IRCTC share price: why analysts predict a rapid increase in the near future

 IRCTC share price: why analysts predict a rapid increase in the near future

Stock to buy: The share price of Indian Railway Catering and Tourism Corporation, or IRCTC, has seen significant upward movement over the last week. After hitting its low in September 2023 at levels of $663 a piece, IRCTC's share price provided a new breakout at levels of $675 and maintained above levels of $700 per piece. Stock market analysts believe that the IRCTC share price will continue to rise and reach levels of 850 per share in the near future due to expectations that the ICC World Cup 2023 would boost revenue for this PSU firm owned by Indian Railways.

According to stock market analysts, the ICC World Cup 2023 will go until November 19, 2023. They said that IRCTC stock increased last month as a result of the market anticipating an increase in business volume owing to the cricket world cup 2023, which started on October 5, 2023. 

The ICC globe Cup 2023 is anticipated to increase sports tourism in India since cricket fans from over the globe would follow their preferred nations according to their schedules, the experts said. As a result, it is anticipated that hotels and trip operators would grow during the cricket world cup. These cricket fans also spend a lot of money on restaurants. 

Portfolio of Ashish Kacholia: Multibagger stock up 700% in three and a half years

Cricket fans are anticipated to swarm this website to book hotels, meals, flights, and other means of transportation since IRCTC has made it possible to book affordable hotels and transportation on its website. They said that any decline in the price of IRCTC shares during the ICC World Cup 2023 should be seen as a buying opportunity since the stock may rise to 850 rupees per share in the near future.

How will the cricket world cup impact IRCTC's stock price?

ICC World Cup 2023 is anticipated to boost the share price of IRCTC. "ICC World Cup 2023 is expected to fulle hotels, flights, trains, buses, etc. booking during cricket world cup as sports tourism is expected to surge during this cricket tournament," said Avinash Goralshkar, Head of Research at Profitmart Securities. Recognizing the commercial potential of this sporting event, IRCTC has already said there would be no convenience charge for booking flights via the IRCTC website. In addition, IRCTC has partnered with low-cost lodgings, restaurants, and other quick-service restaurants, who will benefit from increased revenue during the ICC World Cup 2023 competition. Therefore, the market anticipates some growth in IRCTC's third quarter, which runs from October to December 2023. The start of the ICC World Cup in 2023 and the company's recent announcement of discounts on travel and other reservations are both responsible for the current purchasing of IRCTC shares.

Sumeet Bagadia suggests three equities to purchase for the next week.

IRCTC shares are looking bullish on the chart pattern and it is facing a barrier at 750 levels, according to Sumeet Bagadia, Executive Director at Choice Broking, who anticipates additional gains in the share price. We may anticipate a short-term increase in the IRCTC share price to levels between $825 and $850 after it clears this barrier on a closing basis.