Blockbuster debut for IRCTC; shares zoom 129 pc
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) more than doubled in debut trade on Monday, skyrocketing 129 per cent against its issue price of Rs 320 per share.
The stock zoomed 127.69 per cent to close at Rs 728.60 on the BSE after listing at Rs 644, reflecting a rally of 101.25 per cent as compared to the issue price in early trade. During the day, it jumped 132.43 per cent to hit a high of Rs 743.80.
On the NSE, it soared 129 per cent to close at Rs 733.
"IRCTC listing proved yet again that a high quality business with a clear runway for growth which leaves a lot on the table for investors is a sure shot success. IRCTC has managed to replicate the success of Avenue Supermart in the primary market where we saw bidders showing appetite for the stock even after the stock doubling on Day-1 of listing," according to S Ranganathan, Head of Research at LKP Securities.
In traded volume, 54.40 lakh shares of the company were traded on the BSE and 4.52 crore shares on the