Shares of InterGlobe Aviation, the parent of bluejump by more than 10% 2,152 each on the BSE in Monday’s deals after the airline reported net profit Driven by higher passenger revenue, compared to loss of Rs 129.8 crore in Q3 620 in the year-ago period.
IndiGo’s revenue from operations jumped, reflecting signs of slow recovery in the pandemic-hit airline industry 9,294.8 crore in the latest December quarter as compared to 4,910 crore in the same period a year ago.
Analysts at Edelweiss have upgraded IndiGo stock from ‘Hold’ to ‘Buy’ due to its better outlook and raised the target price. 2,380 (from 1,896). “In the near term, IndiGo is a proxy for business to reopen due to better yields and demand for PACS. In the long run, the addition of XLRR fleet and better cargo business will enhance competitiveness,” he said in a note.
In a significant development, the company has appointed its co-founder Rahul Bhatia as Managing Director with immediate effect and will oversee all aspects of the airline.
Brokerage house Ambit Capital said, “While near-term COVID-led uncertainty will remain, we remain positive given IndiGo’s strong balance sheet, efficient fleet and cost structure, which will help it leverage on structural changes in aviation.” should do.” The brokerage has a buy rating on IndiGo stock with revised target price of Rs. 2,350 ( 2,300 earlier).
Further, once the COVID-19 impact subsides, IndiGo’s focus will also be positive on long-term relationships with stakeholders including stakeholders and employees. Further, in the long term, Ambit continues to believe in IndiGo’s strategy to focus away from Metro routes and expand into Tier-II/Tier 3 domestic routes and international routes (both yielding higher than Metro routes). the ones).
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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