Shares of SPICE JET were down 5 percent as domestic and international flights remain suspended amid COVID-19 outbreak. The Stock touched lower circuit of rs 35.15 per share.
HDFC Trustee Company has bought 3.4 crore shares of Spicejet from the open market constituting 5.45 percent of the airline. " The Country's biggest mutual fund buying a substantial stake shows that it has some confidence in the airline coming out of the present crisis that aviation industry finds itself in." said an industry executive.
In such times , HDFC Trustee's investment in Spice jet is seen as a boost of confidence for the airline's management and investors.
On the other hand , the share price of HDFC was down by 11 percent and was quoting at rs 1559.35 , down by rs194.75 or 11.10 percent. it has touched an intraday high of rs 1698.55 and an intraday low of rs 1549.
Suggestion of Buying / Selling is - 81% (Yes) /19% (NO)
Reason of No- 52Wk low is yet 3-4 Rs far , would like to catch it but that would be risky , as investment has already made by HDFC Trustees,
Reason of Yes- obvious point of buying , Book profit than wait for lower point to hit once started dipping.
HDFC Trustee Company has bought 3.4 crore shares of Spicejet from the open market constituting 5.45 percent of the airline. " The Country's biggest mutual fund buying a substantial stake shows that it has some confidence in the airline coming out of the present crisis that aviation industry finds itself in." said an industry executive.
In such times , HDFC Trustee's investment in Spice jet is seen as a boost of confidence for the airline's management and investors.
On the other hand , the share price of HDFC was down by 11 percent and was quoting at rs 1559.35 , down by rs194.75 or 11.10 percent. it has touched an intraday high of rs 1698.55 and an intraday low of rs 1549.
Suggestion of Buying / Selling is - 81% (Yes) /19% (NO)
Reason of No- 52Wk low is yet 3-4 Rs far , would like to catch it but that would be risky , as investment has already made by HDFC Trustees,
Reason of Yes- obvious point of buying , Book profit than wait for lower point to hit once started dipping.
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