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<ul><li>The offer for sale has opened for non-retail investors today. </li><li>The government is planning to sell up to 20% stake in the company. </li><li>The floor price has been set at ₹1367, which is at a 16% discount to the last closing price on December 9. </li></ul>The shares of <keyword id="3219311" type="COMPANY" weightage="20" keywordseo="Indian-Railway-Catering-and-Tourism-Corp">Indian Railway Catering and Tourism Corp</keyword> (IRCTC) plunged over 8% in morning trade as the two-day offer for sale (OFS) gets underway. The government is planning to sell up to 20% stake in the company. The OFS has opened for non-retail investors today. Floor price has been set at ₹1367, which is at a 16% discount to the last closing price on December 9. <div type="image" title="ITC Share price (1)" msid="79656890" hostid="261"></div> The promoter proposes to sell up to 2,40,00,000 equity shares of IRCTC, representing up to 15% stake, with an option to additionally sell 80,00,000 shares, representing 5% of the total issued and paid up equity share capital, the company said in a regulatory filing. "Offer for Sale in IRCTC opens tomorrow for Non Retail investors. Day 2 for retail investors. Govt. would divest 15 per cent equity with a 5 per cent green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet. Shares of IRCTC on Wednesday closed at Rs 1,618.05 apiece on the BSE, down 1.55 per cent from its previous close. In all, the promoter Government of India will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 crisis. <keyword id="9901399" type="UNKNOWN" weightage="20" keywordseo="IRCTC-ofs">IRCTC OFS</keyword> will help the government inch forward in meeting the Rs 2.10 lakh crore disinvestment target. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sale in financial institutions. The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, the government has to lower its stake in the company to 75 per cent. IRCTC, the only entity authorised by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India, was listed on the stock exchanges in October 2019. The company had raised Rs 645 crore through the IPO. The Union Cabinet had in April 2017 approved listing of five railway companies. While four of them -- IRCON International Ltd, RITES Ltd, <keyword id="185930" type="COMPANY" weightage="20" keywordseo="Rail-Vikas-Nigam-Ltd">Rail Vikas Nigam Ltd</keyword> and IRTC -- have already been listed, IRFC is likely to be put on the block this fiscal. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/facebook-hit-with-2-massive-antitrust-lawsuits-from-the-ftc-and-46-states-seeking-to-spin-off-instagram-and-whatsapp/articleshow/79652195.cms" data-type="tilCustomLink">Facebook hit with 2 massive antitrust lawsuits from the FTC and 46 states seeking to spin off Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/stock-market/news/airbnb-prices-ipo-at-68-per-share-will-raise-3-5-billion/articleshow/79653812.cms" data-type="tilCustomLink">Airbnb prices IPO at $68 per share, will raise $3.5 billion</a>

