India's IRCTC falls as govt proposes to sell up to 5% stake

Indian Railway Catering and Tourism

15/12/2022 03:54

** Shares of Indian Railway Catering and Tourism Corp
(IRCTC)  INIR.NS  fall as much as 5.3% to 696.35 rupees, biggest
intra-day pct fall since Aug. 29
    ** India govt will sell up to 5% stake in co 
    ** IRCTC is the only firm authorised by the Indian Railways
to manage food services on trains and offer online railway
ticket booking services
    ** Govt has struggled to meet even half of its 650 billion
rupees budgeted divestment target due to delays in privatising
some state-owned firms
    ** About 1.7 mln shares change hands in early trade vs
30-day avg of ~ 2 mln shares
    ** One out of six analysts tracking stock rate it at "strong
buy;" while 1 has a "hold" rating and 4 "sell" or below; median
PT 605.50 - Refinitiv data
    ** Stock down 16% YTD
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))