Indian Railway Catering and Tourism Corporation Limited (IRCTC) on Tuesday became the latest to join the club of market capitalization (m-cap) of Rs 1 lakh crore. IRCTC stock hit a record high of Rs 6,375.45 on 19 October. This was the first time that IRCTC shares crossed the Rs 6,000 mark. At 1142, IRCTC stock was trading at Rs 6,248.00, up 6.31 per cent from its previous close on BSE. Shares of IRCTC were up 6.53 per cent at Rs 6,261.35 on the NSE. The market cap of IRCTC stood at Rs 1,00,285.60 crore, according to data available on BSE.
The government-owned travel support services company has added Rs 30,000 crore market cap in just nine months as IRCTC’s stake continues to rise. Earlier, PSU stocks like State Bank of India, Coal India, NMDC Ltd, Indian Oil Corp Ltd, Power Grid Corp Ltd, SBI Life Insurance, Bharat Petroleum Corp and SBI Cards have achieved the milestone of reaching Rs 1 lakh. . Crore market capitalization.
IRCTC got listed on the stock exchanges on October 14, 2019 and its issue price was Rs.320 per share. Since then, IRCTC’s stock has gained 1,737 per cent or 18 times. IRCTC’s stock has jumped over 300 per cent so far this year. Analysts attributed more than one reason behind the continuous rally of the PSU stock. The vaccination drive is gaining momentum and with new Covid-19 cases under control, the economy is slowly unlocking. IRCTC has also started announcing special trains ahead of the festive season. The stock rally of IRCTC on 19 October saw positive signs and festive cheer in the market.
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