up 4.3% at Rs 80.75 against 0.09% decline in the benchmark index. Around 10.77 million equity shares representing 1.8% of total equity of SpiceJet changed hands on BSE so far. However, Jet Airways (up 0.64% at Rs 453) and InterGlobe Aviation (0.09% at Rs 881) were trading flat after gaining in the range of 2%-3% on Wednesday. Financial Astrology Tips