Ahead of Budget 2024, (IRFC’s )railway stocks including Texmaco Rail & Engineering, Jupiter Waggons, Ircon International, Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam (RVNL), and Titagarh Rail Systems surged up to 19% in Monday’s trading.Shares of IRFC surged nearly 19% to hit an all-time high of Rs 134.5 as 33.66 crore shares worth Rs 4,291.5 crore changed hands on the counter.In just one month, IRFC shares have increased by 41.3%, in six months, by 311%, and in two years, by 465%. In contrast, the benchmark
Sensex has increased by 2.4% in a single month, 10.83% in a half-year, and 203.2% in a two-year period.Along with a 13.5% gain, RVNL shares reached a new 52-week high of Rs 230.6 as 10.16 crore shares worth Rs 2,240.3 crore were traded. Additionally, it has increased by 88% in six months, 520% in two years, and 23.1% in a single month.With massive infrastructure development (highways, ports, railways, metro), defence, PLI, and a notable increase in domestic demand due to rising income levels and the world’s youngest population, India is going through its most transformative period in history. In a report, Prabhudas Lilladher stated.
On the National Stock Exchange (NSE), IRFC was trading 13% higher at Rs 128.65 at 10:10 a.m. This month, the stock has increased by 27% thus far.The PSU stock has increased by 295 percent in the last half-year and by an astounding 400 percent in the past two years.On the weekly chart, the IRFC broke above the Rounded Bottom pattern at Rs 92 in mid-December and consolidated for three weeks. The small consolidation range between Rs 105 and Rs 94 was broken last week, indicating that the post-breakout uptrend will continue, according to Rajesh Palviya, SVP Research (Head Technical & Derivatives), Axis Securities.
Other railway stocks, like Jupiter Waggon, closed at Rs 371.6, 5% above the upper circuit. Ircon International’s shares surged 7.5% to reach a 52-week high of Rs 209.7, while shares of Titagarh Rail Systems increased 3.5%.”Our industry anticipates a government focus on building a strong rail network as we eagerly await the upcoming budget. We anticipate that the budget will support decongestion initiatives and strategic planning, support domestic manufacturing, and help build a resilient and independent Bharat. We expect a continued, unrelenting acceleration of last year’s postulates,” stated Vivek Lohia, Managing Director of Jupiter Waggons.
Indian Railway Finance Corporation stock price went up today, 15 Jan 2024, by 14.76 %. The stock closed at 113.38 per share. The stock is currently trading at 130.11 per share. Investors should monitor Indian Railway Finance Corporation stock price closely in the coming days and weeks to see how it reacts to the news.
Analysts cited the government’s emphasis on the industry, new funding, and the company’s anticipated strong December quarter as some of the factors driving the IRFC stock up.The stock, which went public in 2021, has gained almost 400% since its issue price of Rs 26. The majority of the gains have occurred in the last year.Up until April 2023, the stock fluctuated between Rs 26 and Rs 30; however, since then, it has more than tripled as it keeps reaching new highs.PSUs like IRFC should profit from the government’s recently announced investment of about Rs 7 lakh crore towards the development of rail infrastructure.
Under the railways ministry, IRFC is a public sector company with Miniratna status. 86.36 percent of IRFC is owned by the government, 1.14 percent by foreign investors, and 0.5 percent by domestic mutual funds.According to a Nuvama note, more than 260 crore shares of IRFC are scheduled to become available for trading from January to April of this year. Approximately twenty percent of IRFC’s outstanding equity will be tradeable after the lock-in period expires on January 29.