IRCTC shares soar over 9% to Rs 1,326.45 to hit fresh peak in early trade ahead of Union Budget 2020

The Indian Railway Catering and Tourism Corporation (IRCTC) shares jumped nine percent to hit fresh peak in eary trade on Saturday ahead of the presentation of the Union Budget 2020. The IRCTC stock hit a high of Rs 1,326.45 on the BSE before coming down marginally. It was up 9.08 percent to Rs 1324.95 at 10.42 am. But the stock declined and was trading 5.78 percent at Rs 1282 when the Budget speech of Finance Minister Nirmala Sitharaman was underway. On the NSE, the share was up 5.76 percent at Rs 1,280. [caption id=“attachment_5121451” align=“alignleft” width=“380”] Representational image. News18[/caption] In October last year, IRCTC had made a blockbuster stock market debut with its shares zoomed over 101 percent to Rs 680 per share against the issue price of Rs 320. In September 2019, IRCTC, a subsidiary of the Indian Railways, had launched the initial public offering (IPO) for raising about Rs 635-645 crore. The IPO of IRCTC was a huge hit among investors, subscribed 111.91 times earlier this month. The Rs 645-crore IPO was in a price range of Rs 315-320 per share. The category meant for qualified institutional buyers (QIBs) was subscribed 108.79 times, non-institutional investors (NIIs) category witnessed a subscription of 354.52 times, while the same for retail investors stood at 14.65 times. The issue comprised an offer-for-sale of 2.01 crore shares of the face value of Rs 10 each. Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.