Eastern Railway resumes suburban EMU and other local train services with 50 per cent seating capacity in West Bengal for the general public from Monday. The train services will be brought back on track after nearly six months as per the normal timetable while maintaining Covid-19 restrictions. A passenger who will travel from Asansol Railway […]
Category: Railways
IRCTC’s net profit rises almost five-fold on higher ticketing revenue
lndian Railway Catering and Tourism Corporation (IRCTC) reported a near five-fold increase in net profit to Rs 154.83 crores in the second quarter of financial year 2021-22. This was on the back of higher profit under ticketing revenue that touched Rs 220.34 crore in the period under review from Rs 61.34 crore in the same […]
CBI files FIR against SW Railways engineer for receiving Rs 1.29 cr bribe
The CBI has filed an FIR against an executive engineer of the South Western Railways posted in Bengaluru for allegedly receiving over Rs 1.29 crore bribe from contractors over eight years, officials said on Monday. The central probe agency has named executive engineer Ghanshyam Pradhan, M Suryanarayana Reddy, his firm Krishi Infratech and Vangala Suryanarayana […]
Kisan Rail: Railways gives subsidy of Rs 95 cr, reimbursed with Rs 55 cr
While the Kisan Rail has come as a boon for farmers across the country, the railways has been left with a burden of about Rs 40 crore in the form of unpaid reimbursements from the Ministry of Food Processing Industries (MoFPI) for running these trains for a year at a 50-per cent rebate. From October […]
IRCTC: Govt withdraws decision to share convenience fee; shares recover 34%
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) clocked a sharp intra-day recovery after the Ministry of Railways withdrew the decision which said half the revenue that accrues to the company through the convenience fee on train tickets will go to the Ministry of Railways. At 11:27 AM, the shares were trading at Rs […]
Facing backlash, Ministry of Railways scraps IRCTC fee sharing order
The Ministry of Railways on Friday withdrew its claim over half the convenience fee collected by the Indian Railway Catering and Tourism Corporation (IRCTC), but not before the stock saw wild price swings as investors expressed their displeasure. The matter pertains to a notice by IRCTC to the stock exchanges on Thursday, in which it […]
IRCTC convenience fee controversy will impact PSU pack, say analysts
While the government has managed to do damage control, the IRCTC convenience fee controversy could weigh on investor sentiment towards the PSU pack—most of whom already trade at a significant discount to their private sector peers. On Thursday post-market hours, IRCTC in an exchange filing said that it has been asked to share half its […]
Railway ministry asks IRCTC to share 50% of revenue from convenience fee
Monday onwards, half the revenue that accrues to Indian Railway Catering and Tourism Corporation (IRCTC) through the convenience fee on train tickets will go to the Ministry of Railways. Officials in the know told Business Standard IRCTC’s management would meet on Friday to figure out a strategy to safeguard revenues. According to IRCTC’s Annual Report, […]
IRCTC to share 50% revenue from convenience fee with Indian Railways
The company that provides ticketing and catering to the Indian Railways has been asked by the government to share revenues generated from convenience fees for bookings made on its website on a 50:50 basis. The Indian Railways Catering and Tourism Corporation’s (IRCTC) revenue-sharing arrangement would be enforced from November 1, it said in a regulatory […]
IRCTC rallies 15% as scrip turns ex-stock split in 1:5
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rallied 15 per cent to Rs 949.65 on the BSE in Thursday’s intra-day trade after the scrip turned ex-stock split (sub-division of equity shares) in ratio of 1:5. The stock of IRCTC had hit a record high of Rs 1,279 (adjusted to stock split) on October […]
Over 400 Delhi Metro station gates gradually reopened since June 7: DMRC
More than 400 gates at Delhi Metro stations across the network have been gradually reopened since June 7 when services were resumed last after improvement in the coronavirus situation, an official said on Tuesday. The DMRC network’s current span is nearly 392 km with 286 stations (including the NoidaGreater Noida Metro Corridor and Rapid Metro, […]
PSUs to compete with pvt firms for rail contracts following new order
The Railway Board has issued an order that will now make public sector companies, including those under the national transporter, compete with the private sector in the open market for rail contracts. The order on Tuesday, in effect, takes away a level of protection the PSUs enjoyed under a policy formed in 2019 which gave […]