IRCTC market cap hits Rs 1 lakh crore after share jumps 8%
- IRCTC crossed Rs 1 lakh crore market capitalization on the BSE
- IRCTC is now ranked 57th in the overall m-cap rating
- IRCTC stock has risen 293% in the last six months
The Indian Railway Catering and Tourism Corporation (IRCTC) has joined the elite group of firms with a Rs 1 lakh crore market capitalization (m-cap) on the BSE after its share price reached a new high of Rs 6,375.25 in intra-day trade on Tuesday. The stock is up over 8% today and up 33% in the last five trading days.
According to BSE statistics, at 09:32 a.m., IRCTC, which is in the travel support services industry, was trading 6.9% higher at Rs 6,283.50, with a market valuation of Rs 100,612 crore. The S&P BSE Sensex, on the other hand, was 0.59% higher at 62,131. IRCTC is now ranked 57th in the overall m-cap rating. With today's achievement, the firm has outperformed IndusInd Bank and ICICI Prudential Life Insurance Company in terms of market capitalization, according to business-standard.
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The stock has risen 293% in the last six months from a low of Rs 1,612, compared to a 30% increase in the S&P BSE Sensex. Furthermore, since August, the market price of IRCTC has more than doubled or has climbed 172%, after the firm announced a stock split plan on July 30, 2021. In addition, on August 12, the IRCTC board of directors approved a 1:5 stock split.
The IRCTC has set October 29, 2021, as the record date for determining the names of shareholders who are eligible to have their equity shares of Rs 10 divided into five (5) equity shares of the face value of Rs 2 each.
IRCTC is the only company authorized by Indian Railways to provide rail catering services, online train tickets, and packaged drinking water at trains and stations in India. When it comes to online train reservations and bottled drinking water, it has a dominant position with around 73% and 45% of the market, respectively.