IRCTC share price rises over 6% as Tejas Express makes Rs 70-lakh profit in its first month of operations

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose 6.4% intraday to Rs 933.5 on BSE, after the railway firm's Tejas Express, made a profit of around Rs 70 lakh till the month of October this year while earning revenue of nearly Rs 3.70 crore through sale of tickets.

IRCTC stock price jumped 6.41% to touch an intraday high of Rs 933.5 on the BSE and currently trades 3.53% away from a 52-week high of Rs 953.65. With a trend reversal, IRCTC stock has gained today after 2 days of consecutive fall. IRCTC stock price has gained 3.52% in value since the last week and 48% value since its listing on October 14, 2019.

Also read: India Railways to carry Amazon consignments for 3 months in pilot project

IRCTC stock today outperformed 'Travel Services' sector by 1.2%, where the sector has gained by 4.21% intraday. The stock currently trades higher than 5, 20, 50, 100 and 200-day moving averages. Volume-wise, a total of 3.4 lakh shares and 40.85 lakh shares traded on the counters of BSE and NSE, respectively. Market depth data on BSE depicts 18% buying against 825 selling on the current stock value.

In a span of 21 days, since October 5 when Tejas Express began operations till October 28, the expenditure incurred by IRCTC in running the train was around Rs 3 crore, according to a PTI report.

Also read: IRCTC share has gained 198% in 18 days; do you own the stock?

The Tejas Express, that routes between Delhi and Lucknow, is the Railways' first experience of running a train by non-railway operator and its own subsidiary IRCTC.

Tejas Express is part of the Piyush Goyal-led Indian Railways bid to develop 50 railway stations of world-class standards and allowing private passenger train operators to run 150 trains on its network.

Also read: IRCTC share price hits Rs 900 yet again on renewed buying interest