IRCTC tumbles 8% as government's 20% stake sale through OFS begins

<ul><li>The Indian railways stock has surged over 400% since its debut on the stock exchanges in October 2019.</li><li>Analysts are highly positive about <keyword id="65866" type="General" weightage="20" keywordseo="irctc" source="Orion">IRCTC</keyword>’s aggressive expansion plan in the hospitality sector and believe that the stock would reach ₹5,000 from the ₹3,000-level currently.</li><li>The market capitalisation of the stock is ₹63,726 crore.</li></ul>Shares of the <keyword id="70669" type="General" weightage="20" keywordseo="indian-railway-catering-and-tourism-corporation" source="Orion">Indian Railway Catering and Tourism Corporation</keyword> (IRCTC) have been trading with huge volumes in the last few weeks to gain almost 50% in one month. These quick gains have made the shares of the company spike 5 times i.e., 410% since its listing on exchanges in October 2019. Analysts believe the stock price is rising because of the company’s aggressive expansion plan in the hospitality sector. "IRCTC is aggressively focusing on its hospitality business by tying up with hotels, tour and travel service providers and local food suppliers. It is also giving special focus to its food chain business in running trains. Apart from this, IRCTC has made tie-ups with aviation companies as well. So, [the] market has realised that in coming times, it is no more [sic] going to remain an Indian Railways' e-ticket booking platform. It will emerge as A-Z hospitality service provider," said Ravi Singhal, vice chairman at GCL Securities according to a report by Mint. Analysts at Swastika Investmart reportedly say the reopening theme post covid restrictions is the reason for the traction in the stock along with news of stock split. Railways' <a href="https://www.livemint.com/market/stock-market-news/why-analysts-are-bullish-on-irctc-ircon-here-are-the-triggers-11629954156351.html">asset monetisation plan</a> is another trigger for the stock rise. On August 12, IRCTC approved a stock split in the ratio of 1:5 to enhance the liquidity in the capital market, widen the shareholder base and make the shares affordable to small investors. A stock split is generally done to make the stock more affordable for the small retail investors and increase liquidity. On September 17, the stock was up 5.44% as of 10:43 a.m., with heavy volumes. 5.29 million shares changed hands on the exchanges as compared to a roughly average volume of around 1 million shares. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains in IRCTC share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 5 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">This year so far </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">174% </td></tr></tbody></table> IRCTC is a central public sector enterprise operating in four segments, namely internet ticketing, catering, packaged drinking water, and travel and tourism. Aside from being the preferred portal for booking tickets, its subsidiary Rail Neer already accounts for nearly one in every two bottles of water sold in any railway station in India. Moreover, the company has been performing well on the financial front as it made a profit of ₹82.53 crore in June quarter 2021 as compared to loss of ₹24.60 crore during the same period last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/universal-pension-is-a-better-idea-than-universal-basic-income-says-indias-chief-economic-advisor/articleshow/86282048.cms">Future of Work 2021: Universal pension is a better idea than universal basic income, says India's Chief Economic Advisor</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a>

IRCTC soars almost 50% in one month on expansion strategy, boost in train bookings

<ul><li><keyword id="70669" type="ORGANIZATION" weightage="20" keywordseo="Indian-Railway-Catering-and-Tourism-Corporation">Indian Railway Catering and Tourism Corporation</keyword> (<keyword id="65866" type="COMPANY" weightage="20" keywordseo="IRCTC">IRCTC</keyword>) shares have zoomed 216% since its listing in October 2019.</li><li>Analysts expect the stock to gain more in the months ahead as people travel more, with more vaccinations and fewer infections.</li><li>Its recent tie-ups with tech platforms and new bottling plants are expected to boost revenue growth</li><li>Check out the latest news and updates on Business Insider.</li></ul>Indian Railway Catering and Tourism Corporation (IRCTC) shares have zoomed 216% since its listing in October 2019. Now, the ₹40,000 crore ($5.7 billion) company, which has a monopoly in ticket bookings and catering for the Indian Railways, plans to split the stock. A stock split is the process of reducing the price, in turn, giving the existing shareholders more shares in the company. If you have 1,000 shares worth ₹100 each, and the stock split is 10:1, you will have 10,000 shares worth ₹10 each. It makes it more affordable for small investors to buy and sell shares. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains in IRCTC share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 week </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">This year so far </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73% </td></tr></tbody><tbody></tbody></table> The next question would be what led to the outperformance and rapid uptick in the stock? Investors expect that the economy will open up, people will travel more, as the vaccinations pick up pace and the pandemic peters out. The recovery is already visible in its earnings of the last four quarters. In its report in July 2021, broking firm Anand Rathi said the shares could worth ₹2,850 apiece in the next one year. <div type="image" title="IRCTC chart" height="900" width="1200" msid="84967721" hostid="261"></div> IRCTC is a central public sector enterprise operating in 4 segments, namely internet ticketing, catering, packaged drinking water and travel &amp; tourism. Aside from being the preferred portal for booking tickets, its subsidiary Rail Neer already accounts for nearly one in every two bottles of water sold in any railway station in India. It plans to commission four new bottling plants this year and that would mean more supply to meet the demand as it revives. Recently, in e-catering, the company has partnered with private tech platforms like travel portal Ixigo and payments startup MobiKwik to name a few. “Going forward, management expects to reach the pre COVID level very soon after the resumption of Tejas Express, increase in convenience revenue to 25%, capacity expansion of Rail Neer and the impact of price hike announced in catering will play out by then,” the Anand Rathi report said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms">India's largest zinc miner Hindustan Zinc is eyeing a share of the Bangladesh economic boom </a> <a href="https://www.businessinsider.in/stock-market/news/zomato-indigo-paints-bectors-food-ujjivan-small-finance-bank-and-other-hot-stocks-that-have-lost-steam-since-listing/articleshow/84964352.cms">Zomato, Indigo paints, bectors food, Ujjivan small finance bank and another hot stocks that have lost steam since listing</a>

