SpiceJet gains 3% on high volume

According to the media, brokerage firm Goldman Sachs has initiated ‘buy’ on the stock with a target price of Rs161.45.

Jul 10, 2019 09:07 IST India Infoline News Service

Shares of SpiceJet rose 3% on the BSE on the back of heavy volumes. The trading volumes on the counter more-than-doubled with 3.13mn shares changing hands so far, against an average 1.31 mn shares were traded in the past two weeks on the BSE.

According to the media, brokerage firm Goldman Sachs has initiated ‘buy’ on the stock with a target price of Rs161.45. The firm expects sector-leading profitability to improve over the next few years. With increase in large-scale operations, SpiceJet could benefit from operating leverage, the brokerage firm added.

On the other hand, shares of Interglobe Aviation (Indigo) tanked 11% after co-founder Rakesh Gangwal sent a letter to the company that he has written to Sebi seeking intervention in several corporate governance violations.

Also, shares Jet Airways were locked in 5% lower circuit on a report that the government has ordered the Serious Fraud Investigation Office (SFIO) probe against the grounded airline.

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