Spicejet a contra buy call: Mehraboon Irani, Nirmal Bang Securities

Mehraboon Irani, Principal & Head-Pvt. Client Group Business, Nirmal Bang Securities in an interview with ET now talks about SpiceJet

Will SpiceJet qualify as a good contra bet?

At the present levels yes, I think after the very negative as far as the oil sector goes for many years I think we have turned positive but looking at oil we are on a halt as far as client recommendation goes but at the present valuation, considering that possibly oil could have peaked for some more months to come and it has gone up mainly because of geopolitical reasons and not because of demand factor, I think at the present price of SpiceJet is tempted to possibly give a contra buy call on that.