₹10,000 invested in IRCTC shares on listing is worth more than ₹38,000 today ⁠— the record could get even better

The number of cyber attacks targeting the <keyword id="44734" type="General" weightage="100" keywordseo="indian-government" source="Orion">Indian government</keyword> sector increased by a whopping 95 per cent in the second half of 2022 compared to the same period last year, a report showed on Friday. The attacks on the Indian government intensified to the point where it became the country that was most frequently targeted in this sector in 2022. This expansion is the result of the hacktivist group Dragon Force Malaysia's #OpIndia and #OpsPatuk campaigns, according to cyber-security firm CloudSEK. Numerous hacktivist groups joined and supported these campaigns, which laid the path for subsequent ones. However, this increase has other causes besides the growing hacktivism. "Government agencies in India have become popular targets for extensive phishing campaigns," the CloudSEK report mentioned. The primary motive of most of the threat actors is exfiltrating data and selling it for monetary benefits, yet it is not the only reason they target governments. This change is clearly evident from the emergence of various APT groups and hacktivist campaigns over the last decade. Ransomware groups were also very active in this industry, accounting for 6 per cent of the total incidents reported, with LockBIT as the most prominent ransomware operator. India's premier healthcare institute AIIMS suffered a massive ransomware attack which cripped its network for several days. Also, data of around three crore travellers registered with the Indian <keyword id="6360676" type="General" weightage="80" keywordseo="railways" source="Orion">Railways</keyword> has been hacked and reportedly put on sale on the Dark Web, as per reports. The Railways later denied the claims of a suspected data breach from servers of the Indian Railway Catering and Tourism Corporation (IRCTC). The Twitter handle of the Ministry of Jal Shakti (Water Resources) was also hacked twice in December, promoting fake cryptocurrency giveaway scam. According to the report, India, the US, Indonesia and China continued to be the most targeted countries in the past two years. Together, these four countries accounted for 40 per cent of the total reported incidents in the government sector.

Indian government sector top target for hackers in 2022

The <keyword id="884194" type="General" weightage="20" keywordseo="chhattisgarh-tourism-board" source="Orion">Chhattisgarh Tourism Board</keyword> (CTB) on Tuesday signed a memorandum of understanding (MoU) with the Indian Railway Catering and Tourism Corporation (<keyword id="65866" type="General" weightage="20" keywordseo="irctc" source="Orion">IRCTC</keyword>) to promote tourist places of the state through the PSU's social media platform, a government official here said. The agreement, signed in the presence of Chief Minister Bhupesh Baghel during the Tourism Conclave organized here by CTB to mark the World Tourism Day, will boost the key sector in the state, he said. Under the MoU, the IRCTC will promote tourist places of <keyword id="43945" type="General" weightage="20" keywordseo="Chhattisgarh" source="Orion">Chhattisgarh</keyword> through its social media platform, thereby helping attract travellers from other parts of the country, the official said. Speaking on the occasion, Baghel highlighted the uniqueness of Chhattisgarh's rich culture and history and stressed on the need to showcase them to the world. "Earlier, the mere mention of Chhattisgarh conjured up images of Maoist violence and mineral resources. Tourism in the state was neglected for a long time and even after the formation of the state (in 2000) it could not get due popularity and the focus remained centred on Maoist issues," he said. There was a need to put tourist places of Chhattisgarh on the world tourism map and his government was continuously making efforts in this direction, the chief minister added. Meanwhile, the CM also unveiled a statue of Chendru Mandavi, popularly known as 'tiger boy' from Bastar's Narayanpur district, who gained international fame after starring in the movie "Jungle Saga", directed by noted Swedish filmmaker Arne Sucksdroff in the late 1950s, the official said. Mandavi's grandfather had rescued a tiger cub from jungles and gifted it to him in his childhood. He reared the tiger named Tembu. The Swedish filmmaker had visited Mandavi's village Gadhbengal (Narayanpur district) and made a film on him, he said. Baghel also released a memento of CTB depicting the friendship of Mandavi, who died in 2013, and the tiger. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/torrent-pharma-torrent-pharma-acquire-curatio-torrent-pharma-company-torrent-pharmaceuticals/articleshow/94496070.cms">Torrent Pharma to acquire Curatio for Rs 2,000 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/market-in-the-grips-of-a-bear-hug-nifty50-trades-below-17000-points-rupee-hits-a-new-low/articleshow/94496389.cms">Market in the grips of a bear hug: Nifty50 trades below 17,000 points, rupee hits a new low</a>

