Rail stocks rise after shift to monetizing ticketing data

Rail stocks rise after shift to monetizing ticketing data

IRCTC shares surged to ₹752.75 in the past two sessions.

Shares of Indian Railways Catering and Tourism Corporation (IRCTC), the ticket booking arm of Indian Railways, continued their upward movement for the second day in a row.

From Thursday’s close of ₹723, IRCTC shares rose almost 5% intraday to a high of ₹752.75.

From Rs671.65 apiece at the start of trading on Thursday, IRCTC shares surged to ₹752.75 apiece over the past two sessions, registering a gain of almost 12%.

However, share prices saw some correction after hitting the intraday high and fell to ₹729 each by the end of the day.

The strong market sentiment for IRCTC shares comes amid the PSU preparing to issue dividends and a media report claiming the company has issued a tender to sell data on IRCTC. passengers. Selling data is likely to help IRCTC generate additional revenue that would allow it to further shore up its margins.

In issuing a clarification to the media report, the IRCTC said it had issued a tender to simply appoint a consultant. “As a business entity, the company is exploring business opportunities in new areas. Like other business tenders, this tender was also issued simply to appoint a consultant,” the IRCTC said. in his press release. IRCTC added that the consultant would guide IRCTC and Indian Railways on monetization activities and advise on the value of monetizing digital assets legally.

IRCTC recorded a net profit of ₹246 crore in the first quarter of FY23, an increase of 196% compared to the corresponding quarter of the previous financial year. The company had recorded ₹82.5 crore of net profit last year. IRCTC’s operating revenue also surged by 251% to ₹853 crore in Q123 from Rs243 crore in Q1Q22.

Source link

Denial of responsibility! newsnaveen.online is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@newsnaveen.com. The content will be deleted within 24 hours.

Similar Articles

Most Popular