IRCTC Shares Hit New All-Time High Ahead Of Q2 Results

Shares of IRCTC (Indian Railway Catering and Tourism Corporation) rallied close to 4 percent to another all-time high of Rs 980.90 on Wednesday. The ticket booking-arm of the Indian railway is scheduled to announce its first quarterly results after market listing.

The stock, however, plummeted below its previous close around 2 pm as investors booked profits.

IRCTC was listed less than a month ago on 14 October at an issue price of Rs 320. Since then, it has risen three times in its value, increasing its market capitalisation exponentially. The company's market cap has exceeded Rs 15,000 crore already.

Earlier this week, a PTI report said that Tejas Express has made a profit of close to Rs 3.70 crore from sale of tickets. The IRCTC-run train's profit signals towards a profitable expansion of the company's operations.

IRCTC has a monopoly over ticket booking service for the Indian Railways and its website www.irctc.co.in is reportedly the most visited website in Asia.