IRCTC skids despite tying up with Swiggy for pre-ordered meals to passengers

The share price of Indian Railway Catering & Tourism Corporation (IRCTC) went down marginally in the opening trade on March 6 even after the company signed a deal with Swiggy to provide preordered meals to passengers of the Indian Railways.

At 9:41am, Indian Railway Catering & Tourism Corp was quoting at Rs 921.90, down Rs 13.90, or 1.49 percent, on the BSE.

"A Memorandum of Understanding (MoU) has been signed between IRCTC and Swiggy (Bundl Technologies Pvt Ltd) to provide pre-ordered meals to passengers of Indian Railways through IRCTC e-Catering Services," the company said in an exchange filing.

As per said pact8, this service will be made available initially at the Bengaluru, Vijayawada, Visakhapatnam and Bhubaneswar stations and the number of stations may be increased or decreased on mutual agreement during the currency of Proof of Concept (PoC).

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The company had reported 17.4 percent jump in its December quarter net profit at Rs 300 crore and revenue increased 21.8 percent to Rs 1,118.3 crore.

The share touched a 52-week high of Rs 1,049.75 and a 52-week low of Rs 557.15 on 23 January, 2024 and 29 March, 2023, respectively. Currently, the stock is trading 12.18 percent below its 52-week high and 65.47 percent above its 52-week low.