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Why IRCTC share prices today zoomed to new high

IRCTC share price today scaled new high of ₹2083 at NSE — logging more than 7 per cent intraday gains. According to stock market experts, this sharp rise in IRCTC shares can be attributed to easing of lockdown restricitons, airline traffic doubling in June 2021 fuelling speculation for the same in Indian Railways traffic and strong fundamentals of the Indian Railways’ PSU stock.

Speaking on the strong reasons for sharp rise in IRCTC share price Avinash Gorakshkar, Head of Research at Profitmart securities said, “The airline traffic has doubled in June 202 that has sparked speculation for the same translating in the Indian Railway traffic too. Since, IRCTC has monopoly business in online train ticket booking; investors are pumping money heavily in the IRCTC stocks.” Gorakshkar said that IRCTC works at 60-65 per cent profit margins in digital train ticket booking that is expected to get reflected in its June quarter results.

Sharing major IRCTC share price levels that stock market investors must keep in mind Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC shares have given a strong breakout after sustaining above ₹1950 levels. One can hold the counter maintaining the stop loss at ₹1950 as it may showcase 8-10 per cent upside swing in next 15-20 trade sessions after breaking the immediate ₹2100 hurdle.”

On his suggestion to the investors who want to buy IRCTC shares Sumeet Bagadia of Choice Broking said, “It’s not advisable to buy IRCTC shares at current levels but in case of some profit-booking, one can buy IRCTC stocks at around ₹2020 to ₹2050 levels maintaining the stop loss at ₹1950.”

Source
Livemint
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