Indigo shares surge after showing better Q4 results; Nifty trades above 10k
In the early trade on Wednesday, Indigo’s shares surged as much as 14 percent after the company reported better March quarter results. Moreover, the airline company showed better results than what the market had anticipated in the wake of Nationwide lockdown.
In the early trade, the company’s shares were 13 percent higher to Rs 1,064.65 on the NSE. Further, based on intraday, its stocks climbed 14 percent to Rs 1,077. At 12.42 IST, the shares dropped the early high and were trading at 1,033.85, up 9.34 percent. Although, the shares are still trading on the green side.
The airline carrier reported a net loss of Rs 870.8 crore in the March quarter ending in March owing to low operating performance. In addition, the company had posted a net profit of Rs 596 crore in the same quarter last fiscal. Besides, for the full fiscal year, the airline’s net loss is reported at Rs 233.7 crore.
Furthermore, the company has free cash reserves of Rs. 8,928 crore at the end of the fourth quarter. Moreover, it is higher than Rs. 6,079,6 crore in the same quarter last year. Finally, the restricted cash reserves increased by 24 percent at Rs. 11,448.8 crores compared to Rs. 9,228.5 crore.
Currently, Sensex is at 34,283, up 1 percent, whereas Nifty sees a high at 10,120.5, at 12.56 IST. The gains in today’s trading session currently are led by Britannia, Bajaj Finance, ICICI Bank, and M&M.