IRCTC rose 0.85% to Rs 909.95 after the company signed a pact with Karnataka State Tourism Development Corporation to market and operate the Golden Chariot train.
As per the concession agreement signed on 19 November 2019, IRCTC will take over the operations, marketing and day-to-day maintenance of Golden Chariot Train. The announcement was made after trading hours yesterday, 19 November 2019.IRCTC recently decided to hike catering service fares on the Shatabadi, Rajdhani and Duronto class of trains. The revised tariff will come into effect after two months from the date of issue (14 November 2019) of the circular.
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Shares of IRCTC fell 2.70% in the past two trading sessions to settle at Rs 902.25 yesterday, 19 November 2019, from its close of Rs 927.30 on 15 November 2019.
Meanwhile, the S&P BSE Sensex was up 297 points or 0.73% to 40,766.23. The stock was trading in the range of Rs 903 to Rs 916.90 so far during the day.
IRCTC's net profit rose 14.01% to Rs 172.15 crore on 3.77% rise in net sales to Rs 972.61 crore in H1FY2020 over H1FY2019.
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.
Shares of IRCTC 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 Government of India holds 87.40% stake in the company as on 30 September 2019.
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