OPEN APP
Home / Markets / Stock Markets /  IRCTC shares surge on data monetisation buzz. Company issues clarification
Listen to this article

IRCTC share price has been in uptrend for last two days, rallying around 12 per cent in last two sessions. The Indian Railways' PSU stock on Thursday surged from 671.65 apiece levels to 714.15 levels. This rally got extended on Friday and the stock touched intraday high of 752.75 levels logging around 5 per cent intraday gain on Friday session. So, the IRCTC share price has ascended from 671.65 to 752.75 apiece levels in last two session, logging near 12 per cent rise in this small time.

According to stock market experts, IRCTC share price is about to give 200 DMA breakout at 750 apiece levels. They said that once it closes above this level, there can be more upside possible in the scrip. However, from fundamentals perspective, IRCTC has reported promising quarterly numbers in Q1FY23 and market is buzz about the Indian Railways PSU selling its passenger data base, which may help them generate an additional revenue that would enable the company to improve its margins.

In a clarification to a news report titled “IRCTC floats tender for appointing consultant for digital data monetization", IRCTC said: “As a commercial entity, the company explores the business opportunities for new areas. As other business tenders, this tender has also been floated merely to appoint a consultant. The consultant will guide IRCTC and lndian Railways on monetization activities and advise on monetization value of Digital Assets observing various Acts or laws including lT Act 2000 and its amendments, User data privacy laws including GDPR (General Data Protection Regulation) and current 'Personal Data Protection Bill 2018 of India. Further, being a Government Company, it is a regular practice to float tenders." 

The company is in the nascent stage of floating the tender and calling bids from the eligible consultant aspirants, it added. 

Speaking on the reason for sudden rise in IRCTC share price in last two days, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “This rise in IRCTC share price is completely speculative as market is buzz that the company has got approval from the Indian Railways to sell its passengers data base to other companies. The company has managed to give attractive quarterly numbers in Q1FY23 and the numbers are expected to improve further."

Expecting 200 DMA breakout in IRCTC, Sumeet Bagadia, Executive Director at Choice broking said, "IRCTC shares are on cusp of giving 200 DMA breakout. If the stock sustains above 750 apiece levels then it may go up to 800 to 830 in short term. So, those who have this stock in their portfolio are advised to hold the scrip with stop loss below 675 levels."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout