In today’s stock market session, the shares of Indian Railway Catering and Tourism Corporation (IRCTC) extended their bullish trend for the fourth consecutive session, reaching a new 52-week high of ₹799.95 per share on the NSE during morning trading.
The day started with the stock opening at ₹799.95 per share, marking its new 52-week high. However, it corrected from the opening price, reaching an intraday low of ₹785.50 per share, which still remained above its closing price of ₹777.95 on the previous trading day.
Market experts believe that IRCTC shares present a lucrative opportunity for long-term investors due to the company’s diversification in business and the introduction of numerous new trains. Despite a significant rally in Indian Railway shares, IRCTC has been labeled a ‘portfolio stock’ by Anirudh Garg, Founder & Fund Manager at Invasset.
He emphasized the company’s dominant position in the online ticket booking sector and its strategic diversification into hospitality, online catering, and other businesses as positive factors.
Garg highlighted IRCTC’s ambitious plan to introduce several new trains over the next four to five years, expecting substantial benefits for current shareholders. With a focus on online railway ticket booking and the strategic diversification, IRCTC is regaining momentum. The upcoming Lok Sabha elections are anticipated to keep PSU stocks, including IRCTC, in the spotlight, further contributing to its positive outlook.
Regarding the share price target, Sumeet Bagadia, Executive Director at Choice Broking, advised existing IRCTC shareholders to hold the stock, predicting a potential uptrend to ₹850 per share once it decisively breaches the ₹800 hurdle.
Bagadia recommended updating the trailing stop loss at ₹775 per share for existing shareholders. For those considering fresh investments, he suggested buying in the range of ₹790 to ₹785 per share with a near-term target of ₹850, maintaining a stop loss at ₹775 per share.
