The Indian Railway Catering and Tourism Corporation (ITCTC) may soon face competition from Adani Enterprise when it comes to selling train tickets online. On Friday, Adani Enterprises announced its plans and told the Indian stock exchanges that it had inked a share purchase agreement to acquire a 100% stake in Stark Enterprises Private Limited, a website for purchasing railway tickets.
"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 stated when informing Indian bourses about the agreement.
According to Adani Enterprises, who provided information regarding the pact's goals, "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."
The NSE price of Adani Enterprises shares bottomed out at roughly $1195 per share at the end of February 2023, following a significant sell-off triggered by the Hindenburg Research research. Adani Enterprises' share price finished last week at almost $2505 per piece, rebounding from its YTD lows and marking a more than 100% increase in less than four months.
On the other hand, since the beginning of November 2022, the IRCTC share price has continued to be in base building mode. IRCTC share price, however, has seen some upward movement over the past month, generating a return of about 9%.
ITCTC's share price recently broke out at a price of 645 per share and ended Friday's trading at a price of 666 per share on the NSE.