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Shares of aviation companies focused on InterGlobe Aviation, the parent firm of IndiGo airlines, recording a 52-week high at Rs 2,155. The stock has so far rallied 9 per cent on the BSE in intra-day trade on Friday, and in the process, has surpassed its previous high of Rs 2,023.60 touched on 15 September 2021.
Shares of SpiceJet, India’s second-largest private airline, have also surged 8 per cent to Rs 81.95 amid heavy volume. The trading volume at the counter jumped over three-fold, with a combined 15 million equity shares changing hands on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.95 per cent at 59,702 at 10:55 am.
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In the past month, InterGlobal Aviation has surged 25 per cent after ICRA reaffirmed the company’s short-term rating at [ICRA] A1. However, the long-term rating of the company was downgraded by one level from [ICRA] A+ to [ICRA] A, and the outlook remained negative.
Stock Covered in the news
