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Published on 4/02/2020 3:10:26 PM | Source: Live Mint

IRCTC shares surge today, rise closer to 52-week high

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Shares of IRCTC today surged as much as 5.5% to ₹1322, edging closer to its 52-week high. On February 1, in the special Budget session, shares of IRCTC had hit a new high of ₹1,332. IRCTC's board will hold a meeting on 12th February to consider and approve the financial results of the company for the December quarter and declare interim dividend, if any, and to fix the record date for the purpose of payment of dividend.

IRCTC is set to soon start its third private train, Indore-Varanasi Tejas Express. In Budget 2020 proposals, Finance Minister Nirmala Sitharaman had announced that Tejas-like trains will be coming in future. Indore-Varanasi Tejas Express will be the first Tejas Express which will run overnight.

IRCTC had last year launched its first Tejas Express which runs on Lucknow-Delhi route, followed by another Tejas Express on Mumbai-Ahmedabad route. IRCTC follows dynamic fare scheme for both the trains. IRCTC had recently revised tariffs of standard meals on static units over Indian Railways.

Since its October debut, IRCTC shares have jumped four times in value, making it the most successful IPO in recent times.

IRCTC had reported a 14% jump in net profit at ₹172 crore for the half-year period ended September 30, 2019. Low floating stock and monopoly business are some of the reasons attributed by analysts for the strong run in IRCTC shares. At the end of December quarter, the government held 87.40% shares in the Railways subsidiary.