Shares of Indian Railway Catering & Tourism Corporation Ltd (IRCTC) are in focus on Wednesday after the company signed a Memorandum of Understanding (MoU) with Swiggy on Tuesday to offer pre-ordered meals to Indian Railways passengers via IRCTC e-Catering Services.
What Happened: Initially, this service will start at Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, with potential expansion based on mutual agreement.
Swiggy will leverage its vast restaurant network to serve passengers starting with these four cities, planning to extend the service to 59 more stations soon. Sanjay Kumar Jain, IRCTC’s Chairman and Managing Director, emphasized that this partnership aims to enhance the convenience and culinary choices for railway passengers, making their journeys more enjoyable.
See also: Indian Apps Return To Google Play Store After High-Level Intervention: Here’s What Happened
Rohit Kapoor, CEO of Swiggy’s Food Marketplace, highlighted the Indian Railways’ pivotal role in connecting India and expressed enthusiasm about enriching passengers’ travel experience with diverse meal options.
The collaboration is set to begin in Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar, anticipating a positive reception that could lead to expanded services. Swiggy’s support agents will receive training to ensure efficient resolution, gratification, and cancellation processes, and to facilitate communication with restaurants and delivery partners.
Price Action: IRCTC shares were trading 1.34% lower at ₹923.30 on Wednesday morning. So far in 2024, IRCTC shares have seen a 5% rise, with a significant 52% increase over the last year.
Read next: Reliance Shares Jump Back In Green After Brokerage Remains Upbeat
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.