IRCTC shares hit four-digit mark ahead of India’s second private train launch
Shares of IRCTC today rose 2% to a new high of ₹1,005 on BSE, continuing their strong run since its market debut in October last year. The stock is up nearly three times its IPO issue price. Today’s jump in IRCTC share prices comes ahead of the tomorrow’s inaugural run of Ahmedabad-Mumbai Central Tejas Express, which will be operated by IRCTC.
“We would like to inform that Ministry of Railways has given its approval to IRCTC to operate 82901/82902 Ahmedabad-Mumbai Central Tejas Express (06 days a week). This train will have its inaugural run on 17th January, 2020 and will start its commercial run from 19th January, 2020,” IRCTC had said earlier this week in an regulatory filing.
IRCTC also operates Delhi-Lucknow Tejas Express.
IRCTC’s core business is spread across four verticals – railway catering, tourism services, online ticketing and packaged drinking water. It is the only authorized firm by the Indian Railways to provide these services in trains. Catering service is the largest contributor to IRCTC’s top line.
IRCTC had recently revised tariffs of standard meals on static units over Indian Railways.
IRCTC had reported a 14% jump in net profit at ₹172 crore for the half-year period ended September 30, 2019. Low floating stock and monopoly business are some of the reasons attributed by analysts for the strong run in IRCTC shares.
In noon trade, IRCTC shares were trading 1% higher at ₹995.25.
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