Shares in state-run Indian Railways
Mumbai, Oct 14 (AFP/APP):Shares in the catering and ticketing arm of state-run Indian Railways more than doubled in value after its debut on Mumbai’s Sensex stock exchange Monday, as New Delhi looks to raise funds and kickstart a stuttering economy.
Indian Railway Catering and Tourism Corp Ltd (IRCTC), which has a monopoly on online ticket sales, enjoyed a massive initial public offering (IPO) that was oversubscribed nearly 112 times.
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Shares opened at 644 rupees ($9.05), peaking at 743.80 rupees before ending at 728.60 rupees — 127 percent higher than the issue price of 320 rupees.
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