IRCTC enters into agreement to promote tourist spots of Chhattisgarh

From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels

Indian Railways and IRCTC have included "transgender as third gender" in the option alongside male and female in ticket reservation and cancellation forms, according to a news agency. 
 
The decision which was taken on a representation made by a lawyer will include the facility for reservations and cancellations, both online as well offline. 
 The Delhi-based lawyer had made the representation after the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> in February had asked him to approach the <keyword id="54441" type="ORGANIZATION" weightage="20" keywordseo="Railway-ministry">Railway Ministry</keyword> while disposing of his petition. 
 
The ministry in its circular referred to the direction of the apex court of April 2014, which had said that hijras, eunuchs, apart from binary gender, be treated as third gender for protecting their rights. 
 
<a href="http://www.businessinsider.in/Now-even-China-is-applauding-Modis-bold-step-of-demonetization/articleshow/55635859.cms">"Supreme Court (</a>in the judgement) has directed that Hijras, Eunuchs, apart from binary gender, be treated as third gender for the purpose of safeguarding their rights under Part III of our Constitution and the laws made by the parliament and the <keyword id="209680" type="ORGANIZATION" weightage="20" keywordseo="state-legislature">State Legislature</keyword>. 
 
"It has, therefore, been decided to include the third gender/transgender option alongside male/female in reservation /cancellation requisition form. This information will be captured by the system and tickets to transgender will be issued on full fare," the circular stated. 
 Advocate <keyword id="3892382" type="UNKNOWN" weightage="20" keywordseo="jamshed-ansari">Jamshed Ansari</keyword> in his PIL before the high court had alleged violation of Article 14, 15, 19 and 21 of the Constitution by <keyword id="70669" type="UNKNOWN" weightage="20" keywordseo="Indian-Railway-Catering-and-Tourism-Corporation">Indian Railway Catering and Tourism Corporation</keyword>, by non-inclusion of "<a href="http://www.businessinsider.in/Now-even-China-is-applauding-Modis-bold-step-of-demonetization/articleshow/55635859.cms">transgender/third gender</a>" as a gender option in its forms. 
 
He had also sought compliance of the apex court judgment in which it directed the Centre and the state governments to recognise transgender as the third sex, and to provide them with the benefits accorded to socially and economically backward classes. 
 
He had further demanded special coaches and reserved seats for the transgender community in all trains, for their "care and protection". 
 
On which the bench headed by<a href="http://www.businessinsider.in/Now-even-China-is-applauding-Modis-bold-step-of-demonetization/articleshow/55635859.cms"> Chief Justice G Rohini</a> had asked the ministry to look into the averments made in the writ petition.

Now hijras and eunuchs can tick
‘transgender as third gender’ box while booking railway tickets

