Stock Market Today: On Tuesday morning, the price of IRFC Share Price increased by 3.5%. In just one year, IRFC has already yielded multibagger gains with a surge of 419%. In Q4 of this year, IRFC recorded a 33.6% YoY increase in net profit, from ₹1,285 crore to ₹1,717 crore during the same period the previous year.
Stock Market Today: The share price of Indian Railway Finance Corporation Ltd. (IRFC), which has been in the spotlight since the Q4 results, increased by 3.5% during Tuesday’s early trade. The corporation announced its financial results for the fourth quarter of FY24 and the year FY24 on Monday, March 20, 2024.
The share price of Indian Railway Finance Corporation Ltd. (IRFC), which has increased by about 419 percent in the past year, has produced multibagger gains.
The increasing capital expenditures of Indian Railways are helping to boost the share price of IRFC.
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IRFC reported a 33.6% YoY increase in net profit to ₹1,717 crore from ₹1,285 crore during the same period last year. In the March quarter, overall revenue from operations increased by 4.5 percent to ₹6,473 crore from ₹6,193 crore in the previous year.
The Miniratna public sector company’s net profit for the year ending FY24 was ₹6,412 crore, as compared to ₹6,167 crore in FY23.
IRFC share price also remains in focus as has declared dividend. IRFC declared that for the fiscal year 2023–2024, the corporation has recommended a final dividend of ₹0.70 per equity share of ₹10. This is in addition to the Interim Dividend of ₹0.80/- per equity share declared by IRFC on 2nd November 2023, thereby making total dividend for the Financial Year 2023-24 to ₹1.50 per share, on the face value of ₹10/-each.
Also Read IRFC Q4 Results: Profit Increases 34% to Rs. 1,717 Crore, Paying a 70 Paise Dividend.
Meanwhile Chandan Taparia, Head – Equity Derivatives and Technical, Broking and Distribution, Motilal Oswal Financial Services remains bullish on IRFC share price. Taparia has given Buy call of IRFC with a target price of ₹190 which indicates and upside of around 10% from the current level of close to 173, the IRFC share price is trading at. The stop loss indicated by Taparia for IRFC share price stands at ₹165
IRFC share price as per Taparia has given range breakout on daily chart and managed to close above the same. Buying is visible across Rail PSU Stocks which may support the ongoing up move. It has formed a strong bullish candle on daily scale and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which may take prices higher, said Taparia.
Manish Shah , s SEBI registered Investment advisor also highlighted that “The IRFC share price is breaking out of a head and shoulder trend pattern. This is a very bullish development. The upside potential over next several months is 220+. Buy on any short-term decline to 170-180 for a sustained rally. Keep SL below 155
Hormuz Maloo, CEO of AFco Investment said that moving forward like many other stocks, IRFC stock movement will largely depend on results of elections. Though fundamentally it looks overpriced, technically, no major sell signal are visible yet.
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