IRCTC spurts 11% in three sessions

Indian Railway Catering and Tourism Corporation (IRCTC) rose 7.21% to Rs 5283.55, extending gains for the third day.

Shares of IRCTC have risen 10.70% in three sessions from its recent closing low of Rs 4,772.85 on 11 October 2021.

The stock hit a record high of Rs 5,315 today. It has surged 309.26% from its 52-week low of Rs 1,291 hit on 4 November 2020. In the past one month, the stock has surged 42.59% as against 4.85% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 65.58. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 20-day simple moving average (SMA) placed at 4842.06 and 50-day SMA at 4719.21. These levels will act as near-term support.

IRCTC has fixed 29 October 2021 as the record date for the proposed 5-for-1 stock split. The company's board in August 2021 recommended the proposal for sub-division of one equity share of face value of Rs 10 each into five equity shares of face value of Rs 2 each (5-for-1).

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. As of 30 June 2021, the Government of India held 67.4% stake in the company.

IRCTC posted a net profit of Rs 82.52 crore in Q1 FY22 compared with net loss of Rs 24.6 crore in Q1 FY21. Revenue from operation jumped 85.3% year-on-year to Rs 243.36 in Q1 FY22 over Q1 FY21.

Shares of IRCTC were listed on the bourses on 14 October 2019. The stock debuted at Rs 644, a premium of 101.25% to the initial public offer (IPO) price of Rs 320. The stock has soared 1551.11% from its IPO price.

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