IRFC shares rebound 12% after three sessions: Price targets, turnover, technicals and more

Shares of Indian Railway Finance Corporation Ltd (IRFC) clocked the highest turnover in early trade today, pushing the stock in green after three consecutive sessions of losses. The railway stock tumbled 18.12% in the previous three sessions, sliding from Rs 162.45 to Rs 133  on BSE.

IRFC stock climbed 12.40% to Rs 149.50 on Tuesday. The multibagger stock hit a record high of Rs 192.80 on January 23, 2024 and fell to a 52 week low of Rs 25.45 on March 28, 2023.

The IRFC counter saw the highest turnover of Rs 265.05 crore in early trade with 186.92 lakh shares changing hands on BSE. Market cap of the firm zoomed to Rs 1.91 lakh crore on BSE.

IRFC stock has a one-year beta of 1.2, indicating high volatility during the period.

IRFC shares are trading neither in the overbought nor in the oversold zone as the relative strength index (RSI) of IRFC stands at 42.3. IRFC stock is trading lower than the 5 day, 10 day, 20 day but higher than the 50 day, 100 day and 200 day moving averages.     

IRFC stock has zoomed 401% in the last one year. In the current year, the stock has rallied 49.45%. The IRFC stock has a PE of 32.1, which is higher compared to the sector. The sectoral PE stands at 15.59.  The stock has a high price to book ratio of 4.33.

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said, “The stock after witnessing a decent rally has resisted near Rs 192 zone and with profit booking seen has retraced 50% of the current rally and has the next crucial and major support zone near Rs 130 level of the significant 50EMA zone where currently it has shown signs of bottoming out and witnessed a decent pullback. From current levels, it needs to decisively breach above the Rs 162 zone for the bias to improve overall and expect for further continuation of the upward move with next targets expected till Rs 175 and Rs 187 levels, respectively.”

Abhijeet from Tips2Trades said, "IRFC stock price is volatile & bullish today on the Daily charts with strong support at Rs 130. A daily close above resistance of Rs 153 could lead to Rs 180 in the near term."

"IRFC stock price is volatile & bullish today on the Daily charts with strong support at 130. A Daily close above resistance of 153 could lead to 180 in the near term."

IRFC logged a 1.7% YoY fall in its net profit to Rs 1,604 crore in the December 2023 quarter compared to a net profit of Rs 1,633 crore in Q3 FY23.

The railway PSU logged a 8% rise in its revenue from operations to Rs 6,742 crore against Rs 6,218 crore in the year-ago period. The company's earnings per share (EPS) stood at Rs 1.23 per share in Q3.

IRFC logged a profit of Rs 6,337 crore for the financial year 2022-23. Revenue from operations for FY23 rose 17.70 per cent to Rs 23,891 crore as against Rs 20,298 crore reported a year ago. The earnings per share of the company were Rs 4.85 at the end of FY23 as compared with Rs 4.66 in the year-ago period.    

Indian Railway Finance Corp borrows funds from the financial markets to finance the acquisition/creation of assets which are then leased out to the Indian Railways or any entity under the Ministry of Railways.

 

Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions. 

    

 

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