The Indian stock market has remained volatile for major IT and tech shares over the last few weeks, but four stocks have seen a significant spike, mainly due to their link to the consecration ceremony of the Ayodhya Ram Mandir on January 22.
The Ayodhya Ram Mandir consecration ceremony saw the ‘pran prathishtha’ of the idol of Ram Lalla in newly constructed temple, with over 7,000 invitees attending the event, including Prime Minister Narendra Modi and Uttar Pradesh Chief Minister Yogi Adityanath.
The much-awaited consecration ceremony of the Ram Mandir in Ayodhya was not only a grand event for the nation, and four companies with a strong recent link to the business and tourism in the city have benefitted greatly.
Over the last three months, four companies – Allied Digital, Thomas Cook, InterGlobe Aviation and Easy Trip Planners – have seen a spike in share prices by a minimum of 22 percent, which is more than prominent small and mid-cap firms.
Allied Digital Services
From October 2023 to January 2024, Allied Digital Services shares have seen a spike of over 41 percent on the stock market. The shares started to rally after the company announced that it has won the contract for the Ayodhya Smart City Project, just months ahead of the Ram Mandir ceremony.
Thomas Cook India
Thomas Cook India saw a major spike in share prices due after it announced budget travel packages to Ayodhya ahead of the consecration ceremony at the newly constructed Ram Mandir. The travel company’s share prices spiked 35 percent since October, touching its lifetime high in January.
Easy Trip Planners
Easy Trip Planners is another travel company which was early in the race to announce travel packages for Ayodhya ahead of the inauguration of the Ram Mandir. Since October 2023, the share prices of Easy Trip have rallied over 20 percent.
InterGlobe Aviation
InterGlobe Aviation saw its stock rally after it raised its holdings in IndiGo Airlines to 1.90 percent in December 2023. IndiGo announced its commercial flight operations to Ayodhya from Delhi and Ahmedabad amid the travel frenzy to the city. Since then, InterGlobe stocks have seen a spike of over 27 percent.