Galloping IndiGo Stock Outpaces Combined m-cap of Jet, SpiceJet
In just eight sessions since listing, the stock of InterGlobe Aviation, the owner of low-cost carrier IndiGo, has notched up some 36 per cent gains to swell the market capitalisation (m-cap) by over Rs 10,000 crore, which is more than the combined market-cap of its two other listed peers, SpiceJet and Jet Airways.
On Thursday, the stock climbed 11.90 per cent to settle at Rs 1,168.70 on BSE. The aviation company now commands a total m-cap of Rs 41,287.85 crore. On the day of listing (on November 10), the company had an m-cap of Rs 31,655 crore at the close of trading.
The gain in market cap, which stood at Rs 9,632.85 crore at the close of Thursday’s session, is now more than the combined m-cap of SpiceJet (Rs 3,428.86 crore) and Jet Airways (Rs 5,100.52 crore). IndiGo is the largest passenger airline in India and commanded a market share of 37.4 per cent as of August 31.
Analysts said the carrier has an asset-light business model, which enables it to keep costs low in order to ensure highest profitability among the airline companies. The airline has a fleet of 98 aircraft and 75 of them are on operating lease — a business model that has helped it cut costs.
News Source: economictimes.indiatimes
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