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IRCTC Shares Higher on MoU With MSRTC for Online Bus Booking Integration

The detailed roles and responsibilities of both parties have yet to be finalized.

Shares of Indian Railway Catering and Tourism Corp (IRCTC) were trading in the green on 14 September after the company signed a MoU (memorandum of understanding) with Maharashtra State Road Transport Corporation (MSRTC) to incorporate MSRTC’s online bus booking services through IRCTC’s bus booking portal.

Smt. Seema Kumar, CMD of IRCTC, said, “The signing of the MOU between IRCTC and MSRTC is a significant milestone in enhancing the passenger experience by allowing them to simplify their travel arrangements from a single point. This integration will give the passengers the advantage of seamless access to last-mile connectivity via the IRCTC Bus Booking Portal, ensuring a smooth journey.”

MSRTC will provide the company with APIs of its online bus ticketing system for the integration of it on its website and mobile application.

The detailed roles and responsibilities of both parties have yet to be finalized.

The company has also signed an MoU with NBCC Services, which is a wholly owned subsidiary of NBCC, to plan, design, and execute interior works for its new office space at World Trade Centre, Nauroji Nagar, Delhi, for a project cost of Rs 31.40 crore.

In its quarterly report for the April-June quarter, the company reported a 7% YoY decline in its net profit at Rs 231 crore; however, the company reported a 17.5% YoY increase in its revenue from operations at Rs 1,001.8 crore for the same period.

At 12:10 pm, the shares of IRCTC were trading at Rs 697 or 1.46% above its previous close on NSE.

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