Business OpportunitiesJet Airways, SpiceJet zoom despite Q2 losses
Jet Airways surged further and zoomed to a high of Rs 412, up 25% from the day"s low. The scrip finally settled at Rs 398, up 9% from the previous close. The counter clcoked volumes of 1.28 million shares as compared to the two-week daily average traded volumes of 572,048 shares on the BSE.
SpiceJet soared to a high of Rs 38 and finally ened at Rs 37, up 4% from the previous close. The counter clocked volumes of 5.7 million shares as compared to the two-week daily average traded volumes of 3.18 million shares on the BSE.
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SpiceJet is up 2.5% at Rs 36.85. The stock had managed to gain 18% from the day"s low to touch a high of Rs 38.20.
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(Updated at 1014 hrs)
Jet Airways has dropped in opening trades following a loss in Q2 net profit.
The stock opened at Rs 353 and touched a high of Rs 358. The stock then dropped 9% to a low of Rs 333. The stock is now down 8% at Rs 337.
Yesterday the stock had lost 9% and 6% in the last two days taking its total loss in the past week to 22%.Over 47,991 shares have been traded on the BSE so far.
According to a release issued by the company, the loss before tax has decreased 30% to Rs 406.70 crore in the quarter ening September 2009 from a loss of Rs 578.50 crore in the corresponding quarter a year ago. Revenue has decreased 27% to Rs 2,381 crore in Q2FY10.
SpiceJet declared a loss of Rs 101.29 crore in Q2FY10 as against a loss of Rs 197.54 crore in Q2FY09 - trimming of 49%. The total income increased 27% from Rs 366.39 crore in Q2FY09 to Rs 465.29 crore in Q2FY10.
The latter stock opened at Rs 34.70 and touched a low of Rs 33.20. The stock is now trading with a loss of 6.5% at Rs 33.55. It has dropped 15% in the past week. Over 335,400 shares have changed hands at the BSE so far.