IRCTC share price jumped half a per cent on Wednesday to Rs 649 as the company reported 30.4% YoY rise in standalone net profit at Rs 279 crore for Q4FY23. In the last one year, the stock has fallen around 6.5%. Time travel with IRCTC to see the journey of company's shares
IRCTC was incorporated on September 27, 1999, and it is the only entity that is authorised to provide certain services to the Indian Railways, including online ticketing, catering, and selling drinking water on trains and at railway stations. In May 2008, IRCTC was classed as a Miniratna public corporation, which allowed it a certain degree of financial autonomy
IRCTC was listed on stock exchanges in 2019, following which the Government of India's holding was reduced to 87%, with the remaining shares being publicly traded. In December 2020 and 2022, the Government of India divested another 20% and 5% respectively, reducing its holding in the IRCTC to 62%
IRCTC shares had a stellar start on October 14, 2019, as they listed at Rs 644 on the BSE, a 101.25% premium over its issue price of Rs 320 per share. On the National Stock Exchange, the stock listed at Rs 626, up 95.6% over the issue price. Investors who invested in the IRCTC IPO doubled their money in a single day upon listing
IRCTC share price continued to rally in the months following its market debut and the stock touched Rs 2,331.30 till July 2021. On 30 July 2021, IRCTC announced a stock split plan. In the following month, the board of IRCTC approved a stock split in the ratio of 1:5
Before the stock split, the IRCTC shares hit a record high of Rs 6,375.45 or Rs 1,279 (adjusted to stock split) on October 19, 2021. IRCTC shares doubled investor wealth, rising over 100%, in the three months preceding the record high date
IRCTC has bottomed out near Rs 560 zone and given a decent pullback towards Rs 630 levels where the stock has been in consolidation and currently has given a strong positive candle to indicate a breakout above the rectangular box anticipating for further upside move with improvement in the bias, according to Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "With the RSI showing strength has again regained after a short correction to signal a buy and has much upside potential to carry on the momentum still further ahead. We suggest buying and accumulating the IRCTC stock for an upside target of Rs 727 while keeping the stop loss at Rs 605."
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