IRCTC share price hits 5 per cent upper circuit in Wednesday’s trade to Rs 1,194 apiece on BSE. The stock had touched a 52-week high of Rs 1,994 on February 25 this year. Meanwhile, Indian Railway Catering and Tourism Corporation (IRCTC) has announced to suspend the operations of its three private trains, namely Varanasi-Indore Kashi Mahakal Express, IRCTC Lucknow-New Delhi Tejas Express and IRCTC Ahmedabad-Mumbai Tejas Express till April 30, 2020, in the wake of rising coronavirus cases in India. IRCTC shares were listed on bourses on October 14, 2020, at a listing price of Rs 644 per share. While the issue price of IRCTC shares was Rs 320 per share.
In less than 5 months, IRCTC share price jumped more than 200 per cent from its listing price. In the previous fiscal, IRCTC delivered more than 52 per cent return to the investors. However, the stock price is still 40 per cent down from its record high of Rs 1,995. It has gained nearly 16 per cent in April so far. It has also been conferred the status of Mini Ratna by the government of India. “Despite near term challenges, we believe IRCTC is best placed to bounce back once COVID fear resides as structural levers remain intact. The stock looks attractive from long term. Retain BUY,” Prabhudas Lilladher said in its research note.
IRCTC posted a 179.65 per cent on-year rise in the profit at Rs 205.80 crore in the third quarter of the financial year 2019-20, as compared to a profit of Rs 73.59 crore in the corresponding quarter of last year. IRCTC has also declared an interim dividend of Rs 10 on face value of Rs 10.
Meanwhile, the total number of coronavirus cases in India have surpassed the 5000-mark, including the death toll of 149. According to the latest data provided by the Union Health Ministry, there are 4,643 active cases and 401 patients have been cured or discharged so far in India in India.