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Business News/ Markets / Stock Markets/  IRFC share price rises 3.5% post Q4 results, dividend announcement
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IRFC share price rises 3.5% post Q4 results, dividend announcement

Stock Market Today: IRFC share price rose 3.5% in morning trades on Tuesday. IRFC already had risen 419% returns in a year giving Multibagger returns. IRFC reported a 33.6% YoY increase in net profit to ₹1,717 crore during Q4 from ₹1,285 crore during the same period last yeat year

IRFC share price in focus post Q4 results, dividend announcementPremium
IRFC share price in focus post Q4 results, dividend announcement

Stock Market Today: Indian Railway Finance Corporation Ltd (IRFC) share price that remained in focus post Q4 results, were up 3.5% in morning trades on Tuesday.. The Financial performance for the year FY24 and Q4 FY24 were declared by the company on Monday, 20 March 2024. 

Indian Railway Finance Corporation Ltd (IRFC) share price that has risen almost 419 % in last one year has given Multibagger returns

IRFC share price is benefiting from the rising Capex of the Indian Railways

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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. 

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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.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

 

 

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Published: 21 May 2024, 09:08 AM IST
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