IRCTC India shares witness a rise, price three time more than IPO price

IRCTC's shares witnessed a price surge just a few days before the announcement for the second-quarter earnings. The price noticed an increase of 6% as it reached the day's high of Rs. 933.

Indian Railway Catering and Tourism Corporation is a part of the Indian Railways which takes care of the catering, tourism and online ticketing operations. It is the world’s second-busiest platform, with an average of 500,000 to 600,000 ticket bookings per day.

The price rise in shares

IRCTC witnessed an increase of 6% in the market share prices as the price reached Rs.933, making it the day’s high on the Bombay Stock Exchange while the broader market was much lower. The state-owned IRCTC made its debut on October 14, and since then, the price has tripled. The issuing price of the share was Rs.310.

IRCTC is expected to announce its second-quarter earnings later this week on 13th November. It was reported that about 32,13,812 shares of IRCTC were exchanged on the National Stock Exchange of India, according to the official website. IRCTC shares reached a 52-week high of Rs.953 on 24th October.

IRCTC Tejas Express and its superfast profits

The Tejas Express of Indian Railways has made a profit of around Rs. 70 lakhs till October as it earned a revenue of Rs. 3.70 crores from the ticket sales made by IRCTC. The Lucknow-Delhi Tejas Express is the part of the railway’s plan of developing 50 stations matching up to the world-class standards. Along with this, about 150 private passenger train operators will be allowed to run these trains on the network.

The government is planning to deprive a 25% stake in the RailTel Corporation with the help of an Initial Public Offering (IPO). They have been keeping an eye out for advertising agencies to look after the listing process. This IPO is expected to begin in January 2020. RailTel is one of the largest neutral telecom infrastructures within the country as they own an optic fiber network along the railway tracks.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Leave a reply

Please enter your comment!
Please enter your name here