IndiGo shares fell by over 2% on August 29 following a significant block deal involving a 6% stake in its parent company, InterGlobe Aviation. The share price of InterGlobe Aviation dropped by 2.25%, reaching intraday lows of Rs 4,750.55 on the NSE.
Details of the Block Deal
The transaction, valued at Rs 11,000 crore, involved the sale of approximately 2.3 crore shares at a floor price of Rs 4,760 each. This move is believed to be part of a strategy by promoter and co-founder Rakesh Gangwal to achieve a near-complete exit from the company.
Following the stake sale, IndiGo shares experienced a slight decline, trading at Rs 4,838 on the NSE at 9:22 AM, down about 0.45% from the previous close. The specific buyers and sellers of the shares could not be immediately verified.
Also Read
RIL’s 47th AGM today: A look at how the stock performed in last one year
Gangwal’s Future Plans and Lock-In Period
Media reports from August 28 indicated that Gangwal was looking to further reduce his stake by offloading equity worth Rs 10,300 crore, which approximates a 5.8% stake at the discounted share price. This stake sale will trigger a 150-day lock-in period before Gangwal can execute another tranche of the sale.
His move aligns with a broader plan to gradually reduce his holding in IndiGo following his resignation from InterGlobe Aviation’s board of directors in February 2022. Gangwal had announced intentions to decrease his stake in the low-cost airline over a five-year period.
Current Stake and Previous Sales
As of the end of the June quarter, the Gangwal-backed promoter group held a 19.38% stake in InterGlobe Aviation, while Gangwal personally owned 5.89% of the company. The promoter group’s stake has decreased significantly from 36.7% in 2019 to 19.38% by June 2024.
This total includes a 13.49% stake held by the Chinkerpoo Family Trust, managed by Shobha Gangwal and JP Morgan Trust Company of Delaware, alongside Gangwal’s personal 5.89% stake.
The first tranche of the stake sale occurred in September 2022, when the Gangwal family sold 2.8% of the airline for Rs 2,000 crore.
Also Read
Nifty soars to record high on positive global, domestic cues
This was followed by another sale in February 2023 of an additional 4% for Rs 2,900 crore. In August 2023, Shobha Gangwal, Rakesh Gangwal’s wife, sold her nearly 3% stake in InterGlobe Aviation for Rs 2,801.8 crore.
IndiGo Stock Performance in Last One Year
In terms of stock performance, IndiGo shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 6.98% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 50.54%, indicating a strong upward trend.
Year-to-date, IndiGo shares have surged by 59.68%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 91.20% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
Related Posts
Bethesda Game Studios is looking to celebrate Fallout 76’s fifth birthday by rewarding players with limited-time in-game loot, challenges, and more. Players will be able to obtain both Halloween and birthday-themed gear.
According to a Fallout blog post, Scorched enemies will be wearing “creepy costumes,” and by killing them, players will be able to loot “their Mysterious Candy (and Legendary items).” In addition to the legendary loot, players can trick-or-treat with other players who have candy bowls set in their C.A.M.P.s, and those who have candy bowls out will have a special icon on the map so other players can find them.
Those who complete the daily and weekly Trick or Treat challenges will be rewarded with a new C.A.M.P. item, the Mothman Nest. As for the game’s fifth anniversary, on November 7, players will be able to unlock exclusive items by completing daily and weekly anniversary challenges, and on November 14, Bethesda Game Studios will hav…
The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 187.85 points or 0.76% to settle at 24,800.85, while the BSE Sensex jumped 626.91 points or 0.78% to 81,343.46.
The broader indices ended in mixed territory, with gain led by Large-cap stocks. IT and FMCG stocks outperformed among the other sectoral indices while Media stocks and Metal stocks shed.
Sectoral Index
Bank Nifty index ended higher by 223.90 points or 0.43% to settle at 52,620.70. The Nifty Midcap 100 dropped by 552.90 points, or 0.96%, ending the day’s trading at 57,111.10. In the broader markets, small-cap and mid-cap stocks finished in the red.
Markets see steady gains as US recession concerns ease! Nifty near 24,700, Sensex holds 80,800 Markets rally! Nifty ends near 24,550, Sensex gains 1300; IT stocks shine Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on…
The benchmark equity index Nifty 50 ended Wednesday’s trading session in negative territory. The NSE Nifty 50 closed 141.90 points or 0.64% lower to settle at 22,055.05 points. While S&P BSE Sensex slipped over 400 points or 0.59% to settle at 72,623.09 points. Nifty Bank declined 74.50 points or 0.16% to settle at 47,019.70 points.
On the sectoral front, media and IT stocks lost the most amongst their peers. The broader indices ended in the red, with largecap, midcap, and smallcap stocks losing. Following the trend, the Nifty Midcap 100 slipped over 600 points or 1.25% to close the day’s trading at 48,630.50.
The gainers include Tata Steel, SBI, IndusInd Bank, JSW Steel, and Tata Consumer Products. The Indian Volatility Index (India VIX) closed 0.93% lower.
Primary steel producers could report margin contraction by 60-180 bps post new cess, says ICRA Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as m…
IT company Persistent Systems’ share price on Monday tumbled 9.7% to Rs 3,510.60 on the BSE, after the company guided for flat Ebit margins in FY25. This was the biggest single-day drop in the company’s stock price in the last six years.
