IRFC share price: In the last year, Indian Railway Finance Corporation (IRFC) shares have shown impressive growth on Dalal Street. Among public sector stocks, it stands out for doubling investors’ money. The company’s dividend yield and track record also indicate a substantial contribution to the wealth of its shareholders.
On January 15, the shares of Indian Railways Finance Corporation (IRFC) experienced a remarkable 14% surge, reaching an all-time high. The stock has seen an impressive increase of nearly 400% from its initial public offering (IPO) price of Rs 26. Despite initially trading in the Rs 26 – 30 range after its 2021 debut, the stock has more than tripled since April 2023, consistently reaching new highs.
In the morning trade on January 15, IRFC stock rose by 14% to achieve a record high of Rs 129.85, maintaining its strong performance over the preceding months.
Analysts attribute the surge in IRFC stock to the government’s emphasis on the sector, fresh capital infusion, and anticipated robust performance in the December quarter.
PSUs like IRFC should profit from the government’s recently announced investment of almost Rs 7 lakh crore towards the construction of rail infrastructure.
Following reports that the industry could see record-high budget allocation, most railway counters saw enormous gains. The IDBI Capital Sector Analyst for Infrastructure, Vishal Periwal, stated: “Railways stocks saw significant increases today as the Budget approaches. It can be related to expecting a record amount for the industry.”
IRFC Share Price Target 2024:
Founder of DRS Finvest Ravi Singh stated: “The stock could reach a level of Rs 150 in the near future. Maintain a rigorous stop loss of Rs 120.”
“IRFC is bullish but also overbought on daily charts with next resistance at Rs 140,” stated AR Ramachandran of Tips2trades. Investors should take profits now since a daily closing below the support level of Rs. 120 could eventually lead to a goal of Rs. 99.”
According to Osho Krishan, Senior Research Analyst-Technical & Derivatives at Angel One, “Indian Railway finance corporation limited (NSE: IRFC) saw a significant uptick and proceeded to advance into previously unexplored regions. The stock looks ready to gain much more traction. Crucial support is now located in the Rs 105–100 zone, whereas a sequence of supports can be seen in the Rs 120–115 zone. Additionally, it is important to consistently trail profits because the counter is in an untested area without any particular technical obstacle.
Prabhudas Lilladher’s Shiju Koothupalakkal, a technical research analyst, stated: “The stock has put on a respectable surge over the last three sessions, hitting our targets of Rs 114 and Rs 126, respectively. We anticipate a further rising trend towards the next goals of Rs 148–164 if the bias remains strong .The support from current levels would be around the Rs 125 area, and the trend as a whole wouldn’t be weakened unless there was a clear breach below Rs 114.”
Large trading volumes were observed in the IRFC today, with 3.15 crore shares transacted on the BSE. The volume was significantly higher than the 1.09 crore share two-week average. With a market capitalization (m-cap) of Rs 1,70,883.78 crore, the counter had turnover of Rs 403.59 crore.
To finance the establishment or purchase of assets that are subsequently leased to the Indian Railways or any other organisation under the Ministry of Railways, IRFC borrows money from the financial markets. In the ‘Navratna’ PSU, promoters have an 86.36% interest as of September 2023.
ABOUT IRFC :
On December 12, 1986, the Indian Railways established the Indian Railway Finance Corporation (IRFC) as its exclusive financial subsidiary to raise money from both domestic and foreign capital markets. By providing funding for a sizeable amount of the Indian Railways’ yearly plan outlay, the corporation has contributed significantly to the growth of the railway and other businesses.
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