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Why IRCTC share has gained 26% in three sessions

Aseem Thapliyal     December 7, 2020

IRCTC share has gained 26% in the last three sessions buoyed by the prospects of a COVID-19 vaccine, which could improve sentiment for the travel industry. In the current session, the share rose over 9% amid progress on Covid-19 vaccines at home and abroad. The travel stock gained 9.3% to Rs 1,720 against previous close of Rs 1,573 on BSE.

IRCTC share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. IRCTC stock has gained 94.68% in one year and risen 81.73% since the beginning of this year. The stock has climbed 19% in one year.

Market cap of the state-owned firm rose to Rs 27,215 crore.

IRCTC share has risen 122% till date compared to its 52-week low of Rs 774 hit during the market crash in March.

However, the stock is still off its 52-week high of Rs 1,995, hit earlier in February. Indian markets have been buoyed by developments on the COVID-19 vaccine front  at home and abroad.

On Friday, PM Narendra Modi said a Covid vaccine may be ready in a few weeks. Addressing an all-party meeting, PM Modi said that the country will begin the Covid-19 vaccination programme after experts give nod.

Sensex hits record high, Nifty scales 13,300 on COVID-19 vaccine hopes

On price of a vaccine, the PM said that the Central government was in talks with the state governments over the price of vaccine and decision regarding it will be taken keeping public health as topmost priority.

Meanwhile, drugmaker Pfizer Inc has become the first company to seek emergency use approval of its vaccine candidate in India after getting clearance in the UK and Bahrain. This boosted sentiment at home. Pfizer Ltd share rose 2.70% to Rs 5,398 against previous close of Rs 5256 in early trade today.

Market participants were also cheerful after Serum Institute of India also applied to Drugs Controller General of India (DCGI) seeking an emergency use authorisation for the Oxford COVID-19 vaccine in the country.

On October 14 last year, the Indian Railways firm made its stock market debut with IRCTC share listing at Rs 644 on BSE and Rs 626 on NSE.

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