EaseMyTrip forays into insurance sector, stock surges 19%
Online travel platform EaseMyTrip, operated by Easy Trip Planners Ltd., saw its shares skyrocket over 19% today, after announcing its entry into the insurance sector. The company aims to diversify its services and tap into the insurance market by launching a subsidiary called EaseMyTrip Insurance Broker Pvt. This new venture will create specialized products to cater to customer needs in the massive Rs. 7.9 trillion market.
New venture aims to solidify position in industry
The introduction of EaseMyTrip Insurance Broker is set to bolster the company's standing in the industry, utilizing its 20 million user base to make a splash in the insurance market. This news comes on the heels of EaseMyTrip's recent decision to halt flight bookings to the Maldives due to diplomatic tensions between India and the island nation. The company's stock surged as much as 19.32% to hit Rs. 52.80 on the NSE, before settling at Rs. 51.80.
Analysts' recommendations and stock performance
However, analysts remain cautious about Easy Trip Planners Ltd.'s stock performance. According to Bloomberg data, one analyst recommends a 'hold' while another suggests a 'sell.' The average 12-month consensus price target indicates a potential 4.2% downside. Over the past year, the stock has dropped 5.14%. So far in January, the stock has climbed 27.74%.
