IRCTC stock split approved; share price hits new 52-week high
IRCTC Stock Split Date, IRCTC Stock Split Ratio, IRCTC Stock Split Price: IRCTC (Indian Railway Catering and Tourism Corporation Ltd) has approved the proposal for a stock split. As per the Board of Directors’ recommendation, IRCTC share having a face value of Rs 10 will be split into 5 shares. After the split, each share’s face value will be Rs 2.
The recommendation for IRCTC share split is subject to the approval of the Ministry of Railways, shareholders and others.
IRCTC shares surged to a new high of Rs 2,728.85 (52-week high), up 4.77 per cent on the NSE and Rs 2,727.95 (52-week high), up 4.60 per cent on the BSE.
IRCTC said the stock split will help enhance liquidity in the capital market. It will also widen the shareholder base and make the shares affordable to the retail investors.
Meanwhile, IRCTC has a 23 per cent decline in its profit after tax to Rs 103.78 crore for the March 2021 quarter. The company had reported a profit after tax (PAT) from continuing operations of Rs 135.14 crore for the corresponding quarter a year ago, according to a regulatory filing to the BSE.
IRCTC is the only entity authorised by the Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India.
Total revenue dropped in January-March 2021 to Rs 358.25 crore, against Rs 595.70 crore in the year-ago period. Total expenses decreased to Rs 216.17 crore, from Rs 402.90 crore a year ago.
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