IRFC share price zooms 9%: Indian Railways stock shines in weak market - should you buy? | IRFC Share Price NSE Target

IRFC Share Price NSE Target: Indian Railway Finance Corporation (IRFC) share price zoomed 9 per cent on Tuesday, December 20, in an otherwise market. The PSU stock traded under pressure in the past few days as profit booking dragged the stock more than 20 per cent from its 52-week high of Rs 37.10 that it had touched on November 30.

The stock opened in green at Rs 32.95 apiece on NSE, up marginally from the previous close of Rs 32.85, even as the benchmark indices slipped in opening trade tracking weak global cues. The Indian Railways stock witnessed good momentum and good volumes in today's session as strong buying lifted it to the day's high of Rs 35.95, zooming 9 per cent.

As many as 16,16,33,418 shares of IRFC exchanged hands during today's trade, according to NSE data at 3:18 PM.

The stock had slipped into a consolidation phase after the one-way rally last month that saw the counter gaining almost 50 per cent from its IPO issue price of Rs 26.The last month's rally brought much-needed relief to IRFC investors who were waiting for a trend reversal since the listing in January 2021. The shares of the financing arm of Indian Railways had made a weak stock market debut at Rs 24.90 on NSE, a discount of 4.23 per cent to its IPO issue price.

IRFC Share Price Target 2023

Analysts are bullish on IRFC shares and have been recommending for the long term. According to Nilesh Jain, technical analyst at Centrum Broking, the outlook continues to remain positive and one may expect an upside move towards Rs 37-39.

"The stock has given a good run-up in this calendar year. A good healthy correction was seen, the stock is resuming its uptrend now," he said. If the stock takes out the Rs 37 level, a further move to Rs 40 levels could be expected, he added.

Nilesh said that such trends in Indian Railways stock come in anticipation of the announcement by the government before the budget," he added.

Sneha Seth, Zee business panellist and derivatives research analyst at Angel One, in a show, said that IRFC witnessed good momentum and good volumes in the past few weeks. Stock later slipped into a consolidation phase but the overall chart structure is strong.

IRFC Dividend History 2022, Dividend Yield, News

IRFC dividend yield is more than 4 per cent. It has paid dividends on four occasions since its listing, amounting Rs 3.25 per share.

IRFC Share Price NSE History 

IRFC shares have delivered multibagger returns to its investors. In the past 6 months, IRFC shares have yielded a whopping 78 per cent return. YTD, the counter has zoomed more than 50 per cent.

IRFC is a wholly owned subsidiary under the Ministry of Railways.

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