{"id":102342,"date":"2023-05-03T15:45:00","date_gmt":"2023-05-03T10:15:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=102342"},"modified":"2023-05-03T15:43:53","modified_gmt":"2023-05-03T10:13:53","slug":"stock-jumps-8-and-touches-52-week-high-after-competitor-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/stock-jumps-8-and-touches-52-week-high-after-competitor-files-for-bankruptcy\/","title":{"rendered":"Stock jumps 8% and touches 52 week high after competitor files for bankruptcy\u00a0"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2773329679\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Aviation stocks soared higher on Wednesday\u2019s intraday trades after Wadia group-owned airline Go First, on May 02, 2023, voluntarily filed for bankruptcy with the National Company Law Tribunal (NCLT), blaming the situation on Pratt &amp; Whitney for supplying faulty engines.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2980853394\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The surprise move can prove to be beneficial for its rivals like Spice Jet and Interglobe Aviation which appreciated to the tune of 8%. On the other hand, shares of Central Bank of India took a beating on Wednesday\u2019s morning trades, due to its exposure to the airline.&nbsp;<\/p><p>As per data for March this year, <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/INDIGO\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Interglobe Aviation<\/a><\/strong> owned Indigo remained the market leader with a 56.8 percent market share, followed by Vistara with 8.9% and Air India with 8.8%. Go First had a 6.9 percent market share as of March, followed by SpiceJet at 6.4 percent. With Go first out , this share will be available for the other players in the market.\u00a0<\/p><p>Interglobe Aviation\u2019s share price shot up 8.20% to reach a fresh 52-week high of \u20b9 2,236.95 on the National Stock Exchange (NSE). At 12:36 PM, the company\u2019s shares were trading 4.95% higher at \u20b9 2169.75 apiece.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-3286974918\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>According to Bank of America (BofA), Indigo\u2019s competitive position has improved and it is well positioned to take advantage of the opportunity presented by the domestic market. It has given a target price of \u20b9 2700 on the stock. This translates to an upside of 24.44%.&nbsp;<\/p><p>It appears that the aviation industry in India is heading towards a duopoly structure, with Indigo and the Tata group (Vistara and Air India) accounting for nearly an 80% market share.&nbsp;<\/p><p>According to Credit Suisse, Go First\u2019s bankruptcy filing will add to tailwinds for Indigo, as it will benefit in terms of market share, stronger yields in a capacity constrained environment, and increasing leverage with global OEMs of engines and planes. It has an \u2018outperform\u2019 rating on the stock with a target price of \u20b9 2,450 which indicates an upside of 12.92%.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Simran Bafna&nbsp;<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer.png\" alt=\"\" class=\"wp-image-26306\" width=\"256\" height=\"256\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-4130445706\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Aviation stocks soared higher on Wednesday\u2019s intraday trades after Wadia group-owned airline Go First, on May 02, 2023, voluntarily filed for bankruptcy with the National Company Law Tribunal (NCLT), blaming the situation on Pratt &amp; Whitney for supplying faulty engines.&nbsp; The surprise move can prove to be beneficial for its rivals like Spice Jet and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":62638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[8946,8947,8945,8943,8797,948,936,8944],"class_list":["post-102342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-aviation-stocks","tag-aviation-stocks-2023","tag-go-first-files-bankruptcy","tag-interglobe-aviation-share-price","tag-latest-stock-market-news","tag-stock-market","tag-stock-market-news","tag-why-is-interglobe-aviation-going-up"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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