IRCTC up for seventh straight session; zooms 106% against listing price
.jpg)
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) were trading higher for the seventh straight day, up 10 per cent to Rs 1,328 on the BSE on Saturday. The stock has rallied 17 per cent in the past two trading days.
IRCTC, the government-owned travel support services company, was trading at its highest level since market debut on October 10, 2019. The stock has zoomed 106 per cent against its listing price of Rs 644 on the BSE. Further, it has skyrocketed 315 per cent against its issue price of Rs 320 per share.
The trading volumes on the counter more than doubled with a combined 3.66 million shares changing hands on the NSE and BSE till 10:42 am.
Institutional investors have hiked their holdings in IRCTC by 176 basis points to 7.1 per cent since its listing. Their stake in the company increased from 5.34 per cent to 7.1 per cent at the end of December 2019 quarter.
IRCTC is the only entity authorized by the Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. It has a dominant position in online rail bookings/packaged drinking water with around 73 per cent/45 per cent market share, respectively.
According to CRISIL, online rail bookings are expected to grow at approximately 8 per cent compound annual growth rate (CAGR) to reach approximately 425-435 million in FY24, with e-booking penetration rising approximately 81 – 83 per cent during the same period.
Based on various parameters like high entry barrier business, strong earnings profile, diversified business segment, healthy return ratio, debt free status, and most importantly monopoly business, analysts have a positive view on the company.
A meeting of the board of directors of IRCTC is scheduled to be held on Wednesday, February 12, 2020, to consider, approve and take on record the unaudited financial results of the company for the quarter and nine months ended on December 31, 2019. The board will also consider to declare interim dividend, if any, and to fix the record date for the purpose of payment of dividend.
Other Latest News
.webp)
At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
.webp)
Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
.webp)
The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
.webp)
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
.webp)
Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
.webp)
.webp)
.webp)
.webp)
.webp)
