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IRCTC hits record high; rises 10% in seven days

Capital Market 

Indian Railway Catering and Tourism Corporation (IRCTC) rose 1.74% to Rs 2,248.05, rising for the seventh consecutive trading session.

Shares of IRCTC have rallied 10.54% in seven trading days from its previous closing low of Rs 2,033.65 on 1 July 2021. The counter hit a record high of Rs 2,265 in intraday today. The stock has soared 74% from its 52-week low of Rs 1,291 hit on 4 November 2020.

In last one month, IRCTC has jumped 7.4% compared with 0.53% decline in Nifty 50 index. On the BSE, 1.31 lakh shares were traded in the counter so far compared with average daily volumes of 1.02 lakh shares in the past two weeks.

On the technical front, the stock's RSI (relative strength index) stood at 74.936. 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 1972.42 and 1871.62 respectively. These levels will act as crucial support zones in near term.

IRCTC on Friday informed that Ahmadabad Mumbai Tejas Express will resume its services from 7 August 2021. The train will run four days in the week viz, Friday, Saturday, Sunday and Monday, IRCTC said.

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.

The company posted a 23.2% decline in net profit to Rs 103.78 crore on 41.15% decline in revenue from operations to Rs 338.78 crore in Q4 FY21 over Q4 FY20.

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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, July 12 2021. 14:35 IST