NEW DELHI: Interglobe Aviation, which runs low cost carrier IndiGo, saw a rating upgrade on Friday that pushed the share prices higher by over 4 per cent. The removal of all covid restrictions also helped the sentiment around the stock.
JPMorgan said it is upgrading IndiGo to ‘Neutral’ from ‘Underweight’ and also raised the 12-month target price to Rs 1,825 from Rs 1,400. The stock was already trading above the target and it surged further during the day.
Though the market reaction could be short lived, as JPMorgan pointed out that the stock is training at a premium valuation that leaves little scope for an upside in the counter. Moreover, rising crude oil prices will definitely squeeze their margins.
Bonus time
Shares of Vikram Thermo surged nearly 9 per cent after the company said its board of directors will meet on April 1 to consider regarding increase in the authorized share capital of the
Company as well as to issue Bonus Shares to the shareholders of the company.
The company also said all inside trading in the company’s shares will be banned from March 25 till the company announces its quarterly results.
Recently quite a lot of companies have announced bonus shares and buybacks in order to reward their shareholders. The pharma company is another addition to that list.
Movie time!
Shares of multiplex operators are in great demand as more and more star-studded movies are landing on box offices. After The Kashmir Files, which has generated rave reviews, it was the turn of RRR to release on Friday.
As more filmmakers and viewers are joining the queue, the outlook for multiplex operators are also improving. Thus Inox Leisure spiked over 6 per cent to hit 52-week highs while PVR also hit the year-high level and added 3 per cent.
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