Pfizer’s COVID-19 vaccine boosts share price of Uber, MakeMyTrip

Pfizer’s COVID-19 vaccine news has lifted the share price of companies like Uber and MakeMyTrip and given a boost to the travel segment with hopes that normalcy will return soon

The announcement of a COVID-19 vaccine, jointly developed by Pfizer and BioNTech, which has 90 percent effectiveness, has boosted the share prices of companies like Uber, MakeMyTrip, and other travel-related firms as the stock movement of this segment was quite depressed ever since the start of the pandemic.

MakeMyTrip, the leading online travel company founded by Deep Kalra and listed on the Nasdaq, saw its stock rising by 16 percent on Monday to close at $23.20. Around six months ago, in the month of May, the stock was trading around the $13 level.

Similarly, global ride hailing app Uber's stock rose by 7.38 percent on Monday to close at $48.18, which was more than its IPO price of $45, and it was for the first time since June 2019, the month after the company went public.

MakeMyTrip Founder Deep Kalra

Uber’s rival Lyft also saw its share price rise by 22 percent on Monday.

The US stock markets, which has been on a bull run ever since president-elect Joe Biden defeated incumbent Donald Trump in the 2020 United States presidential elections, also saw the share prices of airline and cruise companies soaring on Monday primarily boosted by the vaccine news.

However, Zoom Video Communication took a hit on Monday as its stock price declined by 17.37 percent on the US stock markets. This was primarily seen as a reaction to the vaccine news where the expectation is that people would start to travel again and have meetings in person rather than on video communication.

Zoom stocks have been on an upward trend ever since the COVID-19 pandemic spread across the world. In the month of May, the stock was trading around $166 level and touched $568.34 in October, before closing at $413.24 on Monday.

Mirroring the trend of the US stock market, Indian stock exchanges like BSE and NSE have been on the upward curve. The Nifty 50 was up by 108 points during the morning trade, while the BSE Sensex rose by more than 400 points.

Stocks like Interglobe Aviation, which was operates Indigo Airlines, was up by more than 5 percent during the early morning trade.

Edited by Megha Reddy