 "Indigo")
Shares of Indigo airline operator InterGlobe Aviation hit a record on Wednesday, trading 5 per cent higher at Rs 3,801 apiece in afternoon trading. This marked the fourth consecutive day of gains for the company's shares.
The increase in share value made InterGlobe world's third-largest airline by market capitalisation. According to a report in Moneycontrol, InterGlobe Aviation saw its stock surge by 22 per cent in the past month, reaching a total market value of over Rs 1,46,000 crore ($17.5 billion).
In December 2023, the company surpassed United Airlines to become the sixth largest airline in the world. Data shows that Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion market capitalisation.
In March this year, multiple brokerages rolled out strong growth forecasts for Indigo after an analyst meeting for the airline. "We maintain our positive stance on IndiGo considering strong growth prospects of the Indian aviation industry, share gains in international travel, efficient cost structure and operational excellence," foreign brokerage firm UBS said, as it retained its buy call on the stock.
ICICI Securities has a bullish outlook on InterGlobe Aviation, citing favourable demand-supply dynamics and the company's robust position. The brokerage noted that after meeting its FY24 targets, the airline is aiming for early double-digit growth in capacity and passengers for FY25.
The stock was trading at Rs 3,798, up 4.5 per cent from the previous close on the NSE. The share price is up 99.7 per cent in the last one year.
