In June 2023, IndiGo inked a massive deal for 500 aircraft with Airbus during the Paris Air Show.
File Photo
IndiGo became the third largest airline in terms of market capitalisation on Wednesday with the shares of InterGlobe Aviation Limited scaling fresh record high.
The shares traded 5 per cent higher at Rs 3,801 apiece during afternoon trade, thus extending their gains for the fourth day in a row.
Further, the 22 per cent rally in the last one month has taken the stock of InterGlobe Aviation, the operator of IndiGo airline in India, to over Rs 1,46,000 crore in total value.
Advertisement
ICICI Securities holds a bullish outlook on InterGlobe Aviation, citing favorable demand-supply dynamics and the company’s robust position in various aspects.
It noted that with IndiGo successfully meeting its FY24 targets across all fronts, the airline is now aiming for early double-digit growth in capacity and passengers for FY25. It has assigned a price target of Rs 4,009.
As per the data, Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap, respectively.
In December 2023, IndiGo surpassed United Airlines to become the sixth largest airline in the world.
Notably, the shares of the airline’s stock rose after Interglobe Aviation finalised an order for 10 A320neo airplanes on March 15.
It marks an important development for the company, as it adds to its existing fleet of aircraft.
The airline already has over 1000 Airbus aircraft on order. This latest acquisition underscores IndiGo’s continuous expansion efforts in the aviation industry.
In June 2023, IndiGo inked a massive deal for 500 aircraft with Airbus during the Paris Air Show.
Advertisement
