Shares of IRCTC Ltd continue their relentless rally on Thursday, touching another all-time high of Rs 1939.95 apiece. Its value has soared 485 percent since its listing on 14 October 2019.
The stock was listed at Rs 644 at its market debut against its IPO offer price of Rs 320. Its value has been rising at a fast pace since, rising by over Rs 100 on Thursday alone, from its previous day's close of Rs 1,831.90.
Some analysts say that the interest of investors for stocks that will benefit from a rapid expansion of internet users in India has benefited the stock. IRCTC holds the monopoly of online Indian Railway ticketing and is also the most visited website in the country.
It is also the only authorised entity that provides catering and packaged drinking water services to the Indian railways.
Further, IRCTC recently reported strong profit growth for the December-ended quarter at Rs 270 crore against Rs 112 crore for the same period of the previous year. Its profit before tax (PBT) from e-ticketing services jumped five-fold to Rs 193 crore when compared to Rs 36 crore in December 2018.
Expansion of its privately run trains in the railway network also adds to the stock's appeal.