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IRCTC hits record high on heavy volumes

Capital Market 

Indian Railway Catering and Tourism Corporation (IRCTC) jumped 7.22% to Rs 2,061, extending its winning run to fourth consecutive session.

The stock has jumped 8.76% in four trading days from its previous closing low of Rs 1,895 on 1 June 2021. The counter hit a record high of Rs 2,083.85 in intraday today. The stock has soared nearly 65% from its 52-week low of Rs 1250 hit on 12 June 2020.

On the BSE, 2.76 lakh shares were traded in the counter so far compared with average daily volumes of 45,792 shares in the past two weeks. In last one month, IRCTC has risen 21.74% compared with 6% rise in Nifty 50 index.

The stock saw demand on the hope of reopening of economy by the government amid falling COVID-19 cases. India reported 1.14 lakh daily new Covid cases in last 24 hours, lowest in 60 days. Active cases decreased by 77,449 in last 24 hours.

On the technical front, the stock's RSI (relative strength index) stood at 77.571. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1777.68 and 1720.21 respectively. These levels will act as crucial support zones in near term.

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 31 March 2021, the Government of India held 67.4% stake in the company.

The company's standalone net profit tanked 62.1% to Rs 78.09 crore on 68.7% fall in net sales to Rs 224.37 crore in Q3 December 2020 over Q3 December 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, June 07 2021. 13:03 IST