Shares of Indian Railway Catering and Tourism Corporation (IRCTC) were climbing on Thursday after the firm unveiled plans for diversification beyond its core business.
What Happened: IRCTC announced massive expansion plans in the non-railway catering business across the country on Wednesday.
The public sector company revealed plans to promote its brand and business beyond railways, marking a strategic move to diversify its areas of operation.
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Why It Matters: Currently managing catering services for various ministries, and autonomous bodies, including the judiciary and universities, IRCTC has established hospitality outlets in nine organizations. These include the Department of Telecommunications in New Delhi, Calcutta High Court and Uttar Pradesh Secretariat in Lucknow, among others.
In addition, the company said it has signed MoUs with government bodies, including defence establishments like the Border Security Force, Indian Maritime University in Kolkata and Cotton University in Guwahati.
IRCTC said it is actively commissioning 15 more catering units across the country in the near future, solidifying its commitment to expansion beyond railway-centric services.
Price Action: IRCTC’s share price was up 2.43% at ₹796.85 at the start of trade on Thursday.
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