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Indian Railway Catering and Tourism Corporation (IRCTC) makes outstanding debut on stock markets

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Indian Railway Catering and Tourism Corporation made a remarkable debut on stock markets on Monday. IRCTC is a government-run company and authorized by Indian Railways to provide catering services to railways, online railways tickets in India. In the last two years, IRCTC reported a 10.3% annual growth. The stock of the company this morning was trading up 103% from its issue price on BSE.

The IRCTC raised ₹645 crores in its Initial Public Offering, which was subscribed 112 times at a price band of ₹315- ₹320 per share between 30th September and 4th October. This morning, the stock was trading at ₹652.15 on BSE, up 103.80% from its issue price. In the 2019 fiscal year, the company reported revenues of ₹1,868 crores. It is the only company authorized by the Indian government for catering in Indian Railways.

Currently, IRCTC operates in four business segments which include, online tickets, catering, packaged drinking water under the Rail Neer brand, and travel tourism. However, the company has expanded its operations into other businesses, which include non-railway catering and services such as e-catering, executive lounges, and budget hotels.

The website of the company is one of the largest as it records 7 million logins per day. IRCTC handles 2.5 crore transactions per month. The stocks are currently listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Catering services contributed 55% while internet ticketing, packaged drinking water, and tourism contributed 12%, 9%, and 24% respectively to this year’s revenues.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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