IndiGo shares gain 6% to hit all-time high
IndiGo Share Price | The company recently announced that its net worth turned positive on December 31, 2023, while showcasing profitable growth for the past five quarters, with free cash increasing by a strong 133% during the period.
Shares of Interglobe Aviation Ltd, the parent company of IndiGo, surged 6% to hit an all-time high of ₹3,484 apiece on the BSE on Tuesday, March 26.
During the company's conference call with analysts on March 22, it announced that its net worth turned positive on December 31, 2023, while showcasing profitable growth for the past five quarters, with free cash increasing by a strong 133% during the period.
It gave a growth guidance of double digits in capacity and passengers, along with adding one aircraft per week to its fleet for FY25, thereby underlining its continued focus on profitable growth for enhancing stakeholder value.
Morgan Stanley has set a target price of ₹4,145 per share on the IndiGo stock, indicating an upside of over 26% from the previous close. The global firm maintained its ‘overweight’ rating on the stock.
Shares of Indigo were trading 5.6% higher at ₹3,469.65 apiece, on the BSE at 2:01 pm.
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First Published: Mar 26, 2024 3:06 PM IST
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