IRCTC Surges On Heavy Volumes; Shares Climb 45% Since Stock Market Debut

Shares of Indian Railway Catering And Tourism Corporation (IRCTC) surged as much as 6.41 per cent to hit an intraday high of Rs 933.50 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), IRCTC shares climbed as much as 6.50 per cent to hit an intraday high of Rs 933.90. IRCTC shares were witnessing higher than usual trading volumes on the BSE. As many as 2.67 lakh shares changed hands on the BSE compared with an average of 1.62 lakh shares traded daily in the past two weeks. (Also Read: IRCTC Shares More Than Double On Bumper Stock Market Debut)

IRCTC made a stellar stock market debut last month. IRCTC opened for trading at Rs. 644 on the BSE compared to its issue price of Rs. 320 per equity share, registering a gain of 116.48 per cent on the opening day.

Also Read: Here Are The Service Charges Levied By IRCTC For Ticket Bookings

IRCTC saw huge demand for its shares in the three-day initial public offering which ended on October 3. IRCTC's IPO to raise Rs. 645 crore was subscribed close to 112 times by the end of the bidding process on Thursday, data compiled by the National Stock Exchange showed.

IRCTC is authorised by the railway ministry to sell Indian railway tickets online, offer catering service and manufacture and supply packaged drinking water at railway stations and on trains across India.

IRCTC's website - irctc.co.in - is one of the most transacted websites in the Asia-Pacific region, with transaction volumes averaging 2.5-2.8 crore per month in the five-month period ended August 31, 2019.

Also Read: IRCTC Premium Tatkal Tickets: Booking Rules, Timings, Charges

Since the listing of its shares on the stock markets, IRCTC has given remarkable returns to its investors as the stock price of the company has zoomed 45 per cent compared with 6.45 per cent gain in the S&P BSE Sensex.

As of 1:17 pm, IRCTC shares traded 5.5 per cent higher at Rs 925.75.