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Shares of InterGlobe Aviation Limited scaled fresh record high on April 10 by trading 5 percent higher at Rs 3,801 apiece during afternoon trade, thus extending their gains for fourth day in a row.

Wednesday's gains made the carrier world's third largest airline in terms of market capitalisation. The 22 percent rally in the last one month has taken the stock of InterGlobe Aviation, the operator of IndiGo airline in India, to over Rs 1,46,000 crore ($17.5 billion) in total value, Bloomberg data showed.

In December 2023, it surpassed United Airlines to become the sixth largest airline in the world. Data shows that Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap, respectively.

In late March, multiple brokerages rolled out strong growth forecasts for the low-cost carrier after its analysts meet. "We maintain our positive stance on IndiGo considering strong growth prospects of the Indian aviation industry, share gains in international travel, efficient cost structure and operational excellence," UBS said, as it retained its "buy" call on the stock.

CICI Securities holds a bullish outlook on InterGlobe Aviation, citing favorable demand-supply dynamics and the company's robust position in various aspects including its balance sheet strength, market share, management capabilities, and order book.

The brokerage noted that with IndiGo successfully meeting its FY24 targets across all fronts, the airline is now aiming for early double-digit growth in capacity and passengers for FY25. It has assigned a price target of Rs 4,009.

At 3:04 pm, the stock was trading at Rs 3,798, up 4.5 percent from the previous close on the NSE. The share price has surged a massive 99.7 percent in the last 1 year.