Indian Railway Catering and Tourism Corporation (IRCTC) shares hit a new high of Rs 2,490 on the Bombay Stock Exchange (BSE) as they rallied 7 per cent in the intra-day trade after the company announced a stock split plan. The stock surpassed its previous high of Rs 2,479.45, touched on July 20, 2021.

“The board of directors of the Company is scheduled to meet on August 12, 2021, to recommend the proposal for sub-division of Company’s equity shares of the face value of Rs 10 each and matters related to it, subject to the approval of Ministry of Railways, Government of India and shareholders,” IRCTC said in an exchange filing on Friday, post-market hours.

The company further said the board would also consider and approve the company’s unaudited financial results for the quarter that ended on June 30, 2021 (Q1FY22).

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In the past three months, the stock of the travel support services company has outperformed the market and has rallied nearly 40 per cent compared to an 8.5 per cent rise in the S&P BSE Sensex. Besides, it has zoomed 93 per cent from its 52-week low of Rs 1,291, touched on November 4, 2020. IRCTC is the only entity authorized by the Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. It has a dominant position in online rail bookings and packaged drinking water with around 73 per cent and 45 per cent market share, respectively.

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Indian Railway Catering and Tourism Corporation (IRCTC)-View Detailed Anaysis