IRCTC share: Indian Railway Catering and Tourism Corporation (IRCTC) share price witnessed sharp upside after an hour of stock market’s opening on Tuesday. After gap down opening in early morning deals, IRCTC shares witnessed sharp buying interest at around ₹680 apiece levels and the stock soon hit an intraday high of ₹707.40 per share on NSE, logging an intraday gain of around 4 per cent during Tuesday deals.
IRCTC share price outlook
Speaking on reason for sharp upside in IRCTC shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Last week, IRCTC had informed Indian exchanges that it would levt zero convenience fee if ait tickets are booked from its app or website. This has gone down well among the market bulls and they are expecting some spike in air ticket booking due to this announcement.
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IRCTC share price target
Advising IRCTC shareholders to hold the stock further, Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC shares are looking sideways to positive on chart pattern. The stock may become highly bullish once it breaches its current hurdle placed at ₹725. On breaching this hurdle, we may see IRCTC shares around ₹750 apiece levels in near term.” However, Sumeet Bagadis advised strict stop loss at ₹675 apiee levels while holding the stock for ₹750 per share target.
IRCTC news
Buying interest in the IRCTC stock has come after the recent exchange filing by the Indian Railways’ PSU in which it has reported Indian exchanges about its offer for air passengers. As per the latest offer by IRCTC for air passengers, one can book air ticket on IRCTC app or website without any convenience fee.
IRCTC informed Indian stock market bourses about its latest offer for air passengers citing, “In compliance with the Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find the enclosed herewith Press Release on “Book your Air Tickets with IRCTC at Zero convenience fees and also avail attractive discounts on card transactions”.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 03 Oct 2023, 02:34 PM IST