IndiGo shares rise 5%, hit record high. Here's why

The company first placed this order with Airbus in September as part of its 2019 order of 300 aircraft. It also placed a record 500-aircraft order with Airbus in June.

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Meanwhile, the rise in also comes amid reports that the company has hiked the airfare by 20–25%. The airline company has increased the fares on prominent routes by up to 25%. The steep fare hike is due to the cancellation of Vistara flights, which has added to heavy demand.

At 2:34 am, the stock was trading 4.5% higher at Rs 3,795 on BSE. Additionally, it has surged nearly 27% year-to-date and 99% over the past year.

As per Trendlyne data, the average target price of the stock is Rs 3,559, which shows a downside of 6% from the current market prices. The consensus recommendation from 21 analysts for the stock is a 'Buy'.

In technical terms, the relative strength index (RSI) of the stock is currently at 73, indicating that the stock is trading in overbought territory. Additionally, the MACD is at 100.2, surpassing both its center and signal line, which is considered a bullish indicator.

stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs).

In Q3 FY24, Interglobe Aviation reported a consolidated net profit of Rs 2,998 crore, which is up 111% from Rs 1,423 crore posted in last year's quarter. Its revenue from operations during the reporting period increased 30% year-on-year (YoY) to Rs 19,452 crore.

The company's EBITDAR (earnings before interest, tax, depreciation, and rent) jumped 61% YoY to Rs 5,475 crore. It was Rs 3,399 crore a year ago.

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