IRCTC skids despite tying up with Swiggy|| CESC shares trade higher

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

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.

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).

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.

CESC shares trade higher on Crescent Power's acquisition of Purvah Green Power

According to the company, the acquisition is in order to increase the company’s renewable footprint and partially meeting its renewables purchase obligations of its distribution business.

CESC shares gained over 1 percent at the open on the NSE on March 6, a day  after its subsidiary Crescent Power acquired 100 percent shareholding of Purvah Green Power. At 9:30am, the stock was trading at Rs 129.80. Over the last one year, the CESC stock has rallied over 86 percent and over the last five years, more than 89 percent.

In a regulatory filing on March 6, CESC reported that its subsidiary Crescent Power has acquired 100 percent shareholding of Purvah Green Power to increase the company’s renewable footprint and partially meeting its renewables purchase obligations of its distribution business.

The power utility reported an 11.9 percent year-on-year (YoY) decline in net profit to Rs 281 crore for Q3FY24. Revenue for the same period increased by 3.7 percent to Rs 3,244 crore and EBITDA fell 30.2 percent to Rs 346 crore from Rs 496 crore in the previous fiscal.

CESC is a fully integrated electrical utility company based in Kolkata and Howrah, dealing in generation, transmission, and distribution of electrical power.

Source: Money Control