2024-02-22 04:36:54
New Delhi: Shares of PSU companies are in discussion these days. Experts are also keeping an eye on the railway shares in Dalal Street. Meanwhile, on Tuesday, the newly appointed CMD of IRCTC Sanjay Kumar Jain has revealed the launch of several big initiatives within the company. These will be started at both organization and business levels. As soon as he did this, well-known market analyst Sanjeev Bhasin has given a share price target for IRCTC. Stop loss has also been mentioned. He has given ‘buy’ rating for railway stock. Sanjeev Bhasin is the director of IIFL Securities. He has 35 years of experience in the stock market.
New CMD told the plan
While talking to a business news channel, IRCTC’s new CMD Sanjay Kumar Jain highlighted many positive aspects of the company. Jain said that while margins may appear stable, they are actually performing well. He also informed that IRCTC has signed an agreement with the Uttarakhand government. Discussions are also going on with other state governments. Its objective is to maximize profits by focusing on growth in all sectors. Jain specifically mentioned the good performance of Rail Neer business. CMD said that the volume is expected to increase with the inclusion of new trains.
What is the target price for IRCTC share?
Amidst the CMD’s talks on the business plan, IIFL Securities Director Sanjeev Bhasin gave the target price of IRCTC shares for 2024. He has kept it at Rs 1,000. Stop loss for this has been given at Rs 918. He further estimated the share target price to be Rs 1,250 for investors holding the stock for one year. He has given ‘buy’ rating for railway stock.
IRCTC has registered a revenue growth of 21.81% in the third quarter of financial year 2023-24. It increased to Rs 1,118.3 crore. EBITDA also increased by 20.92% to Rs 393.97 crore. At the same time, net profit increased by 17.4% to Rs 299.99 crore.