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Wednesday, October 27, 2021

IRCTC Share: Price reached beyond Rs 5,000, what is the reason for this increase?

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) crossed the psychological level of Rs 5,000 to hit a new lifetime-high of Rs 5,398 today on Thursday. During trading on Thursday, IRCTC shares opened with a gain of Rs 76 and then continued to rise. During the day’s trading, it gained about 8.50%.

Despite the recent rally in IRCTC shares and reaching a new lifetime-high, stock market experts still have a lot of potential in this. He says that the stock of this government company of Indian Railways can go up to the level of Rs 5,800 in the short-term.

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Why did IRCTC shares rise?
An expert said that during the July to September 2021 quarter, the booking of train tickets has almost doubled. Its positive effect will also be seen on IRCTC’s second quarter results as IRCTC has almost a monopoly in online train ticket booking. In such a situation, the share price of IRCTC is expected to increase further. Apart from this, the company is also diversifying into the hospitality segment, which is also fueling the share price rally of IRCTC.

Another expert said, “IRCTC is aggressively focusing on its hospitality business. It is also tying up with hotels, tour and travel service providers and local food suppliers. IRCTC is working on its food chain business in moving trains. Apart from this, IRCTC has also tied up with many airlines recently. In this way, it has assured the market that it will not only serve as an e-ticket booking platform of Indian Railways in future. It is going to be limited. It will emerge as a fully complete hospitality service provider.”

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What should investors do?
Advising new investors to buy at current levels, Sumeet Bagadia, Executive Director, Choice Broking said, “IRCTC shares have strong support below Rs 5,000. Those who have this stock in their portfolio can see stops at Rs 4,950. One should keep investing in it with losses. In the immediate short-term, the stock can go up to Rs 5,500 to Rs 5,800 levels. At current levels, it can be positioned. However, the stop loss should be maintained at 4,950.”

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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