IRCTC shares gain 2% on MoU with MSRTC for online bus booking integration

IRCTC also signed an MoU with NBCC Services, a wholly owned subsidiary of NBCC, for the planning, designing, and execution of interior works for its upcoming office space at World Trade Centre, Nauroji Nagar, Delhi at a tentative cost of Rs 31.40 crore.

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Indian Railway Catering & Tourism Corp (IRCTC) share price rose 2 percent in the early trade on September 14 after the company signed a Memorandum of Understanding (MOU) with Maharashtra State Road Transport Corporation (MSTRC) to enable MSRTC’s online bus booking services via IRCTC’s bus booking portal/website.

“The signing of the MOU between IRCTC and MSRTC is a significant milestone in enhancing passenger experience by allowing them to simplify their travel arrangements from a single point. This integration will give the passengers the advantage of seamless access to last-mile connectivity via the IRCTC Bus Booking Portal, ensuring a smooth journey,” said Smt. Seema Kumar, CMD of IRCTC.

MSRTC will provide APIs of its online bus ticketing system to IRCTC who in turn will integrate MSRTC Bus Ticketing APIs on its website www.bus.irctc.co.in and Mobile Apps.

The detailed roles & responsibilities of IRCTC & MSRTC will be finalized for executing the above project in coordination by both parties.

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IRCTC also signed an MoU with NBCC Services, a wholly owned subsidiary of NBCC, for the planning, designing, and execution of interior works for its upcoming office space at World Trade Centre, Nauroji Nagar, Delhi at a tentative cost of Rs 31.40 crore.

The company had reported a 7 percent on-year decline in profits to Rs 231 crore in the quarter ended June 2023. The company’s revenue from operations, however, jumped 17.5 percent to Rs 1,001.8 crore.

At 09:38 hrs IRCTC – Indian Railway Catering & Tourism Corp was quoting at Rs 703.10, up Rs 16.15, or 2.35 percent on the BSE.

The share touched a 52-week high of Rs 775 and a 52-week low of Rs 557.15 on 07 November, 2022 and 29 March, 2023, respectively.

Currently, the stock is trading 9.28 percent below its 52-week high and 26.2 percent above its 52-week low.