Now LIC also trusts IRCTC shares, increased its stake by this much
Now Life Insurance Corporation of India (LIC) is also investing heavily in railway shares. LIC has increased its stake in IRCTC, the digital ticketing platform of railways.
In the last few years, railway shares have given good returns in the stock market. This is the reason why big investors like LIC are also now increasing their trust in railway shares. Recently, Life Insurance Corporation of India (LIC) has increased its stake in the railway company IRCTC.
Life Insurance Corporation of India (LIC) on Thursday said it has increased its stake in IRCTC, the Indian Railways' online ticketing and catering platform, to about 9.3 per cent.
LIC bought so many shares in 2 years
LIC has informed the stock market about this. It has been said that it has bought and sold shares of IRCTC in the open market in the last 2 years in Indian Railway Catering and Tourism Corporation (IRCTC). Due to this, its share has increased by 2.02 percent between 16 December 2022 and 11 September 2024.
The country's largest insurance company said that it has increased its stake in the equity shares of IRCTC from 5,82,22,948 shares i.e. 7.28 percent to 7,43,79,924 shares i.e. 9.29 percent.
IRCTC gave tremendous return
LIC's share on BSE closed at Rs 1031.45 on Thursday, up 1.81 percent from its previous close. IRCTC's share closed at Rs 929.30. If we look at the returns on IRCTC's stock, its share price has given a return of 35 percent in the last one year. Whereas in the last 5 years, its share has increased by about 500%. In the year 2019, its share price was just Rs 155.
IRCTC not only has a monopoly in the market when it comes to railway ticketing, but it also has the responsibility of handling the catering service of the railways.
Not only this, this company of the railways does everything from looking after the food arrangements in trains to making tour packages. The country's first private train Tejas Express was also started by IRCTC.