Indian Railway Catering and Tourism Corp. Ltd (IRCTC) shares climbed over 2% on Thursday, i.e. 16 January, to trade above the Rs 1,000 mark for the first time since their listing in October, just a day before the inaugural run of the company’s second private train.
At 3.16 pm, IRCTC shares were trading at Rs 1,007, up 2.2%, after hitting the day’s high of Rs 1,008.35. The stock has soared over three times compared with its IPO (initial public offering) price of Rs 320 per share within a timespan of three months.
Earlier this week, IRCTC had informed stock exchanges that the railways ministry had given its approval to the company to run the Ahmedabad-Mumbai Central Tejas Express for six days in a week. The inaugural run of the train will be held on 17 January 2020, while commercial operations will start from 19 January, according to the company’s statement. Currently, IRCTC operates the Delhi-Lucknow Tejas Express.
The company had also recently raised basic passenger fares marginally for various classes of Indian Railways with effect from 1 January 2020.
The fare for second class ordinary, sleeper class ordinary and first class ordinary tickets were increased by 1 paisa per passenger kilometre. For second class, sleeper class or first class tickets in non-AC mail or express trains, fares were increased by 2 paise per passenger kilometre. For AC chair car, AC 3-tier/3E, AC 2-tier and AC First Class/EC/EA, fares were increased by 4 paise per passenger kilometre.
IRCTC is a Mini-Ratna Category-I public sector enterprise and a wholly-owned subsidiary of Indian Railways, the only entity authorized by Indian Railways to provide catering services to railways and online railway tickets for trains in India. It also provides non-railway services including budget hotels, e-catering and executive lounges to create a one-stop solution for customers.
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Source: News18