IRCTC Share Price Target Rs 850-800: 23rd August Record Date For Rs 4 Dividend; Buy?

Under the Ministry of Railways, Government of India, Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) is a Central Public Sector Enterprise classified as a "Mini Ratna (Category-I)". The company's primary operations include packaged drinking water (Rail Neer), travel & tourism, internet ticketing, and catering & hospitality. The company continues to provide excellent financial performance, earning total income for the fiscal years 2021-22, 2022-23, and 2023-24 of Rs 1954.48 crores, Rs 3661.90 crores, and Rs 4434.66 crores, respectively. This represents a compound annual growth rate (CAGR) of 50.63% between fiscal 2022 and fiscal 2024. Profit after tax for the fiscal years 2021-22, 2022-23, and 2023-24 of Rs 659.55 crores, Rs 1005.88 crores, and Rs 1111.26 crores, respectively, representing a CAGR of 29.80% between fiscal 2022 and fiscal 2024; and declared dividends of Rs 280 crores, Rs 440, and Rs 520 crores for 2021-22, 2022-23, and 2023-24.

IRCTC Dividend Record Date

"We are pleased to inform you that the Board of Directors at their meeting held on Tuesday, 28th May, 2024 have considered and recommended a final dividend of Rs 4.00 (Rupees Four only) per equity share having face value of Rs 2 (Rupees Two) each for the Financial Year ended on 31st March, 2024, subject to approval in the ensuing Annual General Meeting (AGM), to the shareholders on the basis of the details of beneficial ownership furnished by the Depositories, as at the close of Friday, 23rd August, 2024. i.e. record date for determining entitlement of members to receive final dividend for the financial year ended 31st March, 2024 and in respect of shares held in Physical form (if any) to those Members whose names will appear on the Register of Members of the Company as on the close of Friday, 23rd August, 2024," said IRCTC in a stock exchange filing.

IRCTC Q1 Result Date

"In terms of Regulation 29 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that 140th meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 13th August, 2024 to consider and approve the Standalone and Consolidated Un-audited Financial Results of the Company for the quarter ended on 30th June, 2024, after the same are reviewed by Audit Committee along with the limited review report of the Statutory Auditors on the same," the company informed stock exchanges.

IRCTC Share Price Target

Hardik Matalia - Derivative Analyst at Choice Broking said, "IRCTC is currently in a sideways to bearish trend, trading around 925. The stock has struggled to surpass its short-term (20-day) EMA and medium-term (50-day) EMA, leading to a potential decline towards its long-term (200-day) EMA of 924 levels. With the stock approaching strong support zones, a break below these levels could result in further declines towards the 850-800 range. The Relative Strength Index (RSI) currently stands at 30.33 levels and is trending downwards, indicating decreasing buying momentum."

"This downward trend suggests that the stock may continue to decline, presenting a challenging outlook for investors. Overall, the analysis indicates a cautious outlook for IRCTC. Investors should closely monitor the stock's price movements and implement appropriate risk management strategies to safeguard their investments," the analyst further stated.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.