Ixigo Share Price Hits Near Two-Month High After Launching 'Travel Guarantee' Feature

Share price of Le Travenues Technology Ltd., which operates Ixigo, surged to the highest level since Oct. 21 after it launched 'Travel Guarantee’, in which users with waitlisted train tickets will get a refund of three times the fare amount.

This ensures that passengers with unconfirmed waitlisted tickets at the time of chart preparation receive a 3 times refund of their fare, providing them the flexibility to make last-minute bookings through alternative modes of transport, such as flights and buses, an exchange filing said.

As a part of this feature, passengers can opt for the ‘Travel Guarantee’ feature at a nominal charge for selected trains and classes booked via Ixigo Trains. If the ticket remains waitlisted at the time of chart preparation, full refund of the ticket fare will be credited to the original payment mode and two times of the amount will be refunded as a Travel Guarantee Coupon, redeemable on flight, train or bus bookings on Ixigo.

With offerings like free cancellation, food on train, travel guarantee ensuring 3 times refunds on unconfirmed seats and instant refunds, Ixigo continues to solidify its position as the ultimate app for seamless, innovative, and reliable train travel experiences, it said in the filing.

Its rival, MakeMyTrip, already has a similar feature. The maximum permissible value for the refund is Rs 6,000 on both the platforms.

The scrip rose as much as 5.12% to Rs 162.75 apiece, the highest level since Oct. 21. It pared gains to trade 4.3% higher at Rs 161.5 apiece, as of 3:10 p.m., compared to a 0.6% decline in the NSE Nifty 50.

Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 68.67.

The one analyst tracking the company has a 'buy' rating for the stock, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 4.7%.