Baliga told CNBC-TV18, "Fundamentally, there not much of a reason to buy either SpiceJet or Jet Airways but clearly from the news flows which are coming about investors getting into this, from that point of view, yes you can see some more upside. SpiceJet, it is possible that based on those news flows can move to levels of about Rs 52-55. Jet Airways can possibly move to levels of about Rs 650-675 but fundamentally surely not at these levels."
On Jan 21, SpiceJet closed at Rs 46.15, up Rs 2.20, or 5.01%. It has touched an intraday high of Rs 47.30 and an intraday low of Rs 44.
It trades 9.33% below its 52-week high and 119.76% above its 52-week low.
Market capitalisation stands at Rs 2,235.27 crore.
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