State-owned Indian Railway Catering and Tourism Corporation (IRCTC) entered the club of top 100 most valuable listed companies today after its stock crossed the Rs 3,000-mark for the first time today on BSE.
Market cap of the firm stood at Rs 48,152 crore, placing it among the top 100 firms listed on BSE by market capitalisation.
The state-owned company surpassed Colgate-Palmolive (India), Cholamandalam Investment and Finance Company, BHEL, Bajaj Holdings, Gujarat Gas, Hindustan Aeronautics (HAL), Balkrishna Industries, ACC and Bandhan Bank in market cap to become the 92nd most valued firm on BSE today.
The stock has rallied 97 per cent from its low of Rs 1,541 touched on April 19, 2021.
The share hit all-time high of Rs 3041.2 today, rising 5.99% against previous close of Rs 2,869.40
Later, the large cap stock closed 4.88% or Rs 140 higher at Rs 3,009 on BSE.
In the last three sessions, the stock has gained 9.73%. IRCTC share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 120% in a year and risen 109% since the beginning of this year.
On August 12 this year, IRCTC board cleared a stock split in the ratio of 1:5 to increase liquidity in the capital market, widen the shareholder base and make the shares affordable for small investors.
Since then, the share has risen 17.03% or by Rs 438 till date . On August 11, the stock closed at Rs 2,571 on BSE.
A stock split leads to increase in liquidity of the stock. The stock also gets more affordable for retail investors since the company divides the existing shares into new shares. However, market cap of the firm remains the same.
IRCTC is the only entity authorised by the Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.
It has a dominant position in online rail bookings and packaged drinking water with around 73 per cent and 45 per cent market share, respectively.