IRFC share price slips below Rs 30 apiece on NSE, BSE; should you buy?

IRFC Share Price NSE, IRFC Share Price Target 2023: Shares of Indian Railway Finance Corporation (IRFC) on Thursday, February 16, traded under pressure in a strong market. The stock of the financing arm of Indian Railways fell 2 per cent to slip below the level of Rs 30. Shares of IRFC ended on Thursday at Rs 28.95, down by 2.85 per cent. 

The stock has corrected 20 per cent from an all-time high of Rs 37.10 that it had touched on November 30 last year. Its 52-week low is Rs 19.30 which it touched on June 20 last year. 

IRFC Share Price Tagret 2023 

According to Ravi Singhal, CEO, GCL Broking, IRFC has strong support near Rs 27. "If it is able to sustain above Rs 27, then it can touch the level of Rs 32/Rs 37 very soon," he said, adding that the stop loss should be Rs 27 on a closing basis.

IRFC shares crossed the IPO issue price of Rs 26 for the first time on November 16 last year. The Miniratna public sector enterprise under the Ministry of Railways had made stock market debut in January 2021 below the IPO issue price.

The scrip rallied nearly 50 per cent just ahead of Budget, anticipating some major announcement by the government. 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. Finance Minister in the Budget announced a capital outlay of Rs 2.40 lakh crore for Indian Railways.

IRFC earlier this released its third quarter earnings. The company reported an increase of 2.48 per cent in its net profit to Rs 1633.45 crore YoY from Rs 1593.91 crore in the same quarter in FY22. 

IRFC Dividend 2023 Yield

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 37 per cent in the past 6 months. It has zoomed around 30 per cent in the past 1 year. The company's market cap is Rs 38.23 thousand crore.

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

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