Shares of Indian Railway Catering and Tourism Corporation (IRCTC) were up on Wednesday as the firm signed a deal for the setting up a new office space amid continuing buzz around railway stocks.
What Happened: IRCTC signed a memorandum of understanding (MoU) with NBCC Services Limited, a wholly-owned subsidiary of government-controlled NBCC Limited.
This strategic collaboration, forged on Tuesday, aims to facilitate the planning, designing and execution of interior works for IRCTC’s upcoming office space located at the World Trade Centre in Nauroji Nagar, Delhi.
The project is set to be executed at an estimated cost of around ₹31.40 crore,
There are likely other reasons for IRCTC’s share price movement today, including the buzz around railway stocks after the Indian government, along with leaders from the US and Saudi Arabia, announced a massive rail and ports corridor that would connect India with the Middle East.
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So far IRCTC stock has only made small movements versus other railway stocks, actually losing value since the announcement.
Price Action: IRCTC’s share price was up 0.87% at ₹694.20 at the start of trade on Wednesday.
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