Shares of InterGlobe Aviation (IndiGo) surged on Tuesday, touching a 52-week high of Rs 2,490 in intra-day trade. The stock closed at Rs 2,486.20, up 2.37% from the previous close.
The surge in the stock price was attributed to a number of factors, including the company’s strong financial performance and its plans to expand its international operations.
In the quarter ended March 2023, IndiGo reported a net profit of Rs 916 crore, up 13.2% from the same period a year ago. The company’s revenue also grew 18.5% to Rs 14,160 crore.
IndiGo is also planning to expand its international operations. The company has already received approval from the DGCA to operate flights to six new destinations in Europe.
The stock’s strong performance is a positive sign for the Indian aviation industry. It suggests that investors are confident in the long-term prospects of the industry.
About InterGlobe Aviation
InterGlobe Aviation is the largest airline in India by market share. The company was founded in 2006 and is headquartered in Gurgaon, Haryana. IndiGo operates a fleet of over 270 aircraft and flies to over 60 destinations in India and abroad.
Analysts at ICICI Securities said that the surge in IndiGo’s stock price was a ‘positive development’ for the company. They said that the stock was ‘attractively valued’ and that the company had a ‘strong track record of profitability’.
The analysts said that IndiGo’s expansion plans in the international market were ‘a key catalyst’ for the stock’s performance. They said that the company was well-positioned to benefit from the growing demand for air travel in India and abroad.
The outlook for IndiGo’s stock is positive. The company is expected to continue to grow its market share in India and expand its international operations. This is likely to drive the stock’s performance in the coming quarters.