Indian Railway Catering & Tourism Corporation (IRCTC) jumped 3.77% to Rs 3,123.05, extending its winning run to fourth consecutive trading session.
Shares of IRCTC have rallied 13.8% in four trading sessions from its previous closing low of Rs 2742.75 on 1 September 2021. The counter hit a record high of Rs 3,162.05 in intraday today. The stock has zoomed 142% from its 52-week low of Rs 1291 recorded on 4 November 2020.Easing of COVID related restrictions, faster pace of vaccination and stock split boosted sentiment for IRCTC. The stock had outperformed the market over the past one month, rising 20.98% compared with 7.40% rise in the Sensex.
On the BSE, 2.75 lakh shares were traded in the counter so far compared with average daily volumes of 1.03 lakh shares in the past two weeks
On the technical front, the stock's RSI (relative strength index) stood at 81.247. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 2461.39 and 2170.01 respectively. These levels will act as crucial support zones in near term.
On 12 August 2021, the company's board approved stock split in the ratio of 5-for-1 to make the shares affordable for small investors.
IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. As of 30 June 2021, the Government of India held 67.4% stake in the company.
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The company posted a net profit of Rs 82.52 crore in Q1 FY22 compared with net loss of Rs 24.6 crore in Q1 FY21. Revenue from operation jumped 85.3% year-on-year to Rs 243.36 in Q1 FY22 over Q1 FY21.
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