IRCTC shares hit record high ahead of Budget; other railway stocks fall

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) hit fresh life-high on Friday ahead of the Union Budget on February 1.

The share price of IRCTC has gained 24 per cent this month. It has surged 15 per cent in the last one week.

Prabhudas Lilladher initiated coverage on the stock with a ‘buy’ earlier this week. The broker has a target of Rs 1,339, a potential upside of 18 per cent from Thursday’s close.


The broker based its rating given monopoly position in providing online ticket booking and catering services for railway passengers, high revenue visibility from packaged drinking water
segment aided by 35 per cent higher capacity and revenue kicker of about Rs 700 crore from e-ticketing business post re-introduction of service charge.

IRCTC is scheduled to hold its board meeting on February 12 to consider its December quarter results.

Among other railway stocks, IRCON was down 2.79 per cent at Rs 466, Titagarh Wagon (5.73 per cent down at Rs 53.50), Rail Vikas Nigam (1.45 per cent down at Rs 27.15) and Rites (1.08 per cent down at Rs 314.55).

The shares of the company closed 6.67 per cent higher at Rs 1212 on BSE.