IRCTC or Indian Railway Catering and Tourism Corporation's share price experienced a significant increase after the stock market opened on 3 October.
Although the shares initially opened lower in the morning, there was a sudden surge in buying interest when the shares reached a value of Rs 680 each. This led to a peak of Rs 707.40 per share on NSE, resulting in an intraday gain of approximately 4 per cent during Tuesday's trading session.
The IRCTC stock has gained interest from buyers following a recent filing by the Indian Railways' PSU. In the filing, the company reported to Indian exchanges about a new offer for air passengers. According to this latest offer, customers can now book air tickets on the IRCTC app or website without any convenience fee.
IRCTC has informed the Indian stock market bourses about this offer for air passengers. In compliance with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, they have enclosed a press release titled "Book your Air Tickets with IRCTC at Zero convenience fees and also avail attractive discounts on card transactions".
IRCTC's stock was trading at Rs 703.30, up by 3.30 per cent, at the end of the day.
IRCTC is an Indian public sector undertaking that provides ticketing, catering, and tourism services for the Indian Railways. The government of India owns a 67 per cent share of the company. The firm has 100% market share in rail network.
IRCTC is the only entity authorised by Indian Railways to offer online railway tickets. The company charges convenience fees in the range of Rs 15-30 per ticket.