New Delhi, Dec. 24 -- IndiGo share price experienced a sharp rise of 5 per cent in intra-day trade on Tuesday, December 24, driven by a bullish call from domestic brokerage Elara Securities.

The brokerage house, in a report dated December 21, upgraded IndiGo's rating to 'Buy' from 'Sell' and raised the target price to Rs.5,309, indicating a 20 per cent upside from the last close of Rs.4,440.50. Elara sees IndiGo as a key beneficiary of the growth in India's aviation sector.

At 1.42 pm, IndiGo share price was trading in the green, up 3.60 per cent on the BSE.

The aviation industry is expected to grow at a compound annual growth rate (CAGR) of 12 per cent between FY25 and FY28, supported by capacity expansions and new infrastructure proj...