IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said
IRCTC Share Price: The Indian Railway Catering and Tourism Corporation (IRCTC) share price today opened 2.25 per cent higher at Rs 1,928.55 levels, which is near its life-time high of Rs 1,988 per stock.
IRCTC Share Price: The Indian Railway Catering and Tourism Corporation (IRCTC) share price today opened 2.25 per cent higher at Rs 1,928.55 levels, which is near its life-time high of Rs 1,988 per stock. If we look at the IRCTC share price history, it has emerged as one of the Multibagger Stocks of 2021 in Indian stock market. The Indian Railways PSU arm had made a close of Rs 815.40 on 24th March 2020 while its share price today is Rs 1,928.55 — around 136.5 per cent return in less than one year. That means huge number of people made amazing amounts of money from IRCTC share price rise.
Reason for rise in IRCTC share price
However, as per the stock market experts, this rise in IRCTC share price is because of the Offer for Sale (OFS) offered by the company in December 2020. After the OFS, the shareholding pattern of the IRCTC suggests that percentage shareholding of FIIs and Institutions have gone up exponentially that helped IRCTC shares to go northward.
Speaking on IRCTC share price rise Saurabh Jain, AVP — Research at S&P said, "IRCTC share price has been skyrocketing for the last three months. The major reason for this rise in IRCTC shares is its OFS that came in December 2020. After the IRCTC OFS, percentage shareholding of FIIs and Institutions have gone up in the company. FIIs shareholding in IRCTC was mere 1.13 per cent in September 2020 quarter that went up to 8.75 per cent in December 2020 quarter. Similarly, institutions shareholding in IRCTC shot up from 1.66 per cent in September 2020 quarter to 7.67 per cent in December 2020 quarter. Domestic Institutional Investors (DIIs) still at 3 per cent shareholding of the company. So, in my opinion, IRCTC share price is in overbought condition and one should not enter at current levels and wait for the correction after the profit-booking trigger."
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IRCTC Share Price Target
Commenting upon the IRCTC share price forecast Avinash Gorakshkar, Head of Research at Profitmart Securities said, "IRCTC share price is near its lifetime high and profit-booking can happen at any time. In my view, Indian Railways operations coming back to its 100 per cent strength would be the major trigger for the Multibagger stock 2021. One should wait for correction and enter at around Rs 1,700 to Rs 1,750 per stock levels for the target of Rs 2,200 in long-term time horizon."
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