IRCTC crosses Rs 1 trillion market capitalisation after share price jumps by 5%
Earlier, PSU stocks such as State Bank of India, Coal India, NMDC Ltd, Indian Oil Corp. Ltd, Power Grid Corp. Ltd, SBI Life Insurance, Bharat Petroleum Corp. and SBI Cards have achieved this milestone.
FollowIndian Railway Catering and Tourism Corporation Ltd (IRCTC) stock was in the focus once again as it became the ninth public sector entity to join the elite club of Rs 1 trillion market capitalization (m-cap) with its shares surging over 300% so far this year.
The stock hit a record high of Rs 6,287.95, gaining as much as 7.1%. After crossing the Rs 1 lakh crore mark, the m-cap of IRCTC came down at Rs 99,721.60 at 10:16 am, according to the data available on the BSE website.
Earlier, PSU stocks such as State Bank of India, Coal India, NMDC Ltd, Indian Oil Corp. Ltd, Power Grid Corp. Ltd, SBI Life Insurance, Bharat Petroleum Corp. and SBI Cards have achieved this milestone.
It can be noted that IRCTC is a “Mini Ratna (Category-I)” Central Public Sector Enterprise under the Ministry of Railways, Government of India.
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Listed on 14 October 2019 on exchanges, IRCTC issue price was Rs 320 a share. Since then, the stock has surged over 18-fold or 1,737%. So far this year, it has gained 308.1% and this month alone it has advanced 58%.
The stock has given stellar returns in the last year, rising more than 364%. IRCTC is one of the many stocks that have turned multibaggers since the last Dussehra.
According to Livemint report, analysts said IRCTC is expected to recover in a robust fashion, with covid cases coming under control and the vaccination drive continuing to remain strong as the economy unlocks across India. The impact of the third wave of the pandemic also remains uncertain.
Incorporated on September 27, 1999, IRCTC is an extended arm of the Indian Railways which upgrades, professionalise and manages the catering and hospitality services at stations, on trains and other locations and promotes domestic and international tourism through development of budget hotels, special tour packages, information and commercial publicity and global reservation systems.
