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Indigo jumps on buzz of strategic announcement with Qatar Airways

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InterGlobe Aviation rose 3.44% to Rs 1482.40 on reports that the company and Qatar Airways will make a strategic business announcement on 7 November 2019.

IndiGo is planning an aggressive push to more international destinations and the airline's CEO Ronojoy Dutta and Qatar Airways CEO Akbar Al Baker will talk about the vision and future for both the airlines, reports suggested.

Qatar has in the past shown interest in investing in IndiGo but the Indian budget carrier has resisted, the reports added.

Shares of InterGlobe Aviation rose over 4% to hit an intraday high of Rs 1502.70. The stock has hit a low of Rs 1412.10 so far during the day.

InterGlobe Aviation reported a consolidated net loss of Rs 1061.99 crore in Q2 September 2019 as against a net loss of Rs 651.54 crore in Q2 September 2018. Consolidated net sales increased by 31% to Rs 8105.19 crore in Q2 September 2019 over Q2 September 2018.

InterGlobe Aviation is among the fastest growing low cost carriers in the world. The company has fleet of 235 aircraft and provides service to 70 destinations including 17 international cities.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 05 2019. 11:54 IST