<ul class="p-rich_text_list p-rich_text_list__bullet"><li>A media report said that DIPAM Secretary confirmed the withdrawal of its decision of sharing revenue from convenience fees.</li><li>The government had yesterday asked <keyword id="65866" type="General" weightage="20" keywordseo="irctc" source="Orion">IRCTC</keyword> to share 50% of revenue coming from service charts on e-ticketing, i.e., convenience fees.</li><li>Shares of IRCTC, which had slipped more than 25% on Friday morning, recovered on this news.</li></ul>The Indian government has reportedly withdrawn its decision of asking 50% of Indian Railway Catering and Tourism Corporation’s (IRCTC) revenue from convenience fees. CNBCTV-18 reported that the secretary at the department of investment and public asset management (DIPAM) confirmed the withdrawal of its decision of sharing revenue from convenience fees. Shares of IRCTC recovered after a sharp fall on Friday morning trade on the announcement of sharing half of its <a href="https://www.businessinsider.in/business/corporates/news/government-asks-irctc-to-share-half-of-its-convenience-fees-revenue/articleshow/87338962.cms">convenience fees </a>with the government. On October 28, after the railway company informed stock exchanges of the government’s decision, many investors had criticised the move on social media portals. Shares of Indian Railway Catering and Tourism Corporation recovered after losing more than 25% in the early trade on announcement of government asking IRCTC 50% of revenue coming from service charts on e-ticketing, i.e., convenience fees, with the government. The move came as a big shock to investors as it meant IRCTC would have to share a chunk of its revenue with the government. In FY21, IRCTC earned ₹299 crore from this segment, which is almost 40% of its revenue from operations of ₹783 crore. At 11:11 a.m. shares of the company were trading 4% lower at 875.95 per share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-infosys-interglobe-aviation-and-other-trending-stocks-on-october-29/slidelist/87352424.cms">IRCTC, Infosys, InterGlobe Aviation and other trending stocks on October 29</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/zerodha-founders-rakesh-jhunjhunwala-zohos-radha-vembu-akshay-kumar-and-more-donate-up-to-50-crore-in-fy21/slidelist/87340238.cms">Zerodha founders, Rakesh Jhunjhunwala, Akshay Kumar and more donate up to ₹50 crore in FY21</a>

IRCTC stock recovers losses as government reportedly withdraws decision on convenience fee revenue share

<ul><li>Shares of Indian Railway Catering and Tourism Corporation have surged as much as 30% in just the last five days paving the way for the company to cross the ₹1 trillion-mark.</li><li>The railway company’s stock has grown a whopping 334% in 2021 so far.</li><li>Among other triggers fuelling the stocks, the latest one is the company starting many special tourist trains for the festive season.</li></ul>Investors value companies operating in a monopolistic business and Indian Railway Catering and Tourism Corporation (<keyword id="65866" type="General" weightage="20" keywordseo="irctc" source="Orion">IRCTC</keyword>) is a true example of that. The company’s market capitalisation has touched ₹1 trillion as its stock spiked about 8% on Tuesday, October 19. The railway company added ₹30,000 crore in market cap in just nine days as its shares continued to rally. The share price has skyrocketed 712% since it got listed in October 2019. IRCTC has become one of investors’ favourite stocks because of its monopoly in rail ticket booking. Currently, one of the major triggers fuelling the rally in the stock is the company starting many special tourist trains for the festive season. The stock was trading at ₹6,343 per share at 9:56 a.m., on Tuesday. The market cap of the company has crossed ₹1 trillion and is currently at ₹1.01 trillion. However, later in the day shares of the company suddenly corrected 15%. Apart from this, investors are awaiting development on the company’s plan to split the stock. On August 12, IRCTC approved a stock split in the ratio of 1:5 to enhance the liquidity in the capital market, widen the shareholder base and make the shares affordable to small investors. A stock split is generally done to make the stock more affordable for the small retail investors and increase liquidity. Moreover, its expansion plan in the hospitality sector has also impressed investors over the period of time. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmart-is-continuing-to-do-what-it-knows-best-but-the-street-wants-more/articleshow/87113806.cms">DMart is continuing to do what it knows best but the street wants more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-tata-power-lampt-infotech-and-other-top-stocks-to-watch-out-for-as-nifty-looks-to-extend-its-bull-run/slidelist/87126844.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-tata-power-lampt-infotech-and-other-top-stocks-to-watch-out-for-as-nifty-looks-to-extend-its-bull-run/slidelist/87126844.cms">SBI, Tata Power, L&amp;T Infotech and other top stocks to watch out for as Nifty looks to extend its bull run</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-tata-power-lampt-infotech-and-other-top-stocks-to-watch-out-for-as-nifty-looks-to-extend-its-bull-run/slidelist/87126844.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-tata-power-lampt-infotech-and-other-top-stocks-to-watch-out-for-as-nifty-looks-to-extend-its-bull-run/slidelist/87126844.cms"></a>

