IndiGo Achieves Another Milestone as Market Capitalization Surpasses INR 1 Lakh Crore
After GoFirst’s successful listing on the Indian stock exchange, its share price has increased by more than 28 rupees. GoFirst has become the first airline in the country to achieve a market capitalization of over 1 lakh crore rupees.
The company, formerly known as Interglobe Aviation Limited, had a turnover of 9.20 crore rupees on the Bombay Stock Exchange (BSE), with a market capitalization of 1,01,007.56 crore rupees.
On Wednesday, the airline’s shares closed at 2,619.85 rupees. Throughout the year 2023, there has been a significant increase in the share price, exceeding 28 rupees. Since the acquisition of GoFirst by the Wadia Group, there has been a visible surge in the share price of IndiGo, the parent company.
After the announcement of a significant order, the stock of IndiGo witnessed a tremendous surge.
Currently, IndiGo has announced a major order for the delivery of 500 Airbus Neo family aircraft between 2030 and 2035. This deal, valued at $50 billion, is the largest deal in the history of aviation. The order of 500 planes from IndiGo is also the largest order in the aviation industry. The brokerage firm UBS has raised the share price and set a target of Rs. 3,300 for IndiGo following this major deal and the company’s strong performance. This is an increase from the previous share price of Rs. 2,690.
It was mentioned by UBS that IndiGo is fully prepared to tackle any downturn. Foreign brokerage expects the airline’s earnings per share (EPS) in Q1 FY2024 to be around Rs. 82, surpassing the company’s record-high annual EPS of Rs. 37 achieved in FY18. Meanwhile, on Wednesday, after reaching a new record, the Indian stock market closed. At the end of the trading session, the BSE Sensex, which consists of 30 major stocks, rose by 499 points and closed at a level of 63,915. At the same time, the NSE Nifty index increased by 155 points and reached 18,972.
Conclusion:
IndiGo’s achievement of surpassing INR 1 Lakh Crore in market capitalization underscores its exceptional performance, strategic foresight, and unwavering commitment to customer satisfaction. The airline’s relentless pursuit of operational excellence, coupled with its investor confidence and industry-leading initiatives, has solidified its position as a frontrunner in the aviation sector. As IndiGo continues to chart its growth trajectory, it remains poised for further success and is well-positioned to shape the future of the Indian aviation industry.
