IRFC share price fell over 2% in early trade on Monday ahead of the stock turning ex-dividend tomorrow. IRFC shares fell as much as 2.05% to ₹145.40 apiece on the BSE.
Indian Railway Finance Corporation (IRFC), the state-run non-deposit taking Non-Banking Finance Company (NBFC), had declared a dividend of ₹0.80 per share and the record date for the dividend is November 11.
“...the Board of Directors have declared an Interim Dividend of ₹0.80/- per equity share of ₹10/- each. Further, as informed vide letter dated 22nd October, 2024, the “Record date” for determining eligibility of shareholders for payment of the said interim Dividend, as declared by the Board is Tuesday, 12th November 2024,” IRFC said in a BSE filing on November 4.
The dividend will be paid in the account of the shareholders or the dividend warrants in respect thereof will be dispatched within thirty days from the date of declaration of interim dividend, it added.
IRFC posted a 4.41% year-on-year (YoY) growth in its net profit for the quarter ended September 2024 to ₹1,612.65 crore as against ₹1,544.58 crore in the year-ago period.
The railway PSU’s revenue from operations in Q2FY25 rose 2.05% to ₹6,899.34 crore from ₹6,761.02 crore, YoY.
The Assets Under Management (AUM) to the end of six-months ended 30th September 2024, stands at ₹4,62,282.62 crore.
IRFC stock price fell over 3% in one month and more than 18% in three months. The PSU stock has jumped 48% year-to-date (YTD) and has given multibagger returns of 98% in one year and nearly 500% in three years.
“IRFC shares are under corrective decline pressure. There are limited chances of any upside in the short-term. Hence, no fresh action is recommended in IRFC stock. Investors who hold IRFC shares are advised to place a stop loss at ₹130-132 levels and exit if the stock goes below those levels,” said Milan Vaishnav, founder of ChartWizard FZE and Gemstone Equity Research.
At 10:10 am, IRFC shares were trading 1.01% lower at ₹146.95 apiece on the BSE.
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