STOCK MARKET

Shares of IRFC Jumps Over 12% in Four Days

Indian Railway Finance Corporation (IRFC) net profit reported at 14.2 per cent in Q2FY23.

Indian Railway Finance Corporation (IRFC) jumped 5.64 per cent to Rs 30.90, which rose in the fourth trading session. The stocks surged 12.16 per cent in four consecutive sessions. 180.87 lakh shares were traded compared to the daily average volumes of 122.43 lakh shares in the last two weeks. On 24 November 2022, the stock hit an all-time high of Rs 31.65, whereas the stock hit a 52-week low of Rs 19.30.

In October, the stock had outperformed, soaring 43.06 per cent as compared with a 3.44 per cent rise in the Sensex. The scrip outperformed the market in the second quarter of FY23, climbing 46.79 per cent compared to Sensex’s 4.74 per cent rise. Also, the scrip outperformed the market in 2021, hitting a high of 30.11 per cent compared to Sensex’s 6.08 per cent rise.

On the daily chart, the stock was trading above its 50-day simple moving average (SMA), placed at 23.08, 100-day simple moving average (SMA), placed at 22.03, and 200-day simple moving average (SMA) placed at 21.85. The company is the dedicated financing arm of the Indian Railways for mobilising funds from domestic and overseas markets.

On a consolidated basis, the net profit of IRFC reported 14.2 per cent to Rs 1,714.28 crore on a 23.9 per cent increase in net sales to Rs 5,810.39 crore in the second quarter of FY23 over the second quarter of FY22. Also, 86.36 per cent stake in IRFC by GOI (Government of India) as on 30 September 2022.

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