InterGlobe Aviation gains after brokerage maintains overweight rating

InterGlobe Aviation rose 2.84% to Rs 1854.05 after a global brokerage maintained overweight rating on the stock while raising price target to Rs 2,261 from Rs 2,060.

The brokerage reportedly sees rising international mix, rising share of NEOs (new-engine option) and healthy fare environment. It expects that higher international share will also lead to a lower fuel charge. FY2021 domestic market should see peers adding capacity thus pricing power will be relatively constrained, it added.

Meanwhile, the S&P BSE Sensex was up 448.79 points or 1.18% to 39,042.31.

On the BSE, 44,000 shares were traded in the Indigo counter so far compared with average daily volumes of 53,000 lakh shares in the past two weeks. The stock hit a high of Rs 1845.5 and a low of Rs 1821.85 so far during the day.

 

The stock hit a 52-week high of Rs 1911 on 23 Sep 2019. The stock hit a 52-week low of Rs 697 on 09 Oct 2018.

On a consolidated basis, Indigo's net profit surged 4229.4% to Rs 1203.14 crore on a 44.7% increase in net sales to Rs 9420.06 crore in Q1 June 2019 over Q1 June 2018.

InterGlobe Aviation (Indigo) is an Indian low-cost airline. It is the largest airline in India by passengers carried and fleet size, with a 48.1% domestic market share as of June 2019.

Powered by Capital Market - Live News