Technical analyst Hitendra Vasudeo has maintained 'buy' rating on Spicejet Limited stock with targets of Rs 83.20 and 88.50.

According to analyst, the investors can purchase the stock with a stop loss of Rs 76.60.

The stock of the company, on December 21, closed at Rs 81.15 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 97.45 and a low of Rs 50.50 on BSE.

Current EPS & P/E ratio stood at 3.25 and 25.44 respectively.

No-frill carrier SpiceJet placed an order of 15 Bombardier Q400 NextGen regional aircraft valued at $446 million to Bombardier.

The Canadian company in an announcement said that SpiceJet also has an opportunity to obtain another 15 of the turboprop airliners.

Mr. Kalanithi Maran, SpiceJet's chairman said, "India is witnessing substantial growth, and predominant growth is expected from cities and industrial towns which remain underserved. Bombardier's Q400 60- to 80-seat airliners will help the firm increase its reach from 22 destinations in India, Nepal and Sri Lanka to over 60 airports "that could not be served by the larger jets."

Gary Scott, president of Bombardier's commercial aircraft division added that he eyes India to get hold of about 600 aircraft in the 20- to 149-seat class by 2030, and Bombardier anticipates detaining a substantial portion of those deliveries.

Presently, SpiceJet serves 22 destinations in India, Nepal in addition to Sri Lanka.