Nomura starts India's InterGlobe Aviation with 'buy'

** Nomura initiates coverage on India's Interglobe Aviation INGL.NS with "buy", citing long-term growth in country's aviation sector

** Sets price target of 6,000 rupees, implying an upside of 20.4%

** Says India's aviation market, which has grown 6% to 7% CAGR over the past decade, is poised for further growth due to steady demand
** Lower air-traffic penetration, rising incomes, government's accessibility push and rising domestic and international tourism are factors supporting demand, Nomura says
** Says INGL, which operates India's budget IndiGo airlines, has potential to capture the structural demand

** Nomura says best-in-class cost structure and order book cement INGL's domestic dominance and fuel international expansion

** Stock last up 1% to 4,982.10 rupees

** Stock rated "buy" on avg by 24 analysts, with median PT of 5,800 rupees - data compiled by LSEG

** Stock down 2% YTD, outperforming 14% drop in Nifty 50 index .NSEI