IRCTC share price rebounds after retracing from 52-week high. Buy, sell or wait? | Mint
Active Stocks
Thu Feb 29 2024 10:39:24
  1. Kotak Mahindra Bank share price
  2. 1,679.00 -0.27%
  1. Tata Steel share price
  2. 140.20 -0.39%
  1. Power Grid Corporation Of India share price
  2. 275.55 -1.43%
  1. ITC share price
  2. 409.00 0.10%
  1. State Bank Of India share price
  2. 743.80 0.20%
Business News/ Markets / Stock Markets/  IRCTC share price rebounds after retracing from 52-week high. Buy, sell or wait?
BackBack

IRCTC share price rebounds after retracing from 52-week high. Buy, sell or wait?

Stock to buy today: Giving a 'buy' rating, Anirudh Garg, Founder & Fund Manager at Invasset, said that IRCTC has not mirrored the bull trend witnessed recently in the PSU stocks and that the current breakout could be the beginning of a new rally

IRCTC share price opened higher on Monday after retracing from 52-week high on Friday. (HT_PRINT)Premium
IRCTC share price opened higher on Monday after retracing from 52-week high on Friday. (HT_PRINT)

IRCTC share price: Shares of Indian Railway Catering and Tourism Corporation (IRCTC) opened higher on Monday at 750.65 against the closing price of 749.55 on Friday. The stock went on to touch an intraday high of 766.55 today within a few minutes of the morning session.

Around noon, the stock was trading in the green at 760, up nearly 2 percent.

It hit a 52-week high of 769.85 apiece during Friday's deals before finishing the day at 749.55.

Triggers for IRCTC share price

“IRCTC shares present a compelling opportunity for long-term investors, given the company's dominant position in the online ticket booking sector. As a public sector undertaking (PSU), IRCTC is strategically diversifying its operations into hospitality, online catering, and various other businesses. The company's ambitious plan to introduce numerous new trains over the next four to five years is anticipated to yield substantial benefits for its current shareholders," said Anirudh Garg, Founder & Fund Manager at Invasset.

Giving a 'buy' rating, the market expert said that IRCTC has not mirrored the bull trend witnessed recently in the PSU stocks and that the current breakout could be the beginning of a new rally in the Indian Railways' PSU stock.

Also Read: Subros stock hits new all time high on new order win from Indian Railways

"While the COVID-19 pandemic posed challenges, IRCTC pivoted its business model by expanding into additional segments such as online air and bus ticket bookings, hotels, and hospitality services like online food orders. With pandemic-related restrictions easing, IRCTC is swiftly regaining momentum in its core online railway ticket booking business. Investors are optimistic about the company's future prospects, especially with the upcoming Lok Sabha elections expected to keep PSU stocks in the spotlight. As the economic landscape evolves, IRCTC may serve as a key player in the resurgence of the railway and hospitality sectors," Garg concluded.

IRCTC share price target

Sumeet Bagadia, Executive Director at Choice Broking, said that IRCTC share price gave a breakout at 760 apiece on Friday. Now, the stock is in uptrend and it may breach its current 52-week high and hit the 800 per share level in the near term. He went on to add that on breaching this 800 level, it may soon go up to the 850 apiece level in the short term.

However, Bagadia strictly advised IRCTC shareholders to maintain stop loss at 730 per share.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 11 Dec 2023, 10:45 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App