Analysts see 62% upside in IRCTC stocks after company posts strong Q3 earnings; recommend this
The surge in profit is due to the low base and contribution from all other segments, majority of analysts mentioned in Q3 earnings review of IRCTC.
On the back of extraordinary third quarter results, several analysts see huge potential in Indian Railways Catering and Tourism Corporation (IRCTC) shares with an upside of up to 62 per cent. The company’s profit and revenue doubled during the December-end quarter of the current fiscal.
IRCTC’s net profit doubled to Rs 208 crore as compared to Rs 78 crore and revenue from operation surged 141 per cent to Rs 540 crore as against Rs 224 crore year-on-year. Besides, the company has also declared an interim dividend of Rs 2, the record date being February 18, 2022.
The surge in profit is due to the low base and contribution from all other segments, majority of analysts mentioned in Q3 earnings review of IRCTC.
Manoj Dalmia, Founder and Director, Proficient Equities Limited, “The stock has been consolidating for a long time in a range and any breakout above Rs 926 per share will lead to good moves we expect a upside of about Rs 20-25 per cent.”
Being bullish on the stock, Dalmia said the government’s initiatives related to railways is positive for the stock and suggests investors to Hold with long-term perspective for good returns.
Similarly, Ravi Singhal, Vice Chairman at GCL Securities said, “IRCTC has reported great results in all parameters. Investors can look to buy the IRCTC stock on dips, keeping a target price of Rs 1,350 per share with one year time frame.”
“The recent Budget announcement on additional Vande Bharat trains is going to benefit IRCTC share price in long term. At current juncture, technical setup is suggesting a target of Rs 950 per share levels in near term”, Ravi Singh, VP and Head of Research at Share India Securities.
The stock on Wednesday surged almost 4 per cent to Rs 868.1 per share on the BSE as compared to 0.92 per cent rise in the S&P BSE Sensex. The scrip had touched 52-week high of Rs 1278.6 per share on October 19, 2021.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
02:38 PM IST