Indian Railway Catering and Tourism Corporation (IRCTC) share price on Tuesday, 8 June, reached a new high of Rs 2,184 at National Stock Exchange (NSE).
Reason Behind IRCTC Share Price Hike
Some of the stock market experts say that this price hike is due to the easing of lockdown restrictions, doubling of airline traffic in June 2021, fueling speculation for the same in Indian Railways traffic, and solid fundamentals of the Indian Railways' PSU stock.
According to a report published by Livemint, 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."
"IRCTC shares have given a breakout yesterday and in upcoming trade sessions, it may go up to Rs 2,300 in immediate short-term and then up to Rs 2,500 in one month," said Rohit Singre, Senior Technical Analyst at LKP Securities. He further suggested that those who own IRCTC shares should hold them maintaining trailing stop loss at Rs 2,050, reported LiveMint.
(With inputs from Livemint)