IRFC share price: Indian Railways stock positive ahead of Q3 result

IRFC Share Price NSE, IRFC Q3 Result Date 2023: Shares of Indian Railway Finance Corporation (IRFC) on Monday traded in positive bias ahead of the announcement of third quarter result. The Indian Railways stock quoted Rs 30.40 apiece on NSE, up by around 1 per cent from previous close of Rs 30.10.

IRFC Q3 Results 2023 Date

IRFC is slated to declare its Q3 result today, February 13. 

IRFC share price has corrected more than 20 per cent from its 52-week high of Rs 37.10 that it had hit on November 30 last year. The stock crossed the IPO issue price of Rs 26 for the first time on November 16 last year since its listing in January 2021. The scrip rallied nearly 50 per cent just ahead of Budget, anticipating some major announcement by the government. Finance Minister in the Budget announced a capital outlay of Rs 2.40 lakh crore for Indian Railways.

IRFC made its stock market debut in January 2021 below the IPO issue price of Rs 26. The one-sided rally in IRFC share price ahead of budget brought much-needed relief to its investors who were waiting for a trend reversal since its stock market debut.

IRFC Share Price Target 2023

Ravi Singh, Vice-President and Head of Research at Share India, said that after the allocation Rs 2.4 lakh crore for the railway sector in the Union Budget 2023, the highest ever outlay to railways, the stock has witnessed profit booking on the pre budget rally. However, the correction has triggered value buying levels in the counter. 

On technical setup, he said that the stock is showing strength on daily and weekly chart pattern and the momentum indicators are suggesting an upward move towards the levels of Rs 35 in near term.

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IRFC Dividend 2023

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 a positive return of 42 per cent in the past 6 months. It has surged around 36 per cent in the past 1 year. The company's market cap is Rs 39.66 thousand crore.

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

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