Despite signing a deal with Swiggy to offer preordered meals to Indian Railways passengers, the share price of Indian Railway Catering & Tourism Corporation ( IRCTC ) experienced a slight decline in early trading on March 6.
At 9:41 am, IRCTC’s shares were trading at Rs 921.90 on the BSE, down Rs 13.90 or 1.49 percent.
The company announced the signing of a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies Pvt Ltd) to provide preordered meals through IRCTC e-Catering Services. Initially, this service will be available at Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, with the potential for expansion to other stations during the Proof of Concept (PoC) period.
In its December quarter financial results, IRCTC reported a 17.4 percent increase in net profit to Rs 300 crore, with revenue rising by 21.8 percent to Rs 1,118.3 crore.
The stock’s 52-week high was recorded at Rs 1,049.75, while its low was Rs 557.15 on January 23, 2024, and March 29, 2023, respectively. Currently, the stock is trading 12.18 percent below its 52-week high and 65.47 percent above its 52-week low.
