Indian Railway Catering and Tourism Corporation Ltd (IRCTC) has become the latest to join the club of ₹1-lakh-crore market capitalization (m-cap) on Tuesday. IRCTC stock hit a record intraday high of Rs 6,375.45 on October 19. This was the first time IRCTC stock surged past Rs 6,000-mark. At 1142 hours, IRCTC stock was trading at Rs 6,248.00, up 6.31 percent from its previous close on the BSE. On NSE, IRCTC share was up 6.53 percent at Rs 6,261.35. The market cap of IRCTC stood at Rs 1,00,285.60 crore, data available on the BSE showed.
The government-owned travel support services company has added Rs 30,000 crore market cap in just nine months as IRCTC share continued its bull run. Earlier, PSU stocks such as State Bank of India, Coal India, NMDC Ltd, Indian Oil Corp. Ltd, Power Grid Corp. Ltd, SBI Life Insurance, Bharat Petroleum Corp., and SBI Cards have achieved the milestone of hitting Rs 1-lakh-crore market capitalization.
IRCTC got listed on the bourses on October 14, 2019, and its issue price was Rs 320 a share. Since then, IRCTC stock jumped 1,737 percent or 18-fold. IRCTC’s share jumped over 300 percent so far this year. Analysts pointed out more than one reason behind the continuous rally of this PSU stock. With vaccination drive gaining momentum and new Covid-19 cases remaining under control, the economy is gradually unlocking. IRCTC has also started announcing special trains ahead of the festive season. Positive cues in the market and festive cheers fueled the IRCTC stock rally on October 19.
The share of IRCTC has been on the rise after the company decided to split the stock. On August 12, the e-ticketing and catering arm of the Indian Railways announced a split of one equity share of the face value of Rs 10 into five equity shares of the face value of Rs 2.