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IRCTC shares cross Rs 3,000 mark, experts see another 10% upside in near term

The rally attributed to the reopening of economy, its monopoly in internet ticketing & catering business, and railways' asset monetisation plan.

September 06, 2021 / 02:14 PM IST
 
 
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Indian Railway Catering and Tourism Corporation (IRCTC) shares rallied 6 percent intraday to cross the Rs 3,000 mark and hit a record high of Rs 3,041.20 on September 6.

In the last one year, the stock has registered a 115 percent return, outperforming the benchmark indices as well as broader markets. It was quoting at Rs 3,000.80, up 4.58 percent, at the time of writing this copy.

The rally can be attributed to the reopening of the economy, its monopoly in the internet ticketing & catering business, and railways' asset monetisation plan.

"IRCTC is in strong bullish momentum where it has gained more than 100 percent in 2021 and crossed the psychological level of Rs 3,000. The correction due to Covid-19 was a great opportunity for portfolio investors to latch onto it as everyone wanted to buy it before Covid-19 at any price because of its monopoly and future growth outlook," said Santosh Meena, Head of Research at Swastika Investmart.