IRCTC breaks 2-day losing streak

IRCTC rose 1.49% to Rs 1,369.40 on bargain hunting after a two-day slide.

Shares of IRCTC declined 4.60% in the past two trading sessions to settle at Rs 1,349.25 yesterday, 9 September 2020, from its close of Rs 1,414.40 on 7 September 2020.

Meanwhile, with reference to media reports titled Govt to sell 15-20% stake in IRCTC via OFS, IRCTC clarified to the bourses after market hours on Wednesday (9 September) that the quantum in case of offer for sale (OFS) is decided by the Government of India and the company has no role in this regard. Further, the company has not received any information in this regard from Government of India, which is required to be filed with exchanges.

IRCTC reported a 79.4% jump in net profit to Rs 150.61 crore on a 17.9% rise in net sales to Rs 586.89 crore in Q4 March 2020 over Q4 March 2019. The company will announce its Q1 June 2020 result on 11 September 2020.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. IRCTC operates in four business segments, namely, internet ticketing, catering, packaged drinking water and travel & tourism. The Government of India holds 87.4% stake in IRCTC as of 30 June 2020.

The scrip jumped 119.10% from its 52-week low of Rs 625 hit on 14 October 2019.

Powered by Capital Market - Live News