Indigo has been having quite a run on the bourses for the past two days, going up 4.5% and today it opened with a gain of 2% at Rs.1493.35. The stock has gone up over 4.5% to Rs.1530 today. Its 52-week high is at Rs. 1716.
The market is thrilled to bits with its Q2FY20 performance. Thanks to Jet Airways getting grounded, the company posted a 43 times surge in net profit at Rs.1203 crore on a revenue of Rs.9420 crore. Its capacity increased from 30% to 45%.
EBITDA for the quarter was at Rs.2778 crore v/s Rs.1130 crore and margins showed a fantastic jump from 17.4% to 29.5%.
Also, on the ongoing Board room squabble, the company on Saturday said that it has decided to amend the Articles of Association of the Company (“Articles”) for expanding the Board upto a maximum of 10, including 4 Independent Directors. The decision to expand the board is apparently based on a demand from Gangwal.
So there is some hope now that the Bajaj and Gangwal might soon reach a resolution of some kind; at least a beginning seems to have been made.