IndiGo Shares Jump:
JP Morgan Initiates Coverage With OverweightShares of aviation company InterGlobe Aviation, which runs budget carrier IndiGo, jumped as much as 4.31 per cent to Rs 836.70 on Monday following an initiation of coverage from global brokerage JP Morgan.
JP Morgan has initiated coverage on InterGlobe Aviation with 'outperform' rating for target price of Rs 950 per share.
JP Morgan says post a 40 per cent correction, the stock looks attractive. Fleet expansion and strong industry growth will benefit InterGlobe, the brokerage said.
IndiGo shares surged nearly 80 per cent from their issue price of Rs 765 to Rs 1,400 in less than two months after debut and has corrected nearly 40 per cent from the highs of Rs 1,400.
As of 10.08 a.m., shares of InterGlobe Aviation were trading at Rs 837, up 3.81 per cent, while broad market indicator, Sensex was up 1 per cent.
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