Rolls-Royce reaches $63 billion valuation for the first time

Rolls-Royce Holdings Plc’s market value has hit £50 billion ($63 billion) for the first time, driven by strong demand for long-haul jet engines, as the stock continues its upward momentum, as reported by Economic Times.

The London-based maker of engines such as the Trent XWB for Airbus aircraft, saw its stock rise 3.2% on Tuesday, continuing its 97% gain this year.

Rolls-Royce’s stock has surged over sixfold since late 2022, outperforming all other companies on the Stoxx Europe 600 index. The companies sales have risen due to increased long-haul travel after the pandemic.