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Travel Stocks Zoom Up To 16% On Covid 19 Vaccine Optimism
On high volumes shares of IRCTC have rallied 16 percent. This has comes as Covid 19 vaccine related news has improved sentiment in travel related stocks.
Nonetheeless, despite the sharp run, IRCTC stock is still below its 52-week high price of Rs. 1995 per share on the BSE.
Aviation stocks have been boosted in trade as the DGCA has allowed airlines to operate them at 80% of pre-Covid 19 capacity.InterGlobe today surged 5% while SpiceJet jumped 9%.
Ventura Securities has given a target price of Rs. 2000 on the PSU stock."IRCTC enjoys a competitive edge in its pricing of packaged drinking water and its e-catering services enjoy strong growth prospects given that customer preferences are shifting towards food aggregators and cloud kitchen services. The recent encouraging announcement of a breakthrough in the production of a Covid-19 vaccine raises hopes that normalcy should return sooner than later. While the FY21 performance will be impacted, we expect a strong pick-up in FY22/23," the brokerage said.
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