Shares of IRCTC reached a record high of Rs 4017 crore with a gain of 6.56 per cent on Friday (17 September 2021). With the removal from the banned list of NSE F&O, this rally was seen in BSE. Last month, the company’s board had given permission for 1:5 share split in it. Since then, there is a jump in the shares of IRCTC. After the share split, the share of IRCTC has increased by 56 percent so far. On August 12, the company’s board had allowed the share split.
Shares gained tremendous momentum as soon as the lockdown opened
IRCTC shares are filling up as soon as the lockdown eases after COVID. This stock has benefited a lot due to the pace of economic activities in the country. In the last seventeen sessions, this stock has reached the level of Rs 2,550 to Rs 4000. In the last five months, it has rallied from Rs 1550 to Rs 4000. Chandan Tapadia, Technical and Derivatives Analyst, Motilal Oswal Financial Services Limited, told Financial Express Online that the stock is showing support in the Rs 3,600 zone, while its momentum can remain in the zone of Rs 4200 to Rs 4500. Although the risk-reward ratio may not be in favor of investors in fresh trade, but those who have this stock can take advantage of the gains in it.
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IRCTC net profit of Rs 82 crore in June quarter
In the last quarter (June, 2021), IRCTC had achieved a net profit of Rs 82 crore. Whereas in the June quarter of 2020, it had a loss of Rs 24 crore. The shares of IRCTC were listed in 2019 and after this, till now this stock has rallied six times. On Friday, the stock was trading 2.15 per cent higher at Rs 3,850 at around 1 pm. During that time this stock was performing better than the Sensex.