IRCTC share price jumps 460% against issue price; hits fresh record high; check stock movement so far

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Updated: February 19, 2020 12:16:07 PM

Since Budget 2020, IRCTC shares have rallied 45.3 per cent. On Budget day the IRCTC share price closed at Rs 1,237 apiece on BSE.

IRCTCIRCTC has also declared an interim dividend of Rs 10 on face value of Rs 10. IRCTC made its market debut on October 14, 2019.

IRCTC share prices rose as much as 9.6% to hit a fresh record high of Rs 1,798 apiece on Wednesday ahead of the commercial run of Kashi Mahakal Express from Thursday, February 20. Last week, IRCTC posted a 179.65 per cent on-year rise in the profit at Rs 205.80 crore in the quarter ended December 31. The company had posted 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. Around 12 noon, IRCTC shares were trading 8.17 per cent higher at 1773.15 apiece on BSE.

IRCTC made its market debut on October 14, 2019. With today’s rally, IRCTC has zoomed 462 per cent as against its issue price of Rs 320 per share, while 179 per cent from its listing price of Rs 644 per share on the BSE. The upcoming Kashi Mahakal Express will run between Indore and Varanasi. It will connect three Jyotirlinga shrines – Omkareshwar, Mahakaleshwar, and Kashi Vishwanath. Currently, IRCTC operates Tejas Express on the Lucknow-Delhi route and on the Mumbai-Ahmedabad route. Since Budget 2020, IRCTC shares have rallied 45.3 per cent. On Budget day the IRCTC share price closed at Rs 1,237 apiece on BSE.

It has also been conferred the status of Mini Ratna by the government of India. “IRCTC is a monopolistic entity authorised to provide packaged drinking water, catering, and online ticket booking services to passengers travelling by Indian Railways. It has a dominant position in online rail bookings/packaged drinking water with nearly 73%/45% market share respectively,” Prabhudas Lilladher said in a research note last month.

IRCTC’s revenue from operation increased 64.59 per cent to Rs 715.98 crore in the quarter ended December 31 and the same increased 39.5 per cent sequentially. Profit before tax was Rs 270.41 crore in the third quarter of this fiscal compared to Rs 112.41 crore in the corresponding period of last year.

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