Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rallied 6% intraday on 6 September 2021. The company’s shares crossed the Rs. 3,000 mark, hitting a new all-time high of Rs. 3,041.20. Moreover, experts suggest that the shares can continue to hit new records and may even touch Rs. 5,000 per stock levels in the upcoming 18-24 months.
The price rally by IRCTC shares can be attributed to several factors, some of which are as follows:
IRCTC managed to perform exceptionally well despite the numerous challenges induced by the second wave of Covid-19. In the quarter ending June 2021, IRCTC’s segment of Rail Neer turned EBIT positive after four quarters.
In addition, its internet ticketing business segment continued to exhibit remarkable improvement by delivering strong margins. Furthermore, revenues from its catering segment increased, surpassing estimates.
Here’s a rundown of IRCTC’s overall performance:
IRCTC shares rallied 6% intraday, hitting a record high as they crossed the Rs. 3,000-psychological level. Experts largely expect this bullish momentum to continue and the stock to reach Rs. 3,300 levels down the road.
In addition, they suggest that if IRCTC records any profit booking from the resistance zone of Rs. 3070 – Rs. 3,100, then Rs. 2,775 – Rs. 2,700 can be a good buying zone. Moreover, investors can buy the counter for the upcoming 18 to 24 months target of Rs. 5,000 per equity level.
IRCTC shares have exhibited considerable growth in recent times, especially during the quarter ending June 2021. As a result, stock market experts suggest purchasing this portfolio stock for the long term.
No, the IPO is not open at the moment. It opened on 30 September 2019 and closed on 3 October 2019.
Existing customers of Angel One can purchase IRCTC shares via the Angel One mobile application. Moreover, those new to investing can buy shares of IRCTC by opening a DEMAT account with Angel One.
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