IRCTC Share Price: Indian Railway Catering and Tourism Corporation or IRCTC share price broke psychological level today ₹5000 levels and . climbed to the summit of a new lifetime of ₹5,398. IRCTC shares open with today’s gains ₹76 and went on to climb to its new peak, registering an intraday gain of around 8.50 per cent. However, stock market experts are still bullish on Indian Railways PSU stock and expect it to take a hit. ₹5800 level in the immediate short term.
According to stock market experts, the share price of IRCTC is expected to rise further as train ticket bookings have almost doubled during the July to September 2021 quarter. This is expected to be reflected in the strong quarterly numbers as IRCTC has a near-monopoly business in online train ticket booking. Apart from this, the company is also diversifying into the hospitality segment, which is also fueling the share price rally of IRCTC.
Speaking on the immediate reason for the rise in IRCTC share price; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “The immediate rise in IRCTC shares is a 100 per cent rise in railway ticket bookings in the July-September 2021 quarter. Since IRCTC has almost a monopoly in online Indian Railways ticket booking, it is the same as IRCTC. Expected to be reflected in strong Q2 results.”
Echoing the thoughts of Avinash Gorakshakar; Ravi Singhal, Vice Chairman, GCL Securities, said, “IRCTC is aggressively focusing on its hospitality business. It is forging new tie-ups with hotel, travel and travel service providers and local food suppliers. The chain is also paying special attention. Business in running trains. Besides, IRCTC has tied up with airlines as well. Hence, the market is again reassuring that in the times to come, it will be Indian Railways’ e- There will be no ticket booking platform. Emerge as an A to Z hospitality service provider.”
advising new investors to buy at current levels; Sumeet Bagdia, Executive Director, Choice Broking said, “IRCTC shares have found strong support at the bottom ₹5000 levels. Those who have this stock in their portfolio should continue to maintain the trailing stop loss over the counter ₹can go up to 4950 ₹from 5500 ₹5800 in the immediate short term. Can take new position in counter at current levels, maintain stop loss ₹4950.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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