IRCTC share price touches new all-time high; jumps near 20% in 5 sessions – check what analyst says
The shares of Indian Railway Catering and Tourism Corporation (IRCTC) touched a new record high on Wednesday to Rs 4512 per share, after surging by over 8 per cent on the BSE intraday on the back of heavy volumes.
The shares of Indian Railway Catering and Tourism Corporation (IRCTC) touched a new record high on Wednesday to Rs 4512 per share, after surging by over 8 per cent on the BSE intraday on the back of heavy volumes. The stock has surpassed a previous high of Rs 4017 hit on September 17, 2021.
The stock has gained 50 per cent in the last one month and is over 1300 per cent up from its issue price of Rs 320 per share. While it has soared 19 per cent in the last three sessions.
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The continuous surge in this public sector undertaking stock has made the majority of the analysts sceptical. They say, the counter has been overpricing valued and even on technical terms, the scrip looks absurd, however, foresee huge returns from this counter on a long-term basis.
TradeSwift’s Director and Zee Business analyst Sandeep Jain terming IRCTC as good stock expresses the scrip is mainly driven on the back of unlock theme as traveling across the country is normalising. He adds, however, the valuations of the counter are too high with respect it being a PSU stock.
Similarly, the analyst also gives a weightage to the monopoly market IRCTC handles, the company is into a new generation business, which is eventually helping the company. He adds, firms in the same line — MakeMyTrip, Easy Trip, have potential but aren’t surging the way IRCTC, perhaps the latter enjoys the monopoly and the formers don’t.
The scrip at around 12:11 pm has is trading around 7 per cent higher to Rs 4450 per share on the BSE, as compared to 0.25 per cent rise in the S&P BSE Sensex.
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