IRFC shares zoom 20% to hit record high - Buy, sell or hold?

IRFC Share Price Today NSE: Shares of Indian Railway Finance Corp. (IRFC) jumped around 20 per cent to hit an all-time high of Rs 66.90 a piece on the National Stock Exchange (NSE) on Monday, i.e., September 4, 2023. The stock's trading volume was quite high. At the time of writing this report, IRFC's volume stood at 37,83,05,034 on the NSE.

The scrip opened at Rs 57.70 and surged around 20 per cent during the day to hit a record high of Rs 66.90 at around 12:03 p.m.

IRFC shares hit record high - Buy, Sell or Hold?

AK Prabhakar -Head, Research, IDBI Capital Markets & Securities Ltd - is of the view that investors can book 50-60 per cent of profit.

"IRFC has a stable business, and having an NPA is out of the question. But the return has already doubled. I advise investors to book 50–60 per cent of profit," Prabhakar told Zee Business.

IRFC Share Price History

The stock of IRFC has risen 103.6 per cent on a year-to-date basis and 169 per cent since listing on January 28, 2021.

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The scrip has made investors wealthier by around 35 per cent in the past five days and jumped 48 per cent in the past 30 days.

Meanwhile, other railway stocks performed well because of heavy buying. Shares of Indian Railway Catering and Tourism Corporation (IRCTC) opened with an upside gap. The scrip jumped around 2 per cent to hit an intraday high of Rs 704.25 apiece on the NSE. Similarly, shares of RVNL or Rail Vikas Nigam Ltd went on to hit a new lifetime high of Rs 159.50 per share level on the NSE. It logged an intraday gain of nearly 15.26 per cent.