INSUBCONTINENT EXCLUSIVE:
Since its listing in 2019 IRCTC shares have rallied nearly six times.Shares of the Indian railways catering, tourism and online ticketing
arm - Indian Railway Catering and Tourism Corporation (IRCTC) - rose as much as 6.56 per cent to hit a record high of Rs 4,017 on the BSE as
the stock has been withdrawn from the NSE F-O banned list
The NSE places F-O shares in the banned list from time to time, preventing any fresh positions to be taken, when the derivative contracts
surpass 95 per cent of the market-wide position limit.IRCTC shares have been on an upward spiral after the company's board approved stock
split in ratio of 1:5 last month
IRCTC's board decided to split the stock in order to help enhance liquidity in the capital market, widen shareholder base and make the
shares affordable to small investors.IRCTC shares have jumped a whopping 56 per cent after the stock split was announced on August 12
IRCTC has been a stark outperformer in the Indian markets as it has benefited from opening-up of the economy after the country recovered
from the second wave of Covid-19 pandemic, analysts said.IRCTC has moved in a speedy way from Rs 2,550 to Rs 4,000 levels in the last 17
It has been making higher highs and higher lows from the last five months and has rallied from Rs 1,550 to Rs 4,000 zones, Chandan Taparia,
technical and derivatives analyst at Motilal Oswal Financial Services told TheIndianSubcontinent."Major trend is positive and this momentum
is not losing its bullish grip
It saw massive open interest addition of more than 50 per cent in this week and every small decline was being bought at any key support
It has seen call unwinding pressure and short covering is also taking it to higher zones
Support is placed near Rs 3,600 zones while momentum may extend towards Rs 4,200 and 4,500 zones
However risk reward ratio might not favor a fresh trade but those who are holding can keep the trailing support to ride this momentum," said
Mr Taparia.In the previous quarter, IRCTC announced turnaround results for the June quarter, reporting a net profit of Rs 82 crore for the
quarter as against a loss of Rs 24 crore in the year-ago period."IRCTC is one particular company which has a virtual monopoly for Indian
The amount of services it caters to is huge and there is no competition
The stock can thus achieve higher levels
There will be corrections, but smart long term investors can buy into all dips," Gaurang Shah of Geojit Financial Services told
TheIndianSubcontinent.Since its listing in 2019, IRCTC shares have rallied nearly six times.As of 12:57 pm, IRCTC shares traded 2.15 per
cent higher at Rs 3,850, outperforming the Sensex which was trading on a flat note.
