Indian Railways Catering and Tourism Corporation (IRCTC) has announced that it will share the revenue generated from the convenience fees for reservations made on its platform in a 50:50 report with the Department of Railways.
The Ministry of Railways announced its decision to share the revenue generated from the convenience fees collected by the IRCTC in a 50:50 ratio as of November 1, 2021, the IRCTC said in a statement addressed to. to scholarships.
So far, all of the convenience fee has gone to IRCTC as the ticketing system is managed by IRCTC while the train ticket has gone to Indian Railways account. Convenience charges are not part of the rail fare. This is the service offered by the IRCTC for booking a ticket on the web.
IRCTC shares jumped 10.65% to settle at Rs 913.75 today as the stock went ex-split.
The IRCTC has set 29 October 2021 as the registration date for the 5 for 1 share division project.
The company’s board of directors will meet on November 1, 2021 to review the second quarter results.
The IRCTC posted a net profit of Rs 82.52 crore in the first quarter of fiscal 22, compared to a net loss of Rs 24.6 crore in the first quarter of fiscal 21. Operating income jumped by 85.3% year-on-year to Rs 243.36 in the first quarter of FY22 compared to the first quarter of FY21.
IRCTC, a Mini Ratna public sector company under the administrative control of the Department of Railways, is the only entity licensed by Indian Railways (IR) to provide railroad catering services, railroad tickets in line and conditioned drinking water in stations and trains in India. The Indian government held 67.4% of the company’s capital.
Powered by Capital Market – Live News
(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)