SpiceJet hits 9-year high; up over 60% in less than two months

SpiceJet rallied to over nine year high of Rs 101, up 7.4% on BSE in intra-day trade, extending its past two days 12% surge on back of heavy volumes.The stock of airline Company was trading at its highest level since January 9, 2008. It hit a record high of Rs 115 on September 5, 2005 during intra-day trade. SpiceJet outperformed the market by gaining 68% in less than two months from Rs 60 on February 15, 2017, as compared to 4% rise in the S&P BSE Sensex. Jet Airways (up 42%) and InterGlobe Aviation (up 29%) were up less than 50% during the same period. Robust passenger growth traffic in February month, a weakening dollar and lower crude oil prices led the rally in aviation stocks. Fuel, maintenance, lease costs are dollar denominated and any weakness in the greenback versus the rupee benefits airlines, the Business Standard report suggests. Future & Option Trading Tips