Shares of InterGlobe Aviation, parent of IndiGo, were up 2 per cent to Rs 1,452 on the BSE in early morning trade in an otherwise weak market on Monday, after Credit Suisse upgraded the recommendation on the stock to outperform from neutral. The foreign brokerage firm raised the price target to Rs 1,650 from Rs 1,075.
In comparison, the benchmark S&P BSE Sensex was down 1 per cent or 364 points at 37,801 at 09:36 am. The stock has appreciated 108 per cent from its 52-week low value of Rs 697 touched on October 9, 2018 in intra-day deal.
Thus far in the calendar year 2019, the low-fare airline has rallied 25 per cent on the expectations of margins recovery from an increase in airfares, drop in crude oil prices and reduction in capacity by Jet Airways. The benchmark index was up 5 per cent thus far in the current calendar year.
