IndiGo share price jumped 2.76% to Rs 2499.95 today after the company announced a mega aircraft order for 500 Airbus A320 family planes, the largest-ever order placed by an airline in one go anywhere in the world. InterGlobe Aviation has dwarfed Air India’s February order for 470 Airbus and Boeing planes with this order. The company signed a purchase agreement at the Paris Air Show. “This will provide IndiGo a further steady stream of deliveries between 2030 and 2035… The engine selection for this order will be done in due course and so will be the exact mix of A320 and A321 aircraft,” IndiGo said in a statement.
IndiGo currently operates over 300 aircraft and has previous orders totalling 480 aircraft. With this additional order of 500 aircraft for 2030-2035, IndiGo’s order book has almost 1000 aircraft yet to be delivered. This IndiGo order-book comprises a mix of A320NEO, A321NEO and A321XLR aircraft.
IndiGo Technical outlook
“Indigo witnessed a symmetrical triangle pattern breakout on the weekly charts at 2150 levels which catapulted the stock towards 2400 levels. After making fresh lifetime high levels the stock triggered a bearish harmonic alt shark pattern on the weekly charts which is a reversal pattern in nature. The pattern suggests a fall to 2150 levels once the stock closes below 2350 levels. So far, the stock is trading above its major swing high levels which is keeping the buying interest intact in the stock with multiyear ascending trendline resistance at 2550 levels. At current prices, the risk reward is not suitable for fresh buying and existing shareholders should book partial profit on account of bearish harmonic pattern,” said Gaurav Bissa, VP, InCred Equities.
InterGlobe Aviation (IndiGo) shares have risen 8% in the last one month and nearly 60% in the last one year. The stock touched a 52-week high of Rs 2,499.95 on 20 June 2023 and a 52-week low of Rs 1,513.30 on 20 June 2022. At the current market price of Rs 2448.60 per share, the company’s market capitalization stands at Rs 94,405 crore.