Karvy Stock Broking has rated SpiceJet as a market performer with a target price of Rs 16 in its December 26, 2008 research report. "Crude oil price have seen a steep fall over the past few months with prices down by almost 75% from its peak. Accordingly, aviation turbine fuel (ATF) prices have declined by 53% since August 2008 providing relief to the entire aviation industry. Oil marketing companies have cut down aviation turbine fuel (ATF) prices by 11% that would be applicable for second half of December. On account of lower fuel price estimate for FY10E, we are increasing our net profit estimate by 8.6% to Rs 833 million. We maintain our price target of Rs 16 and rate the stock as MarketPerformer," says Karvy's research report.

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