IRCTC share price: After closing at ₹749.55 on Friday, shares of Indian Railway Catering and Tourism Corporation opened higher on Monday at ₹750.65. Within minutes of the morning session today, the stock touched an intraday high of ₹766.55.
At midday, the stock was up almost 2 percent, trading in the green at ₹760.
During Friday’s deals, it reached a 52-week high of ₹769.85 per share before closing the day at ₹749.55.
IRCTC share price triggers
Long-term investors should consider IRCTC shares as a strong option because of the company’s leading position in the online ticket booking market. IRCTC, a public sector undertaking (PSU), is expanding its operations into online catering, hospitality, and other industries in a deliberate manner. According to Anirudh Garg, Founder & Fund Manager at Invasset, “the company’s ambitious plan to introduce numerous new trains over the next four to five years is anticipated to yield substantial benefits for its current shareholders.”
With a ‘buy’ rating, the market analyst noted that IRCTC has not followed the recent bull trend in PSU stocks and that the current breakout may signal the start of a new rally in the PSU stock of Indian Railways.
“Despite the difficulties caused by the COVID-19 pandemic, IRCTC changed its business strategy and entered new markets, including online reservations for hotels, buses and flights, and food delivery services. IRCTC is quickly regaining momentum in its primary online railway ticket booking business as pandemic-related restrictions start to lift. IRCTC might play a significant role in the revival of the railroad and hospitality industries as the economy changes, Garg said.
Target share price for IRCTC
Choice Broking’s Executive Director, Sumeet Bagadia, reported that the price of shares broke out at ₹760 per share on Friday. The stock is currently rising, and it could soon break through its 52-week high and reach ₹800 per share. He continued by saying that if it breaks above the ₹800 mark, it might quickly rise to the ₹850 mark per piece in the near future.
Bagadia did, however, strongly advise IRCTC stockholders to keep their stop loss at ₹730 per share.
