Why EaseMyTrip Shares Are Surging 7% Today

Shares of EaseMYTrip surged up over 7% to hit an intraday high of ₹51.85 as the markets opened on Tuesday morning.

What Happened: The massive surge today comes as Minerva Ventures Fund acquired a 0.5% stake in the traveltech company. As per NSE data, the fund bought 90 lakh shares of the company at an average price of ₹48.75 per share in a bulk deal on Monday. The total cost of the deal was around ₹43.87 crore.

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Earlier in the day, the company unveiled its Leap Year Travel Sale, set to run from February 27 to March 5, 2024. This special spring sale promises extensive discounts across a plethora of travel services, including flights, hotels, bus tickets, cab rentals, and holiday packages. The initiative aims to inject an extra dose of adventure into travellers’ plans, offering irresistible deals to suit various preferences.

In financial news, the online travel services provider reported a notable 9.56% increase in consolidated net profit, reaching ₹45.68 crore in the third quarter ended December 31, 2023. Revenue from operations during the October-December period amounted to ₹160.79 crore.

The new-age tech stock has had an incredible start to the year. The stock has surged up over 25% on a year-to-date basis.

Price Action: EaseMYTrip’s share price was up 6.01% to trade at ₹51.15 in early trade on Tuesday.

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