IRCTC shares surged 6% today
IRCTC shares surged 6% today

IRCTC shares surge today. Now, triple that of IPO price

  • IRCTC will announce its second quarter earnings later this week
  • Te government is looking to divest up to 25% stake in RailTel Corporation through IPO: Report

Shares of IRCTC today surged as much as 6% to 933 at day's high on BSE, despite a flat broader market. State-owned IRCTC, which made a stellar debut on October 14, has nearly tripled from its issue price of 310. IRCTC will announce its second quarter earnings later this week, on 13th November. On NSE, so far 32,13,812 shares of IRCTC changed hands today, according to the exchange's website.

IRCTC shares had hit 52-week high of 953 on 24 October.

IRCTC's Tejas Express has made a profit of around 70 lakh till October this year while earning a revenue of nearly 3.70 crore through sale of tickets, Press Trust of India reported on Sunday, citing sources, signalling a steady start for the Railways' first "privately" run train.

IRCTC's Lucknow-Delhi Tejas Express is part of the Railways' bid to develop 50 railway stations of world-class standards and allowing private passenger train operators to run 150 trains on its network.

Meanwhile, the government is looking to divest up to 25% stake in RailTel Corporation through initial public offering (IPO), and is scouting for advertising agencies to manage the listing process, another news agency IANS reported. The IPO is expected to hit the market around mid-January 2020.

"The Department of Investment and Public Asset Management (DIPAM) requires services of a reputed advertising agency with experience and expertise in public offerings in capital markets to act as an advertising agency for RaiTel IPO," said the Disinvestment Department.

RaiTel is a Miniratna PSU and is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway tracks. (With Agency Inputs)

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