The stock price of Indian Railway Finance Corp (IRFC) surged nearly 10% and hit all-time high of Rs 84.80. The market capitalisation of the stock crossed Rs 1 lakh crore during the intra-day trade on September 11, 2023 surpassing Bharat Electronics Bank of Baroda and Gail India. IRFC has now become the 10th most valuable state-run enterprise in the country.
“If we look into the Ministry of Railways update it says it had spent Rs 78,670 crores, i.e 33% of Gross Budgetary Support (GBS) outlay of Rs 2.40 lakh crore for the financial year 2023-24. In this budgetary spending plan IRFC will play a pivotal role as it is a dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas Capital Markets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Levels to secure profit, stoploss
Commenting on the target price and stoploss target Tapse said that, “IRFC Cmp Rs 84.80 Technically upside from here looks capped and limited to Rs 100, One should look to book profits above 100 and Long term investors should hold with a Stoploss Below 70.
IRFC Stock performance
IRFC market capitalization stands at Rs 110,768.66 crore. The P/E ratio is 17.77, and the dividend yield is 1.77%. The stock price of IRFC has soared 27.1% in the last one week while it surged 73.4% in the last one month, whopping 202.9% in the last 6 months and 271.1% in the last one year. The stock hit its 52-week high of Rs 84.80. It had hit 52-week low of Rs 20.80 on September 26, 2022.