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IRCTC Shares Continue Rising To New Highs A Week After Listing; Surges 11%

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The demand for IRCTC shares does not seem to have dampened even after a week of listing. Continued interest from buyers has pushed the stock higher by over 11 percent on Tuesday to Rs 866.75, its new record high.

IRCTC Shares Continue Rising To New Highs A Week After Listing; Surges 11%
 

Shares of Indian Railway Catering & Tourism Corporation (IRCTC) were listed on the stock exchanges on 14 October and has risen 170 percent in value from its issue price of Rs 320 since. Its market capitalization has increased from Rs 5,000 crore to over Rs 13,600 crore in a week.

On the day of listing alone, the stock rallied close to 128 percent to Rs 727.75, driven by strong demand seen for the IPO (initial public offering). It was listed at Rs 644, which is at a premium of 101 percent over its issue price.

Analysts remain optimistic on the stock. Experts see further upside and have advised shareholders to keep the stock for the long term. For those who missed out on the IPO, it has been advised to add the stock when they see a correction.

This opinion along with the strong business profile of the company has helped the stock remain on the buyers' radar even after the IPO, pushing prices higher.

Read more about: irctc
Story first published: Tuesday, October 22, 2019, 13:23 [IST]
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