SpiceJet gains for seventh straight day; stock surges 9% on heavy volumes

Shares of SpiceJet were trading higher for the seventh consecutive session, surging 9 per cent intra-day, to trade at Rs 144 apiece on the BSE on Wednesday supported by heavy volumes.

During the past week, the airline’s stock has rallied 23 per cent as against a per cent rise in the benchmark index. Jet Airways and InterGlobe Aviation (parent company of IndiGo), on the other hand, have tanked 20 per cent and 6 per cent respectively during the same period.

“While SpiceJet is a key beneficiary of slots vacated by Jet Airways at the constrained airports, it would be interesting to see how it capitalizes on the same even as it has commenced operations on some of the highly competitive metro routes,”