IRCTC shares gains 8 per cent on additional special trains and after reports government may sell 15-20% stake
Published On: Tuesday, September 8, 2020 | By: Team KnowMyStock
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) gained 3 per cent to Rs 1,460 on the BSE on Tuesday, rising 7 % in the past two trading days on the operation of additional special trains with effect from Saturday, September 12. and also after media reports indicated that the government is planning to sell 15-20 per cent of its stake in the company via offer for sale (OFS). The stock hit a 52-week high of Rs 1,995 apiece in February this year since then the stock has corrected nearly 27 per cent. “Indian Railways to run additional 40 pairs of more special trains in addition to the Shramik specials and the special trains, w.e.f. 12th September 2020. These will be fully reserved trains. Tickets can be booked from 10th September 2020,” Ministry of Railways said.IRCTC reported a 79.3 per cent jump in net profit from a year ago. The company reported a net profit of Rs 150.6 crore, compared with Rs 84 crore a year ago.
Last monthThe Department of Disinvestment has invited bids for the appointment of merchant bankers and selling brokers, as per a news report. Bids will have to be submitted from September 4-10. The bidding process will begin on September 11.
The IRCTC OFS will help the government move closer to its Rs 2.10 lakh crore disinvestment target. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another 90,000 crores from stake sale in financial institutions.
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