Shares of InterGlobe Aviation, the parent company of IndiGo Airlines rose for the thirteenth consecutive trading session on Thursday, December 14. This is the longest gaining streak for India's largest airline operator, which accounts for more than half of India's air passenger traffic, since its listing in November 2015.
Domestic brokerage firm Motilal Oswal has maintained a 'neutral' rating on the airline's stock, with a target of ₹2,800 per share. The brokerage said passenger demand remains robust but has not peaked yet.
While the Pratt & Whitney (P&W) engine issue remains a near-term headwind, IndiGo's international expansion would provide a runway for its growth despite rising competition in the domestic market.
The airline has also
improved its rank in the global market cap league table, six months after breaking into the world's top 10.
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.
Today, Indigo shares have broken their previous record of 11 straight days of gains between August 23 (2021) to September 6.
The stock has gained 17.5% in the past month, 26.9% in the last six months, and 46.4% this year, so far.
IndiGo share price recovered from the day's lows and was trading 0.4% higher at Rs 2,993.25 apiece around 12.30 PM.
(Edited by : Ajay Vaishnav)