IRCTC crosses ₹1 lakh crore in market cap for the first time as investors adore its monopoly

<keyword id="108191" type="COMPANY" weightage="20" keywordseo="Indian-Railway-Finance-Corporation">Indian Railway Finance Corporation</keyword> (<keyword id="153053" type="COMPANY" weightage="20" keywordseo="IRFC">IRFC</keyword>) initial public offering of about Rs 4,600 crore may hit the markets later this month, a first by a non-banking financial company (NBFC) in the public sector. "In all probability it (IPO) will be by the third week but, if the market is not okay then we can go to the first or second week of January also," Amitabh Banerjee, Chairman and Managing Director, IRFC, told here. The company, the dedicated financing arm of <keyword id="1204894" type="LOCATION" weightage="20" keywordseo="The-Indian-railways">the Indian Railways</keyword>, will be going for the anchor investment also. "The government is planning to have anchor investors in place for this IPO," he added. In January 2020, IRFC filed draft papers for its IPO. According to market sources, the IPO is likely to be worth around Rs 4,600 crore. On reasons for bringing the anchor portion, the CMD added that it is a confident market and the anchor investors would be assured of the fact that they will be able to get the desired proportion of issuance without regular bidding. "They will be able to get the amount that they want to invest in IRFC without going for the bidding route. Also, it will give a lot of confidence to other investors in the market who are sitting on the fence," he said. The issue is of up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore shares and offer for sale of up to 59.40 crore shares by the government, according to the draft prospectus. "We are the first NBFC in the PSU sector that is going public for the first time and we shall be paving the way for others," he added. On plans to utilise the funds mopped up from the offer, he added that 10 per cent of the issuance will go to the company's balance sheet and that will increase its net worth and this the firm will be using for raising more money from the market. He further said that this will add to the company's capability to explore the market further and garner more funds from the market which is the order of the day because the government is in need of funds for its capex expansion outlay requirements. "Therefore 10 per cent will come to my balance sheet and 5 per cent will go to the government of India's exchequer," he added. Banerjee said the prospect for having a good IPO is "very much bright". "Everyone (domestic and foreign investors) has a lot of interest in this particular issue. We are extremely hopeful that it will hit the market with a bang," he said. Banerjee said COVID-19 has now come as a "blessing in disguise for us" as the market is flushed with funds and investors are looking to invest in safe havens. "Indian Railway Finance Corporation happens to be one of the safest havens as far as investors are concerned," he added. Banerjee is hopeful that the IPO will be one of the landmark issuances of the fiscal. "I hope that it will be one of the landmark issuances in this fiscal which augurs well for the other issuances that are coming forward for the government of India in this fiscal," the CMD said. The book running lead managers to the issue are DAM Capital Advisors, HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets. Asked about the purpose of this IPO, he said, one of the purposes is to unlock the value that the company has built over so many years of its existence. "We have already traversed a period of 34 years since its inception in 1986. So, it will unlock the value of the company, it will bring in better corporate governance norms in the organisation which is extremely necessary in any public sector company. That will bring in more transparency in the working of the company," he said. The company's principal business is to borrow funds from the financial markets to finance acquisition/creation of assets which are then leased out to the <keyword id="6355455" type="COMPANY" weightage="20" keywordseo="indian-railways">Indian Railways</keyword>. The Union Cabinet had in April 2017 approved listing of five railway companies. Four of them -- IRCON International Ltd, RITES Ltd, <keyword id="185930" type="COMPANY" weightage="20" keywordseo="Rail-Vikas-Nigam-Ltd">Rail Vikas Nigam Ltd</keyword> and Indian Railway Catering and Tourism Corp -- have already been listed. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/oxford-covid-19-vaccine-serum-institute-seeks-emergency-use-nod-for-covishield-vaccine-in-india/articleshow/79600349.cms" data-type="tilCustomLink">Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India</a> <a href="https://www.businessinsider.in/india/news/section-144-extended-across-noida-and-greater-noida-till-january-2/articleshow/79600323.cms" data-type="tilCustomLink">Section 144 extended across Noida and Greater Noida till January 2</a>

