IRCTC share price today: EXPLAINED! Why stock market analysts are BULLISH about this stock
IRCTC share price today: There is no dearth of action in the IRCTC stocks even as many trains are not running to and from Mumbai including the Tejas Express which runs between Mumbai and Ahmedabad. But, that has not shaken the confidence of analysts on this stock. In chat with Zee Business Managing Editor Anil Singhvi, Varun Dubey tells why and also reveals the target price on the IRCTC stock by different brokerage house.
Dubey said that the target price of IRCTC stocks is up to Rs 2600. Brokerage houses have maintained their targets on this stock despite the lockdown in place.
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IIFL has put the target price on IRCTC stock at Rs 2174 while Prabhudas Lilladhar has put the target price at Rs 2179. Dolat Capital has kept the target price at Rs 2650. Dubey said that Dolat is super bullish on this stock.
Most of the brokerage houses have maintained that the company has been able to improve operations and the company is venturing into new verticals. This is expected to help IRCTC, Dubey said.
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More than 93 per cent of the tickets are booked through IRCTC.
IRCTC has also introduced a new service. At the time of booking customers have the option to book tickets for sleeper class, 3rd AC, 2nd AC and 1st AC. This new service is 2S under which the unreserved coaches have been put. The booking services are provided for sitting facility under it. IRCTC is expected to benefit from this too. 30 per cent booking which is happening now is for 2S, he said.
The company has also increased the capacity of its water services. Earlier it used to account for 40 per cent of the total demand and going forward, it will meet over 85 per cent of the total demand of the Indian Railways.
He said that the water business of IRCTC is very big. So, the company will have a monopoly in not only ticket booking but also in water services.
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