IRCTC shares added nearly ₹1,000 crore to their market value in the opening minutes of trade as Indian Railways is set to take bookings

Advertisement
IRCTC shares added nearly ₹1,000 crore to their market value in the opening minutes of trade as Indian Railways is set to take bookings
Patna: Trains at a halt at the Patna Junction Railway Station on Day 2 of the 21-day nationwide lockdown imposed by the Narendra Modi government over the coronavirus pandemic; on March 26, 2020. (Photo: IANS)IANS
  • IRCTC rallied over 5%, adding nearly a ₹1,000 crore to the market value, on Monday (May 11).
  • The Rail ministry said the online booking for the trains will start at 4 pm today(May 11) on the IRCTC website.
  • Prabhudas Lilladher, a brokerage firm maintained its ‘Buy’ rating on IRCTC, with a target price of ₹1,428 as of April 27.
India’s top online booking portal IRCTC rallied over 5%, adding nearly a ₹1,000 crore to the market value in the opening minutes of trade, on Monday (May 11), after Indian Railways decided to start taking bookings for passenger trains after a brief hiatus due to the COVID-19 pandemic. The shares of the $3 billion monopoly hit a upper circuit halting trades on the counter.


The Rail ministry said the online booking for the trains will start at 4 pm today(May 11) on the IRCTC website. “The national transporter is planning to gradually restart special AC passenger train operations from Tuesday with 15 trains, including their return journey, with limited stops,” said a statement from The Railway Ministry’s executive director of Media, Rajesh Dutt Bajpai.

IRCTC share price has climbed over 36% so far since March 31. While the earnings estimates for IRCTC have been cut due to the prolonged shutdown, the target price still has room to grow the investor wealth. Prabhudas Lilladher, a brokerage firm maintained its ‘Buy’ rating on IRCTC, with a target price of ₹1,428 as of April 27. All thanks to four new Rail Neer plants which will be commissioned in 2020-21 and are expected to contribute a huge increase in its revenue.
Advertisement


SEE ALSO: IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales
Indian Railway's to start 15 premium passenger trains from May 12 — booking on IRCTC starts today at 4 pm