At around 11:10 am, IRFC shares were trading 7.19 percent higher on the Bombay Stock Exchange (BSE) at more than Rs 156 a share. The company’s shares surged to Rs 157.60 in early trading, setting a new 52-week high.
Indian Railway Finance Corporation (IRFC) saw its shares reach a new 52-week high on Friday, extending its incredible run on the stock market.
At around 11:10 am, IRFC shares were trading 7.19 percent higher on the Bombay Stock Exchange (BSE) at more than Rs 156 a share. The company’s shares surged to Rs 157.60 in early trading, setting a new 52-week high.
The company’s market capitalization is currently more over Rs 2 lakh crore.
It should be mentioned that after providing investors with multibagger gains in 2023, IRFC shares have begun the new year well. The stock has increased by more than 28% during the last five trading days, and it has now gained 55% of its January value thus far.
In a longer time frame, the stock has increased by more than 376% in six months and 37% in a year.
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Why are IRFC Shares rising?
Along with other railway PSUs like RVNL, IRCTC, and IRCON International, IRFC’s shares have been rising in value. This is a result of experts’ positive outlook for the railroad industry prior to the 2024 interim budget.
Given its emphasis on building infrastructure, a number of observers predict that the government would announce increased capital expenditures for Indian Railways.
It should be mentioned that the capital expenditure for the Indian Railways increased to Rs 2.40 lakh crore in the Union Budget 2023–24, a rise of about 75%.
According to an analyst cited in a Business Today article, the impending budget has been a major factor in the railway stock surge.
The railway stocks have been rising sharply as Budget draws near. Presumably because of the expectation of a record budgetary allocation for the industry, according to IDBI Capital’s Sector Analyst (Infra), Vishal Periwal, informed the magazine.
Additionally, analysts predict that as the budget draws near, IRFC will likely pick up more steam due to predictions of historically high budgetary expenditures. The majority of market analysts urge investors to exercise caution since the stock is now in overbought territory, despite their optimistic outlook on IRFC.
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