Current state of the stock market: Indian Railway Catering and Tourism Corporation, or IRCTC, share price finally reached a new 52-week high of ₹799.95 apiece on NSE during morning deals today, extending the bull trend for the fourth straight session. After correcting from its opening price and making an intraday low of ₹785.50 per share, the IRCTC share price today opened upside at ₹799.95 per share levels, which turned out to be its new 52-week high. The stock is still above its Wednesday closing of ₹777.95 on the NSE.
IRCTC shares present a chance for long-term investors, say stock market experts. Over time, the company and its business model will benefit from its business diversification and multiple new train launches. Aside from this, the stock has underperformed even with the significant increase in Indian Railway shares.
Anirudh Garg, Founder & Fund Manager at Invasset, tagged IRCTC shares as a “portfolio stock” and stated, “Considering the company’s leading position in the online ticket booking industry, IRCTC shares offer a compelling opportunity for long-term investors.” IRCTC is strategically expanding its operations as a public sector undertaking (PSU) into online catering, hospitality, and other industries.”
Anirudh Garg continued, saying that it is expected that IRCTC’s ambitious plan to add a large number of new trains over the next four to five years will benefit the company’s current shareholders. He continued by saying that IRCTC is quickly regaining traction in its primary online rail ticketing business. Investor optimism regarding the company’s prospects is heightened by the expectation that PSU stocks will remain in the public eye during the impending Lok Sabha elections. IRCTC could play a significant role in the revival of the railroad and hospitality industries as the economy changes.
Target share price for IRCTC
Executive Director at Choice Broking Sumeet Bagadia advised IRCTC shareholders to hold the scrip, saying, “IRCTC share price is looking strong on chart pattern.” The stock is predicted to keep rising and, should it decisively cross the ₹800 barrier, could reach levels of ₹850 per share. IRCTC investors should update their trailing stop loss at ₹775 per share, but they can hold the stock for the ₹850 target.”
It is recommended that individuals wishing to invest in IRCTC shares for the first time purchase shares between ₹790 and ₹785 in order to reach the near-term goal of ₹850. But before they enter any new positions, they have to keep their stop loss at ₹775, according to Bagadia.
