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What: Shares of MakeMyTrip Limited (NASDAQ:MMYT) were soaring today, up as much as 13% after a strong earnings report earlier in the week, and optimism about a change in India's political leadership set to begin Monday.
So what: The Indian online travel merchant jumped 20% on Wednesday after its $0.01 per-share loss was narrower than the consensus at $0.05 per share. Revenues, meanwhile, jumped 30.7%, to $28.5 million, well ahead of estimates at $24.5 million. Guidance was also better than expected. Today's jump was a bit curious, however, as yesterday shares only edged up about 2%.
Now what: Indian stocks have been riding higher, in general, this week, following the election of Narendra Modi as Prime Minister last week. Modi is seen as seen as being friendly toward business and the free market, and will be sworn into the office on Monday, a market holiday in the U.S. Shares of MakeMyTrip finished up 5% after a mid-day spike on a volatile trading day, as today's gains seem to be driven by a combination of the travel company's strong earnings report, and excitement for the Modi administration.
Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.