Market movers: As chefs return on trains, buyers starts accumulating IRCTC shares

The railway ticketmaster said it resumed the services of cooked food in passenger trains of Indian Railways, which were suspended due to the Covid-19 pandemic in the country. The company also resumed its services of Tejas Express between Mumbai and Ahmedabad.

Before today, when the stock rose about 3 per cent, the stock had fallen for three straight days. In the month of February, it is still down over 5 per cent.

China’s impact!

Shares of NMDC (National Mineral Development Corporation) fell over 2 per cent in Mumbai trading after iron ore futures prices plunged in Asia trading, extending losses of the previous day.

The commodity futures fell after traders exited their trade amid fears of a China clampdown as Beijing warned it would act against what it called the spread of misinformation on prices.

The May delivery of iron ore futures on China’s Dalian Commodity Exchange tumbled as much as 9.7 per cent to 701 yuan ($110.35) a tonne, its weakest since mid-January. Fall in ore prices mean decline in potential revenue for mining companies.

Zomato sees buying at IPO price

It seems, on Tuesday, the only acceptable price for buying Zomato shares on Dalal Street was the one that it sold shares at during its initial public offering.

During the day, the stock dipped below the IPO issue price of Rs 76, hitting its all time high levels. However at this level, it saw heavy buying that lifted the counter to Rs 82.50. Eventually it opened flat after gyrating in the 9 per cent range.

Analysts continue to be gung-ho on the stock. A consensus recommendation of 19 analysts is ‘buy’, Refinitive database showed. Eight of them have a ‘strong buy’ rating while seven say ‘buy’. Only three analysts are bearish on the counter, while one says ‘hold’.

Zomato has a median price target of Rs 143 in 12 months. The highest pegs it at Rs 220 and the lowest at Rs 75.