Stock market today: Continuing its upward trajectory for the fourth consecutive session, the share price of the Indian Railway Catering and Tourism Corporation (IRCTC) reached a new 52-week high of ₹799.95 per share on NSE during morning trading. Opening at ₹799.95 per share, the stock corrected from its opening price to reach an intraday low of ₹785.50 per share, still above Wednesday’s closing price of ₹777.95 on NSE.
Stock market experts view IRCTC shares as an opportunity for long-term investors, citing the company’s business diversification and the potential benefits from numerous new train launches. Despite a significant rally in Indian Railway shares, IRCTC has been considered an underperformer.
Labeling IRCTC shares as a ‘portfolio stock,’ Anirudh Garg, Founder & Fund Manager at Invasset, emphasized the compelling opportunity for long-term investors due to the company’s dominant position in the online ticket booking sector. As a public sector undertaking (PSU), IRCTC is strategically diversifying into hospitality, online catering, and various other businesses.
Garg noted IRCTC’s ambitious plan to introduce numerous new trains over the next four to five years, anticipating substantial benefits for current shareholders. The company is regaining momentum in its core online railway ticket booking business, and investors are optimistic about its future prospects, especially with the upcoming Lok Sabha elections expected to keep PSU stocks in the spotlight. IRCTC may play a crucial role in the resurgence of the railway and hospitality sectors as the economic landscape evolves.
IRCTC share price target: Sumeet Bagadia, Executive Director at Choice Broking, advised existing IRCTC shareholders to hold the stock, stating that the chart pattern suggests continued uptrend potential, with a target of ₹850 per share once the ₹800 hurdle is decisively breached. For those considering fresh investments, Bagadia recommended buying around ₹790 to ₹785 per share levels for a near-term target of ₹850, with a suggested stop loss at ₹775.
This positive outlook and projected upside indicate a favorable sentiment towards IRCTC shares among market experts, fostering confidence in the stock’s performance in the coming sessions.
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