SpiceJet shares surged over 8 per cent in morning trade on Tuesday on the back of a profitable performance in the first quarter of FY13, ended June 30.
After being in losses for five consecutive quarters, SpiceJet reported net profit of Rs 56 crore for the April-June period on the back of significant growth in sales and better yields.
SpiceJet shares gained 8.42 per cent to touch a high of Rs 33.45 on the Bombay Stock Exchange in the morning trade. The shares soon pared some of the gains to trade 3.4 per cent higher on BSE at 11.42 am.
The stock had rallied over 22 per cent on Monday.
The Chennai-based airline promoted by Kalanithi Maran had posted a net loss of Rs 71.96 crore in the same period last financial year.
Besides, ace investor Rakesh Jhunjhunwala's Rare Enterprises has acquired 25 lakh shares of SpiceJet for Rs 7.69 crore through an open market transaction.
According to the data available with stock exchanges, Rare Enterprises bought 25 lakh shares of SpiceJet at Rs 30.77 apiece, valuing the deal at Rs 7.69 crore.
With inputs from PTI