IRCTC hits 52-week high amid plans to expand catering services

Indian Railway Catering and Tourism Corporation (IRCTC) shares surged 2.83 per cent to an all-time high of Rs 799.95 on Thursday after the public sector undertaking said that it eyes expansion in the non-railway catering business in India.

"With a team of hospitality-qualified professionals and enormous experience in planning and execution of catering projects and multiple service contracts in railways, IRCTC is now on the road to proliferate in areas of business beyond railways for promoting its brand and business across the nation," IRCTC said in an exchange filing.

The company said that it is managing catering services for various ministries, government departments, autonomous bodies, including the judiciary, and universities. It has already set up its hospitality outlets in nine organisations, including the Department of Telecommunications in New Delhi, the Calcutta High Court, and the UP Secretariat in Lucknow, among others.

"With aggressive plans to further mark its signature in the catering business and customise to the requirements of clients, IRCTC has already signed MoUs with various government and autonomous bodies, including defence establishments such as the Border Security Force, Indian Maritime University (Kolkata), Cotton University (Guwahati), and so on, while the company is in the active phase of commissioning 15 more catering units across the country in the near future," the company said.

As of 11:52 am, shares of IRCTC were trading 1.65 per cent higher at Rs 790.80 on the NSE.