Indian Railway Finance Corporation ₹4,600 crore IPO may hit markets this month

<ul><li>The Indian Railway Catering and Tourism Corp’s (<keyword id="65866" type="COMPANY" weightage="20" keywordseo="IRCTC">IRCTC</keyword>) website, used to book railways tickets digitally, exposed data of 200,000 users. </li><li>The railway department was unaware of the bug for the past two years in a massive <keyword id="608402" type="PERSON" weightage="20" keywordseo="data-breach">data breach</keyword>. </li><li>Although, the bug has been fixed but it is still not known if the information was stolen by any hackers.</li></ul> A potential <keyword id="755759" type="PERSON" weightage="20" keywordseo="security-bug">security bug</keyword> in the <keyword id="6355455" type="COMPANY" weightage="20" keywordseo="indian-railways">Indian Railways</keyword>’ website exposed the data of as many as 200,000 passengers who used its website to book train tickets in India, <a href="https://economictimes.indiatimes.com/industry/transportation/railways/irctc-wakes-up-after-2-years-fixes-its-security-bug/articleshow/66581292.cms">Economic Times</a> reported. The website glitch involving a free travel insurance policy of railways could have given hackers unauthorised access to personal information of the traveler including name, age, gender and insurance nominees, according to the report. The incident began in 2016 when Indian Railway Catering and Tourism Corp’s (IRCTC) launched a provision of free travel insurance for people who used its website or mobile application to book train tickets. The provision permitted users to avail insurance coverage through third-party insurers, risking their their personal details in return because of the bug. Neither the Railways nor any other government organisation was aware of the vulnerability until Avinash Jain, a security researcher, identified the bug and alerted IRCTC in August this year. According to <a href="https://economictimes.indiatimes.com/industry/transportation/railways/irctc-wakes-up-after-2-years-fixes-its-security-bug/articleshow/66581292.cms">Economic Times</a>, the issue was acknowledged and fixed by Indian Railways soon after the researcher warned the railways about the bug. Jain <a href="https://tech.economictimes.indiatimes.com/news/internet/irctc-wakes-up-after-2-years-to-fix-its-security-bug/66583861">claimed</a> that he was able to fetch data of around 1,000 passengers in just ten minutes. To be sure, it is unclear if the data risked by IRCTC has been improperly accessed or misused by any cyber attacker. The risks of digital? According to IRCTC’s <a href="http://www.irctc.com/annualReport_En.jsp">annual report</a> 2016-17, 62% of the reserved railways tickets in India are booked online. Additionally, more than 570,000 tickets are booked using the website or mobile application. Given the significant amount of passenger information IRCTC hold, the glitch would have resulted in a massive data breach. And while the rapidly-changing IT-infrastructure has eased many government operations but it has also, in some cases, resulted in higher cyber security threats. Cyber attacks have been on the rise in India and the Indian government is expecting a further increase in number of attacks in 2018, said a recent report by the <a href="https://www.hindustantimes.com/india-news/cyber-attacks-becoming-more-frequent-in-india/story-8Os6AtCrHzL6QCBinVQuSM.html">Hindustan Times</a>. The Computer Emergency Response Team (CERT) which monitors the cyber security incidents in India have reported 53,081 cases of cyber threats in India, reported<a href="https://economictimes.indiatimes.com/industry/transportation/railways/irctc-wakes-up-after-2-years-fixes-its-security-bug/articleshow/66581292.cms"> Economic Times</a>. According to CERT, In 2017, there were over 53,000 cyber attacks in India. Whereas, the cases reported in 2016 were around 50,000. A <a href="https://www.businessinsider.in/cyber-attacks-targeting-india-continue-to-rise-heres-why-its-worrying/articleshow/66589156.cms">recent study</a> by F-secure claimed that India witnessed over 695,000 cyber attacks in just six months. The Indian government, for its part, has said it is planning to revise its cyber security policy to deal with cyber attacks and protect sensitive information.

You Searched For "Indian Railway Catering and Tourism Corp" and got 11 results

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