Indian Railway Catering and Tourism Corporation (IRCTC) saw its share prices jump nearly 3% to hit a 52-week high after the railway company announced plans to expand its catering business beyond the Railways.

IRCTC shares hit an intraday high of Rs 799.95, up 2.8% from the previous close price on the National Stock Exchange (NSE). At 02:50 pm, the stock was trading 1.40% higher at Rs 788.85. 

The hospitality and tourism arm of Indian Railways, IRCTC, stated in an exchange filing that it is looking to expand its catering business into non-railway sectors across the country as part of its vision to become a premier brand of Hospitality and Catering. 

The Mini Ratna public sector undertaking (PSU) is also in discussions with various Ministries, government organisations, industrial houses and autonomous bodies regarding catering services.

IRCTC has already signed Memorandums of Understanding (MoUs) with various government and autonomous bodies, including the Department of Telecommunications in New Delhi, Calcutta High Court, UP Secretariat in Lucknow, defence establishments such as Border Security Force, Indian Maritime University, Kolkata, and Cotton University Guwahati among others.

IRCTC further added that it is also in the active phase of commissioning 15 more catering units across the country in the near future.