IRCTC shares in focus as miniratna PSU eyes expansion in non-railway catering business

Shares of Indian Railway Catering & Tourism Corporation Ltd (IRCTC) will be in focus on Thursday morning after the miniratna PSU said it was eyeing a major expansion in non-railway catering business. In a filing to stock exchanges post market hours of Wednesday, IRCTC said the hospitality and tourism arm of Indian Railways was on the road "to proliferate in the areas of business beyond Railways for promoting its brand and business across the nation."

At present, IRCTC  is managing catering services for various ministries, government departments, autonomous bodies including judiciary and universities.

"The company has already set up its hospitality outlets in 9 such organizations including Department of Telecommunications - New Delhi, Calcutta High Court, UP Secretariat – Lucknow and so on. With aggressive plans to further mark its signature in catering business and customising to the requirements of clients, IRCTC has already signed MoUs with various government and autonomous bodies," IRCTC said. 

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Such bodies included defense establishments such as Border Security Force, Indian Maritime University – Kolkata, Cotton University – Guwahati. IRCTC said it is in active phase of commissioning 15 more catering units across the country in the near future.

"IRCTC foresees to expand its gamut of catering operations across the country and is in discussions with various other government organizations and industrial houses for setting up of catering units and also offer comprehensive catering solutions in sync with its aim of becoming a premier brand of hospitality and catering in the country," it said.

On Wednesday, IRCTC shares closed at Rs 778 on BSE, up 0.96 per cent. The stock is up 21.14 per cent in 2023 so far.

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