Low-price gem touched 52-week high, delivered 45 per cent returns in just one month as record date neared!
The company is a Schedule ‘A’ Miniratna Public Sector Enterprise under administrative control of Ministry of Railways, Government of India.
The Indian benchmark indices closed the session notably higher, with broader indices outperforming the main indices by a significant margin. The top gainer in the BSE Midcap pack, Indian Railway Finance Corporation Ltd (IRFC), has maintained its spectacular upswing, attracting the attention of investors. On an intraday basis on Tuesday, shares of Indian Railway Finance Corporation Ltd soared more than 13 per cent, reaching a new 52-week high of Rs 75.72 per share on the BSE.
There was a significant surge in buying interest, likely driven by the announcement of September 15, 2023, as the record date for determining eligible members to receive the final dividend for the financial year 2022-23. In a span of only one month, shares have climbed more than 45 per cent, culminating in multibagger returns of over 220 per cent in the past year!
Considering the company's quarterly performance, it reported a strong growth of 18.69 per cent from Rs 5,627.44 crore registered in Q1FY23, recording total revenue of Rs 6,679.17 crore in Q1FY24. It has reported operating profit growth of 18.68 per cent. Compared to the same quarter last year, the net profit for the first quarter of FY24 fell 6.32 per cent, from Rs 1,661.58 crore to Rs 1,556.57 crore.
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Indian Railway Finance Corporation (IRFC) serves as the specialized funding arm of Indian Railways, established with the mission of raising capital from both domestic and international markets to fulfil a significant portion of Indian Railways' extra budgetary resources needs.
Disclaimer: The article is for informational purposes only and not investment advice.