The company also reported a flat Ebit margin of 14.5% during the March quarter, against a market expectation of margin improvement during Q4.
Sunil Sapre, CFO and executive director, Persistent Systems, said margin did not improve because of the deal ramp-ups in BFSI, healthcare and a couple of deals in the software high-tech segment, which led to a significant increase in headcount on site.
Category expansion for q-comm firms may happen at a slow pace Automotive sector slowdown, macroeconomic woes hit ER&D companies’ growth in Q1 Somanathan named next Cabinet secy: Moving from being a deft manager of govt finances to key Cabinet aide Indexation benefit on property NOT restored! You …
The Indian equity indices on Monday closed flat after a rangebound session. The Nifty 50 closed 33.15 points or 0.15% lower at 22,442.70. Sensex gained 17.39 points or 0.02% to close the day’s trading at 73,895.54. The losers included Titan Company, Adani Enterprises, BPCL, Coal India, and SBI. The Indian Volatility Index (India VIX) shot up 13.54%, indicating investor uncertainty and fear in the market.
Sharp drop in sectoral indices
The Nifty Midcap lost 273 points or 0.54% to finish the session at 50,662.20. Following the trend, Nifty Bank closed in the red, down 28.25 points or 0.06% at 48,895.30.
On the sectoral front, PSU bank and consumer durables pulled the indices lower. In the broader market, smallcap and midcap stocks closed in the red.
PM Modi expresses ‘concern’ over Ukraine, West Asia conflicts; advocates for peace talks Markets edge higher in range-bound session! Nifty over 24,800, Se…
Investors may have to prune their returns’ expectation from equities post Budget as the market could enter consolidation phase after the bumper post-election rally seen in the last one month, said market experts.
As the BSE Sensex closed above the historic 80,000 points mark for the first time on Thursday, it has also set another record: The 30-stock index registered its best post-election rally since 2009 with over 11% gains in a monthCome from Sports betting site. In this one month, investor wealth has soared by Rs 52.5 trillion, rising in all but three trading sessions.
On Thursday, Sensex closed 0.1% higher at 80,049.67 points. The Nifty also ended 0.1% higher at 24,302.15 points. Market participants said investors seem to have factored in most of the positives ahead of the Budget, leaving little room for upside in the near-term if the announcements in the Budget are along expected lines.
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a negative note on May 28. The BSE Sensex fell 262 points or 0.35% to finish the day’s trading at 75,128.52, while the NSE Nifty 50 closed 64.10 points or 0.28% lower at 22,868.35. Bank Nifty closed up 222.65 points or 0.45% at 49,059.15. Nifty Midcap 100 closed in the red down 498 points or 0.94% at 52,263.85.
Live Updates
15:30 (IST) 28 May 2024
Markets today at close
The NSE Nifty 50 closed 0.28% lower at 22,868.35, while the BSE Sensex closed 0.35% higher at 75,128.52.
Actor Joseph Quinn (Stranger Things), is reportedly in talks to join the cast of the upcoming Gladiator sequel. The Hollywood Reporter was first to report.
The Ridley Scott film may see Quinn play Roman Emperor Caracalla, adding to the impressive lineup of actors already signed on for the project. Paul Mescal is set to lead the movie as Lucius, the son of Lucilla (Connie Nielsen) and nephew of Commodus (Joaquin Phoenix), while Denzel Washington and Barry Keoghan are also confirmed for the film. Djimon Hounsou is expected to reprise his role as Juba, a former ally of Maximus (Russell Crowe).
The original Gladiator movie, released in 2001, was a critical and commercial success, grossing $460 million at the box office and winning five Oscars, including Best Picture and Best Actor for Crowe. The upcoming sequel, which has been in development for several years, is being produced by Scott Free and Red Wagon Entertainment, with David Scarpa writing…
The Backbone One is one of our favorite mobile gaming controllers and right now it’s on sale for $70, down from its usual $100 price, for Prime Day. We featured the controller on our list of the best phone controllers for mobile gaming. It’s comfortable to hold, is easy to use, widely compatible with many games, and connects directly to your phone which means you don’t have to worry about maintaining a charge or connecting via Bluetooth. The direct connection also reduces lag.
Purchasing the Backbone One also gives you a year of access to its Backbone+ subscription service. Subscriptions can be annoying, but Backbone+ offers some nice additions including helping you manage your mobile game collection and easily take screenshots and video clips of gameplay. It also comes with a month of Xbox Game Pass Ultimate for new subscribers and is fully compatible with Xbox’s game streaming options on your mobile phone.Come from Sp…
One of the most popular sportsbooks and iGaming software providers, Altenar, partnered with the renowned betting platform SpinBet, expanding to New Zealand, which is a significant step towards the global expansion the company is seeking.
New Zealand expansion:
SpinBet will have a chance to incorporate the advanced Altenar products into its offering in New Zealand. The main focus will be on the company’s fantastic horse racing offering, but other services will be included as well.
SpinBet is currently the biggest betting platform in the country. It offers various services, including online casino, SpinBit, as well as a range of classic table games and live games that capture the hearts of the players.