IRCTC share price: Why experts see big upside in short term — explained
Stock to buy: Indian Railway Catering and Tourism Corporation or IRCTC share price has given strong upside movement in the week gone by. Ater making its bottom at ₹663 apiece levels in September 2023, IRCTC share price gave fresh breakout at ₹675 and sustained above ₹700 apiece levels. According to stock market experts, IRCTC share price may continue its uptrend and climb up to ₹850 apiece levels in short term as ICC World Cup 2023 is expected to provide an extra business for this Indian Railways’ PSU company.
Stock market experts said that ICC World Cup 2023 will last till 19th November 2023. They said that IRCTC shares surged last month as maerket is expecting rise in its business volume due to cricket world cup 2023, which began on 5th October 2023.
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Experts went on to add that ICC World Cup 2023 is expeted to boost sports tourism in India as cricket fans across world will follow their favourite countries as per their schecule. hence, tour & travel companies, hotels are expected to gain traction dur to cricket world cup. Apart from this, these cricket lovers spend heavily on eateries as well.
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As IRCTC has made budget hotels and transport booking facility available on its website, cricket lovers are expected to flood on this website for hotels, foods, flights and other modes of transport service. They said that any dip in IRCTC share price should be seen as buying opprtunity during ICC World Cup 2023 as the stock may go up to ₹850 apiece levels in short term.
How cricket world cup will fuel IRCTC share price?
Expecting ICC World Cup 2023 to fuel IRCTC share price, Avinash Goralshkar, Head of Research at Profitmart Securities said, “ICC World Cup 2023 is expected to fule hotels, flights, trains, bususes, etc. booking during cricket world cup as sports tourism is expected to surge during this cricket tournament. Sensing the business opportunity in this sports event, IRCTC has already declared zero convenience fee on flight booking at IRCTC website. Apart from this, IRCTC has recently tied up with budget hotels, eateries and other QSR companies that is going to see upside in business during ICC World Cup 2023 tournament. Hence, market is expecting some added business in IRCTC’s October to December 2023 quarter. The recent buying in IRCTC shares can be attributed to the beginning of ICC World Cup 2023 along with the sops announced by the company for flight and other bookings.”
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Expecting further upside in IRCTC share price, Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC shares are looking positive on chart pattern and it is facing hurdle at ₹750 levels. Once it breaches this hurdle on closing basis, we can expect IRCTC share price to go up to ₹825 to ₹850 apiece levels in short term.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 07 Oct 2023, 01:58 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.