Interglobe Aviation share price rose 2 percent in the early trade on June 8 after the company said it expects air travel demand to gain "further momentum" by early July.
In the press release, the country's largest airline also emphasised that managing cash position remains its primary focus. The airline's daily cash burn rose to Rs 19 crore in the March quarter and is expected to increase further in the June quarter, PTI reported.
During an analysts' call to discuss the March quarter results, IndiGo Chief Executive Officer Ronojoy Dutta said the carrier was working on securing credit line from lenders and entering into sale and leaseback for new aircraft.
Dutta said the airline is expecting the February traffic level to be back by the third quarter of this year.
Foreign broking house Credit Suisse has maintained outperform call on the stock on positioning, structural cash flows & opportunity. It kept a target at Rs 2,100 per share.
The consolidation is playing out, while competitors pulling back passenger capacity driven by losses/lessors disputes, said broking firm.
It sees 15 percent CAGR for FY21-30 taking the company to 450/870 planes by FY25/30
The company registered a consolidated year-on-year net loss of Rs 1,147 crore in the fourth quarter of FY 2020-21 versus a loss of Rs 8,70.8 crore in the year-ago period.
The revenue from operations dropped 25 percent to Rs 6,222 crore in the March quarter as against Rs 8,299 crore in the corresponding quarter in the previous year.
At 10:10 hrs, Interglobe Aviation was quoting at Rs 1,772.75, up Rs 19.15, or 1.09 percent on the BSE.
The share touched a 52-week high of Rs 1,850.65 and a 52-week low of Rs 873.10 on 07 June, 2021 and 30 July, 2020, respectively.
Currently, it is trading 4.59 percent below its 52-week high and 102.23 percent above its 52-week low.