Leading online travel platform, EaseMyTrip, operated by Easy Trip Planners Ltd., witnessed a remarkable surge of over 19% in its stock today following the announcement of its foray into the insurance sector.
In a strategic move to diversify its services, the company has launched a subsidiary named EaseMyTrip Insurance Broker Pvt. This new venture is poised to offer specialized insurance products tailored to meet the diverse needs of customers in the extensive Rs. 7.9 trillion insurance market.
The introduction of EaseMyTrip Insurance Broker aims to strengthen the company’s position within the industry, leveraging its substantial 20 million user base to make a significant impact in the insurance landscape.
This development follows EaseMyTrip’s recent decision to suspend flight bookings to the Maldives due to diplomatic tensions between India and the island nation. Despite this, the company’s stock experienced an impressive surge, reaching Rs. 52.80 on the NSE before settling at Rs. 51.80.
While the market responded positively to the news, analysts maintain a degree of caution regarding 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. Despite a 5.14% drop in the stock over the past year, January has seen a notable climb of 27.74%.