homeaviation NewsIndiGo shares are up 12 days in a row, the longest gaining streak for India's biggest airline
IndiGo shares are up 12 days in a row, the longest gaining streak for India's biggest airline
IndiGo Share Price: The stock hit its 52-week high of Rs 3,007 apiece on December 13. It has gained over 45% this year, so far.
Shares of InterGlobe Aviation, the parent company of IndiGo airlines, are trading in the green for the twelfth straight day on December 13. This is the longest gaining streak for the India's largest airline operator — accounts for more than half of India's air passenger traffic — since it listed in November 2015.
Today, Indigo shares have broken their previous record of 11 straight days gain between August 23 (2021) to September 6.
Kotak Institutation Equities, in its December 1 note, maintained a 'buy' rating on InterGlobe Aviation and raised its price target to Rs 3,300 per share.
The stock is surging due to a sharp decline in crude oil prices, which fell more than 4% on Tuesday (December 12). Brent Crude, a global benchmark for oil prices, is now close to $73 a barrel, a level last seen in March 2023.
The cost of aviation turbine fuel peaked in September to ₹1.12 lakh per kilolitre as Brent crude went well over $90 a barrel.
This will be a huge relief for Indigo and its peers like SpiceJet, Air India, and Akasa. Jet fuel makes for nearly 40% of the cost for all airlines.
ALSO WATCH: How the cost of aviation turbine fuel affects your airfares?
The stock of Interglobe Aviation has gained 16.65% in the past month, over 26% in the last six months and 45.15% this year, so far.
It hit a 52-week high of Rs 3,007 apiece in trade on Wednesday, December 13. It was trading 1.7% higher at Rs 2,975.95 apiece around 10.45am.
(Edited by : Sriram Iyer)
First Published: Dec 13, 2023 11:07 AM IST
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