India News
Search Web Directory
News Home
On fast track: IRCTC shares make stellar debut with 128% listing gains
Posted on 15th October 2019
Shares of state-owned mini ratna Indian Railway Catering and Tourism Corporation (IRCTC) made a stellar debut on Monday with listing gains of 128%. The stock ended the day at `728, which is more than double its issue price of `320. At closing, the newly-listed company’s market capitalisation stood at `11,658 crore, which makes it more valuable than other leading listed financial companies. This is the best listing in two calendar years, even as five other companies have clocked listing gains over 100%, including Avenue Supermarts, which had jumped 114% on the listing day. IRCTC is a monopoly and provides catering services to Indian Railways, sells tickets online and packaged drinking water.

Analysts believe the company could generate robust returns over the next few quarters as revenue growth could be higher, following the reinstatement of convenience fee on online booking of train tickets. “In addition to a unique business model and a monopoly situation, the reinstatement of convenience fees on online ticket booking would give the company a strong revenue growth over the next 1-2 years,” said Siddhartha Khemka, vice-president and head of retail research, Motilal Oswal.

According to data from the BSE, the stock closed about 7% away from its upper circuit limit of `772.8. The market capitalisation of the company stood at `11,590.4 crore.

Analysts also believe that the surge in the stock price is fundamentally due to a mismatch between demand and supply. “The stock has witnessed too much demand for an issue size, which is relatively small leading to the shares to surge,” added Khemka. The government sold 12.5% of its stake in the company to raise nearly `645 crore. The IPO, which opened for subscription on September 30 and ended on October 3, comprised an offer for sale (OFS) of 2.01 crore equity shares. On the final day of its bidding, the issue was subscribed by 112 times. Qualified institutional buyers (QIBs) and non-institutional investors (NII) segment was subscribed by 108.79 times and 354.52 times, respectively, showed combined data on exchanges.

However, experts believe that most of the positive factors like IRCTC’s monopoly situation and strong revenue growth projections have already been factored in and any trades further would be at a premium. “The stock currently is over-valued and is trading at a premium of 40x its FY19 EPS,” said Arun Mantri, technical and derivative analyst, Karvy Stock Broking.

Related Companies: The Indian Railway Catering and Tourism Corporation Limited (IRCTC)   

Other Latest News
United Airlines sending layoff notices to nearly half of its US employees
Posted on 9th July 2020
United Airlines will send layoff warnings to 36,000 employees - nearly half its US staff - in the clearest signal yet of how deeply the virus outbreak is hurting the airline industry.

The outlook for a recovery in air travel has dimmed in just the past two weeks, as infection rates rise in much of the US and some states imposed new quarantine requirements.

Veteran actor and Jaaved Jaaferi's father Jagdeep passes away at 81
Posted on 9th July 2020
Veteran actor Syed Ishtiaq Ahmed Jafri, popularly known by his stage name Jagdeep, passed away at the age of 81 on Wednesday.

He is survived by his two sons Jaaved Jaaferi and Naved Jafri.

In his career of more than six decades, Jagdeep acted in over 400 films and was a part of several hit Hindi films including 1975 blockbuster Sholay in which he played the character of Soorma Bhopali.

Gold price today at Rs 48,700 per 10 gm, silver climbs to Rs 50,000 a kg
Posted on 9th July 2020
Gold prices on Thursday jumped to Rs 48,700 from Rs 48,450 per 10 gram, while silver climbed to Rs 50,020 from Rs 49,200 per kilogram, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

IRB Infra Developers hits 52-week high; stock zooms 84% in one month
Posted on 9th July 2020
Shares of IRB Infrastructure Developers gained 3 per cent and hit a 52-week high of Rs 121.50 on the BSE on Thursday on expectations that earnings may improve going forward as road traffic reaches over 80 per cent of pre-Covid level.

The stock of the company, which is the largest private roads and highways infrastructure developer in India, has surpassed its previous 52-week high of Rs 119.70 touched on January 21, 2020.

Breaking: UP Gangster Vikas Dubey nabbed from Madhya Pradesh's Ujjain
Posted on 9th July 2020
After days of intensified manhunt, the Uttar Pradesh Police has managed to nab gangster Vikas Dubey, news agency ANI quoted sources as saying.

It is being said that he was nabbed from Madhya Pradesh's Ujjain on Thursday where he had gone to offer prayers at the Mahakaal temple. He was detained by the guard.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for On fast track: IRCTC shares make stellar debut with 128% listing gains
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Security Code*

Be the first person to write a business review for On fast track: IRCTC shares make stellar debut with 128% listing gains

Most Read News

UP Police eliminates two criminals involved in killing of eight cops in Kanpur

China has caused great damage to the US, rest of the world: Trump

IDBI Bank's market-cap crosses Rs 50,000 cr, stock surges 51% in 2 weeks

Intel Capital invests Rs 1,894 crore for a 0.39% stake in Jio Platforms

RIL net debt to dip with rights issue, Jio stake sale: Morgan Stanley

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020
    All Rights Reserved
Privacy Statement