The shares of Interglobe Aviation Ltd and SpiceJet Limited surged by 25.17% and 27.37% respectively in the past month, led by positive developments.
Interglobe Aviation Ltd
The shares of Interglobe Aviation Limited (Indigo), surged 5.93% on Friday to an intraday high of ₹ 2103.95 apiece. The scrip closed at ₹2,080.55 apiece on Friday. This happened after the company reported a loss of Rs 1,064.3 crore in the April-June 2022 quarter — down by almost a third from a loss of Rs 3,174.2 crore in the same period last year.
Moreover, the carrier introduced a three way-exit for its flyers, saving turnaround time. The company has worked on a three-door exit formula — two on the left and a front door on the right — to save at least five minutes of turnaround time per flight. It operated about 1,600 flights per day and this move will lead to a cascading impact and save a significant amount of time across the network.
Kotak Securities has a buy call on the shares with a target price of ₹ 2,710.00 apiece. This translates to an upside of 30.25%.
Reliance Securities reiterated its buy rating on the shares with a target price of ₹ 2,550.00. This implies an upside of 22.56%.
SpiceJet Ltd
The shares of SpiceJet shot up in early morning deals on Friday after it announced a general sales agreement with EaseMyTrip. The shares opened in the green and hit an intraday high of ₹ 51.40 apiece, gaining more than 7%.
EaseMyTrip Thai, a wholly-owned subsidiary of EaseMyTrip, was launched in 2021 in Thailand. It signed an exclusive General Sales Agreement with SpiceJet Airline to sell, promote and market passenger tickets and other services to passengers in Thailand. This will be effective from 1st September 2022.
“To have a strong foothold in the market, EaseMyTrip Thai will be extending operations of SpiceJet by opening an independent branded office and representing the airlines in Bangkok, Phuket and other locations in an attempt to cater to the larger travel markets.” the company informed the Indian stock exchanges.
Currently, there are no targets available for SpiceJet’s shares.
Written By Simran Bafna
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