02 Aug , 2021 By : Kanchan Joshi
IRCTC share price today hit new lifetime high of Rs2513 — logging around 6.75 per cent rise in the intraday trade session. According to stock market experts, IRCTC shares are skyrocketing today after the market buzz about the company management announcing IRCTC share split after today's board meeting. They said that the market is speculating that IRCTC share price face value of Rs10 may become Rs2 or Re 1. They said that today's share split buzz has worked in favour of the stock while its strong fundamentals are already supporting its share price rally.
IRCTC share split buzz
Speaking on the reason for IRCTC share hitting new high today; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "There is buzz in the market that IRCTC management may announce share split after its board meeting today. The speculation in regard to share split is Rs10 face value of the IRCTC shares may become Rs2 or may be Re 1. So, bulls are buying IRCTC shares today in bulk to get the benefit of this markets expected share split buzz."
Avinash Gorakshkar of Profitmart Securities went on to add that IRCTC has strong financials that is also supporting the IRCTC share price rally for quite few months. He said that in upcoming times, when unlock activities are expected to further pick up and Indian Railways opening more trains for the commuters, IRCTC's business growth is also expected to pick up in the post-Covid scenario. He said that IRCTC is a portfolio stock and one should keep this stock for long-term in one's portfolio.
IRCTC share price outlook
On why IRCTC share displayed sharp rise today; Mudit Goel, Senior Research Analyst at SMC Global Securities said, "IRCTC shares have given a breakout at Rs2440 and has managed to sustain above this level. Those, who have this stock in its portfolio are advised to hold the counter maintaining trailing stop loss at Rs2400 as the stock may soon go up to Rs2700 levels."
IRCTC share price target
Mudit Goel of SMC Global Securities went on to add that those who want to buy IRCTC shares can buy the counter at current levels for the immediate target of Rs2700. However, he strictly advised investors to maintain stop loss at Rs2400 while taking fresh position in the IRCTC counter.
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