IRCTC Will Sell Private Data Of Passengers To Earn Rs 1000 Crore; Hires ‘Professional Consultants’ To Monetize Data
As per the latest reports, shares of IRCTC gained more than 5 percent on August 19, just a day later its tender to monetize its data assets.
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose more than 5% on August 19, a day after the company announced a tender to monetize its data assets in order to boost revenue and profit.
IRCTC Gained More Than 5 Percent After It Releases Tender To Monetize Data Assets
As per reports, IRCTC shares opened at Rs 712 on the BSE, swinging to an intraday high of Rs 752.50 and an intraday low of Rs 697.75 so far. At 1:05 p.m., IRCTC shares were trading 5.08 percent higher on the BSE, at Rs 749.25 per share.
The Indian Railways’ ticketing arm is reportedly planning to generate Rs 1,000 crore in revenue through digital monetisation. It said, “IRCTC is a reservoir of huge amount of digital data which opens several opportunities for IRCTC for monetisation.”
The Indian Railways Catering and Tourism Corporation (IRCTC), a public sector undertaking that provides ticketing as well as catering and tourism services for the Indian Railways, has a strong monopoly in the railway ticketing space.
It recently reported a 198 percent increase in net profit for the June quarter, totaling Rs 245.52 crore.
IRCTC’s revenue from operations increased by 250.34 percent to Rs 852.59 crore in the current quarter, compared to Rs 243.36 crore in Q1FY22.
In 2019, on its 1st day of drive, IRCTC’s IPO received bids for 1.64 crore equity shares against the offer size of 2.016 crore shares. The second day saw no relief either. This IRCTC IPO received bids for 65,495,400 shares against the total issue size of 20,160,000.
The Rs 645-crore public offer of the Indian Railway Catering and Tourism Corporation (IRCTC) had been subscribed 81% just a few hours after the IPO opened on September 30.
In total, the Centre aims to raise around Rs 90,000 crore by way of disinvestment of Central Public Sector Enterprises in FY20, up from Rs 85,000 crore in FY19.