In contrast to the previous closing on the BSE of Rs 983.75, IRCTC shares increased 4.68% on Saturday to reach a high of Rs 1029.85. At Rs 998.85, the railway stock opened higher.
- 3.03 lakh shares of the company were traded overall on the BSE, translating into a turnover of Rs 30.88 crore.
- IRCTC’s market value increased to Rs 81,640 crore.
- The stock of IRCTC has a 0.4 one-year beta. This suggests that the stock is volatile.
In early trade today, shares of Indian Railway Catering and Tourism Corporation (IRCTC) hit their 52-week high and crossed the Rs 1,000 threshold for the first time in the previous two years. In mid-October 2021, the railway industry last broke the 1,000-rupee threshold. The same year, on October 19, the stock reached a high of Rs 1278.60. In three sessions on October 14, October 18, and October 19, it closed above the Rs 1,000 threshold. Over the past three months, the stock has increased by 47%. In contrast to the previous closing on the BSE of Rs 983.75, IRCTC shares increased 4.68% on Saturday to reach a high of Rs 1029.85. At Rs 998.85, the railway stock opened higher. 3.03 lakh shares of the company were traded overall on the BSE, translating into a turnover of Rs 30.88 crore. IRCTC’s market value increased to Rs 81,640 crore.
The stock of IRCTC has a 0.4 one-year beta. This suggests that the stock is volatile.
In terms of technicals, IRCTC’s relative strength index (RSI) is 72.7, indicating that the stock is trading overbought. The large-cap stock is trading above the 5-day, 10-day, 100-day, 150-day, and 200-day moving averages. On March 29, 2023, the IRCTC stock experienced a dip, reaching its lowest point in the past 52 weeks at Rs 557.15.
IRCTC shares reached a 52-week high and crossed the Rs 1,000 threshold after two years
Aditya Gaggar, Director of Progressive Shares, stated, “After more than two years of consolidation, the stock has broken out with a rounding bottom pattern. Price action was corroborated by an increase in volumes, and an ADX rating of 41 indicates the presence of a strong upward trend. According to the pattern breakout, the aim is Rs 1270. Way2Wealth has set a short-term target of Rs 1080 for the IRCTC shares. According to Abhijeet from Tips2trades, the IRCTC stock price is bullish and severely overbought, with the next resistance level at Rs 1129 on the daily chart. Investors should take profits at current levels, as a daily close below Rs 968 could lead to a target of Rs 869 in the near future.”
IRCTC recorded a 30.4% increase in net profit to Rs 294.7 crore in the September 2023 quarter, compared to Rs 226 crore in the same period previous year. Revenue from operations increased by 23.5% to Rs 995.3 crore, up from Rs 805.8 crore the previous year. On the operating front, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in the September quarter were Rs 366.5 crore, up 20.2 percent from Rs 304.9 crore the previous year.
