Indian Railway Finance Corporation (IRFC) rose 2.76% to Rs 26.05 after the company reported 15.4% rise in net profit to Rs 1046.74 crore on 8% increase in total income to Rs 3934.46 crore in Q3 FY21 over Q3 FY20.
Total expenditure during the quarter increased by 5.6% to Rs 2885.72 crore compared with the same period last year. The board of the NBFC declared an interim dividend of Rs 1.05 per share, translating to a dividend yield of 4.1% on Friday's closing price of Rs 25.35 per share. the record date for the same is 20 February 2021.
IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The Government of India held 86.36% stake in the company as on 27 January 2021.
The initial public offer (IPO) of of IRFC was subscribed 3.49 times. The issue opened for subscription on 18 January 2021 and closed on 20 January 2021. The price band for the IPO was set at Rs 25-26 per share.
The stock was listed on the bourses on 29 January 2021 at Rs 25 per share, at a discount of 3.85% to IPO price of Rs 26 per share. The scrip lost 0.6% on that day to end at Rs 24.85.
Since then, the stock has risen 4.8% in eleven sessions to currently trade at 26.05 on the BSE.
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