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Budget 2022: Immediately after Union Finance Minister Nirmala Sitharaman's announcement in the parliament to bring 400 new generations Vande Bharat trains with better efficiency in the period of next 3 years, Indian Railway Catering and Tourism Corporation or IRCTC share price started skyrocketing. The Indian Railway PSU stock that was trading sideways since early morning deals, shot up immediately and hit its intraday high of ₹899.90 per equity share.
According to market experts, this announcement is going to fuel IRCTC share price in long term. They advised positional investors to initiate momentum buy in IRCTC shares at current levels for long-term target of ₹1400 per share levels.
Speaking on IRCTC shares; Anuj Gupta, Vice President at IIFL Securities said, "One can buy IRCTC shares at current market price for the short-term target of ₹1000 maintaining stop loss at ₹840." He said that IRCTC shares are looking positive on the chart pattern and recent budget announcement on Vande Bharat trains is going to fuel fundamentals of the stock as well.
Advising positional investors to buy IRCTC shares; Ravi Singhal, Vice Chairman at GCL Securities said, "The Finance Minister has announced to introduce 400 new Vande Bharat trains that will help IRCTC share price rally. She has also announced to boost transport & logistics in her budget 2022 speech. So, I am expecting IRCTC shares to go up to ₹1400 per share levels in long-term."
While presenting her fourth union budget, FM Nirmala Sitharaman announced that 400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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