SpiceJet takes off

SpiceJet rose 2.62% to Rs 39.15 at 13:59 IST on BSE on reports the UK-based promoter director Bhupendra Kansagra is willing to divest the family stake in the airline if the valuations are right.

The stock hit a high of Rs 40.65 and a low of Rs 38.50 so far during the day. The stock had a 52-week high of Rs 104.80 on 8 January 2008 and the stock hit a 52-week low of Rs 37.30 on 26 March 2008.

The company's current equity is Rs 240.65 crore. Face value per share is Rs 10.

The current price of Rs 39.15 discounts its Q3 December 2007 annualised EPS of Rs 1.55, by a PE multiple of 25.25.

The company had reported a net profit of Rs 9.34 crore on sales of Rs 408.51 crore in Q3 December 2007.

Repoprtedly, Kansagra said that he was aware of the media reports that SpiceJet is being wooed by several private domestic airlines but no one has approached him with a concrete offer. He further said that he is open if the deal is attractive.

The Kansagra family owns 12.91 % in n Spicejet which has a 10% share in the Indian market. SpiceJet is a low-cost airline based in New Delhi, India. It began services in May 2005.