News

Published: December 19, 2023
Updated: December 19, 2023

IRCTC Shares Surge 14%, Achieving Record High Turnover

Opening Strong:

In a bullish move, IRCTC shares soared by 13.82% to Rs 888.90, surpassing the previous day's close of Rs 780.95 on the BSE. The day kicked off with the railway stock opening higher at Rs 782.05.

Impressive Turnover:

The trading day witnessed a substantial turnover, with 32.29 lakh shares of IRCTC changing hands, amounting to an impressive Rs 271.51 crore on the BSE. Notably, IRCTC secured the second-highest turnover, trailing only behind Sapphire Foods stock with a turnover of Rs 534.59 crore. The market cap of IRCTC surged to Rs 70,548 crore.

Market Trends:

Analyzing the technical aspects, IRCTC's stock showcased strength across various timelines. It outperformed the 5-day, 10-day, 100-day, 150-day, and 200-day moving averages. The relative strength index (RSI) stood at 71.4, indicating an overbought condition, while the one-year beta of 0.2 suggested low volatility.

Financial Performance:

Backing the market optimism, IRCTC reported a robust financial performance. The net profit witnessed a substantial 30.4% rise, reaching Rs 294.7 crore compared to Rs 226 crore in the same period last year. Revenue from operations also displayed a commendable growth of 23.5%, hitting Rs 995.3 crore against Rs 805.8 crore in the corresponding period.

Operational Strength:

On the operational front, IRCTC showcased resilience, with EBITDA for the September quarter standing at Rs 366.5 crore. This marked a growth of 20.2% compared to the same period last year, where EBITDA was Rs 304.9 crore.

Historical Context:

It's worth noting that IRCTC had faced a low point earlier in the year when its stock hit a 52-week low of Rs 557.15 on March 29, 2023.

IRCTC's remarkable surge, high turnover, and robust financial performance position it as a standout player in the market. Investors are drawn to its stable trends, marked by consistent growth in profit and revenue. The company's resilience during challenging times underscores its strength in the market, making IRCTC a noteworthy player to watch in the coming days.