Shares of InterGlobe Aviation Ltd (IndiGo's parent) on Monday surged 5.16 per cent to hit an intraday high of Rs 3261.80. The stock finally settled 3.63 per cent higher at Rs 3,214.25. At this price, it was just 2.64 per cent away from its one-year high value of Rs 3,301.40, a level seen last month on February 5. The counter saw four bulk deals today.
IndiGo's promoter and co-founder Rakesh Gangwal sold a cumulative 2.25 crore shares in three tranches. And, Morgan Stanley Asia (Singapore) Pte bought 21 crore shares.
At the end of December 2023 quarter, Gangwal and his family trust collectively owned around 25 per cent of InterGlobe Aviation. The co-founder had announced plans to dilute his family's stake after stepping down in February 2022 from the board.
On August 16 last year, Gangwal had offloaded 5.77 million shares or 1.5 per cent stake in IndiGo via block sale.
During the third-quarter (Q3 FY24), the airline had reported a profit Rs 2,998.12 crore as against Rs 1,422.6 crore reported during the same period last year. Its revenue from operations increased 30 per cent to Rs 19,452.15 crore.
"Interglobe Aviation's stock has closed higher despite a few block deals in which one of the key promoters has sold a part of its holdings. Next resistance will be at Rs 3,348. Investors can maintain 'Buy' positions as long as a daily support area of Rs 2,980 is held on a closing basis," said AR Ramachandran from Tips2trades.
"Support will be at Rs 3,100 and resistance at Rs 3,300. A decisive close above Rs 3,300 level may trigger a further upside till Rs 3,500. Expected trading range will be between Rs 3,000 and Rs 3,600 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
Promoter and promoter group jointly held 63.13 per cent stake in the company, as per BSE data. The figure was lower than 63.24 per cent in September 2023 and 67.77 per cent in June 2023.