According to market capitalization, IndiGo has become the 6th largest airline in the world today i.e. on 13th December. Indigo has left America's United Airlines behind. The jump in the ranking has come due to the continuous rise in the stock of the airline's parent company InterGlobe Aviation for 12 consecutive days.
On Wednesday, the stock of InterGlobe Aviation saw a rise of Rs 58.55, which closed at the level of Rs 2,985. With today's rise, InterGlobe's market capitalization has reached ₹1.15 lakh crore, which is about $13.8 billion. Whereas, the market cap of United Airlines is currently $ 13.5 billion i.e. ₹ 1.12 lakh crore.
For the first time since its listing in 2015, Indigo stock saw a rise in 12 consecutive trading days. The stock has given a return of 16% since the rally started from November 28. Earlier in 2021, there was a rise in prices for 11 consecutive trading days from August 23. However, in the last rally, stockholders got a return of 19%.
According to media reports, the company's stock is seeing a rise due to the fall in crude oil prices and better demand from the domestic aviation sector.
Indigo has made a profit of ₹ 188.9 crore for the second quarter (July-September) of the financial year 2023-24. A month ago, the company had given this information while releasing the results of Q2FY24.
This was the first time in five years that an aviation company had made a profit in the second quarter of any financial year. Generally this quarter is considered to be a season of weak demand for the aviation industry.