BUSINESS

Adani Enterprises enters the online train ticketing market and competes with IRCTC

When it comes to online railway ticket sales, Adani Enterprise may soon be a competitor of the Indian Railway Catering and Tourism Corporation (ITCTC). Adani Enterprises disclosed its intentions and informed the Indian stock markets that it has signed a share purchase agreement to buy a 100% interest in Stark Enterprises Private Limited, a website for ordering train tickets, on Friday.

“With reference to the captioned subject (Intimation for execution of Share Purchase Agreement in relation to acquisition of 100% stake in Stark Enterprises Private Limited), we would like to inform you that Adani Digital Labs Private Limited (“ADL”), a wholly owned subsidiary of the Company, has signed a Share Purchase Agreement (“SPA”) in relation to its proposed acquisition of 100% stake in Stark Ent,” Adani Enterprises said in a statement to Indian bourses about the aforementioned share purchase agreement.

Those in charge of the deal’s objectives, Adani Enterprises, said that “The SPA records the terms of agreement with respect to the acquisition of 100% equity shares of SEPL and the inter se rights and obligations and other matters in connection therewith.”

At the end of February 2023, the NSE price of Adani Enterprises shares saw a severe sell-off that was precipitated by the Hindenburg Research study, bottoming out at around $1195 per share. The closing share price for Adani Enterprises last week was close to $2505, recovering from its YTD lows and signifying a more than 100% gain in less than four months.

On the other hand, the IRCTC share price has been in base-building mode since the beginning of November 2022. However, there has been some upward movement in the share price of IRCTC during the previous month, resulting in a gain of around 9%.

The share price of ITCTC recently made a breakout at $645 per share and closed Friday’s trading at $666 per share on the NSE.

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