InterGlobe aviation crosses a milestone, becomes ₹1 lakh cr firm

Last week, IndiGo had announced to have placed order to buy 500 narrow-body planes from Airbus as part of its ambitious long-term growth plan

InterGlobe aviation

New Delhi: The InterGlobe Aviation, the parent of IndiGo airline, has become a ₹1 lakh crore company. It is the first and only aviation company to achieve the milestone.

The InterGlobe’s stock rallied 3.55% on Wednesday to settle at ₹2,619.85 apiece on the Bombay Stock Exchange (BSE) and elevated the market capitalisation to ₹1 lakh crore. In intraday trade, shares of the company jumped 4.12% to hit its 52-week high of ₹2,634.25. On the National Stock Exchange (NSE), the company’s share rose to 3.61% to end at ₹2,621.10 per piece.

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An official of the IndiGo said that the rally in the stock price helped the company’s market valuation surge to ₹1,01,007.56 crore. The stock has been rallying since Tuesday this week.

So far this year, the airline stock has rallied 30.53% on the BSE, against a 5% jump in the benchmark Sensex. An overall optimistic trend in the equity market also helped the rally in the stock.

Also Read: In biggest ever deal, IndiGo places order for 500 aircraft with Airbus

Reports say that the 30-share BSE Sensex surged 499.39 points or 0.79% to settle at its lifetime close of 63,915.42 on Wednesday. The index too has gone up to 634.41 points or 1% during the day to reach the all-time intra-day peak of 64,050.44.

The NSE Nifty climbed 154.70 points or 0.82% to end at a record high of 18,972.10 in the previous trade. During the day, it zoomed 193.85 points or 1% to reach its lifetime intra-day high of 19,011.25.

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IndiGo is the country’s largest domestic carrier and is expanding its international operations as well. It had a domestic market share of 61.4 per cent in May. Last week, the IndiGo had announced that it had placed order to buy 500 narrow-body planes from Airbus as the airline embarks on an ambitious long-term growth trajectory. The latest order by IndiGo is the largest-ever aircraft order placed by any airline with Airbus.

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