IndiGo, Jet Airways and SpiceJet shares soar as domestic air traffic hits new peak
At around 10:05 a.m., shares of InterGlobe Aviation, or IndiGo, were up 0.23 per cent on the BSE at Rs 2,626.6 apiece, Jet Airways (India) shares were up 0.34 per cent at Rs 55.4 apiece, and SpiceJet shares were up 2.43 per cent at Rs 41.24 apiece.
Airline stocks, IndiGo, Jet Airways, and SpiceJet rose in the morning deals on Wednesday, November 22, after data showed that the country's domestic air traffic touched a new peak on Monday (November 20) for the third straight day.
At around 10:05 a.m., shares of InterGlobe Aviation, or IndiGo, were up 0.23 per cent on the BSE at Rs 2,626.6 apiece, Jet Airways (India) shares were up 0.34 per cent at Rs 55.4 apiece, and SpiceJet shares were up 2.43 per cent at Rs 41.24 apiece.
According to the data, on November 20, the country's domestic air traffic touched a new peak as airlines carried 4,59,526 passengers, and the total flight movements stood at 5,958, as per the latest official data.
The count of domestic air passengers was 39,407, and the number of flight movements was 5,468 on November 20, 2022.
With the traffic numbers touching a fresh single-day record on Monday (November 20), the civil aviation ministry said that post-COVID, India's domestic aviation turnaround story has not just been overwhelming but inspiring as well.
"Positive attitude, progressive policies, and deep trust among passengers are taking it to new heights with every flight, every day," the ministry said in a post on X.
Morgan Stanley has maintained an 'overweight' rating on IndiGo shares for a target price of Rs 3,522 apiece. According to the brokerage, near-term demand & airfare trends remain supportive. Valuation appears attractive at 7.3x EV EBITDA against the pre-covid median of 8.5x.
Airline stock price: Past performance
Since January, IndiGo shares have gained over 28 per cent, SpiceJet shares have risen over 5 per cent, but Jet Airways shares have declined over 22 per cent against the Nifty50's rise of over 8 per cent.
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