RateGain Travel Gains Most In Five Weeks On Deal With Air India For Airfares
Tata Group-controlled Air India has selected SaaS firm RateGain Travel Technologies to provide real-time flight ticket prices.
Shares of RateGain Travel Technologies Ltd. surged the most in more than five weeks after Air India selected the software-as-a-service provider for real-time pricing of airfare.
The carrier has selected AirGain to dynamically adjust prices with real-time, accurate, and high-quality airfare data to compete globally with leading airlines, according to RateGain's exchange filing.
"As fuel prices and inflation continue to increase costs for airlines, travelers are becoming cost-conscious and looking for the best airfares. This pressure on costs as well as traveler preference is creating a need for pricing data that will allow Air India to accurately understand market shifts, monitor competitive strategy and understand the right price each time," the filing said.
The company's Founder and Chairman Bhanu Chopra said AirGain represented change that the airline industry and its pricing teams were making to counter global volatility.
Shares of RateGain jumped more than 13% in intraday trade on Wednesday before closing with 8% gains, the best day in over five weeks. The stock—that listed on Dec. 17, 2021—has fallen 9% in the last eight months compared to 5.65% gains of the Nifty 50.
The stock gained for the third session in a row, up nearly 12% over the period. The trading volume was nearly five times the 30-day average, when markets closed. The scrip has crossed above 100-day moving average on high volume.