Buy InterGlobe Aviation, target price Rs 1840: Edelweiss

Edelweiss has buy call on InterGlobe Aviation with a target price of Rs 1840. The current market price of is Rs 1713.55.

InterGlobe Aviation Ltd., incorporated in the year 2004, is a Large Cap company (having a market cap of Rs 66169.88 Crore) operating in Airlines sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 5142.77 Crore, up 69.77 % from last quarter Total Income of Rs 3029.20 Crore and down -50.22 % from last year same quarter Total Income of Rs 10330.17 Crore. Company reported net profit after tax of Rs -620.14 Crore in latest quarter.

Investment Rationale
The stock had been an underperformer till date. Current close has ensured the formation of a higher top. Current close has also ensured a follow through to the Triple Top Breakout.

Promoter/FII Holdings
Promoters held 74.9 per cent stake in the company as of Dec 30, 2020, while FIIs held 17.3 per cent, DIIs 5.6 per cent and public and others 2.2 per cent.

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