Railway-related stocks such as IRCTC, RVNL, Texmaco, RailTel and Container Corp are testing support on the long-term charts; as long as these supports are respected a pullback rally seems possible.
Indian Railway Finance Corporation Ltd (IRFC) on Monday reported a 2 per cent increase in net profit to Rs 1,631 crore for the third quarter ended December 2024. The NBFC, under the administrative control of the Ministry of Railways, had earned a net profit of Rs 1,599 crore in the year-ago period. The total income of the company rose to Rs 6,766 crore in the October-December period from Rs 6,740 crore in the year-ago period, IRFC said in a regulatory filing. The total expenses of the Mini-Ratna company during the period under review fell marginally to Rs 5,136 crore from Rs 5,141 crore in the corresponding period a year ago. The networth of the company rose to Rs 52,046 crore at the end of December 2024 compared to Rs 47,443 crore at the end of third quarter of previous fiscal. The company raised Rs 6,600 crore via bonds during the quarter to fund business expansion.
The issuance has a base size of Rs 500 crore with a green shoe option of Rs 2,500 crore
Shares of Indian Railway Finance Corporation (IRFC) gained 3.1 per cent at Rs 156.80 a piece on the BSE in Friday's intraday trade
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Despite ending 2024 on a strong note, select PSU stocks such as Oil India, NHPC and Coal India plunged up to 43% from the peaks; technical charts hint at a possible pull-back in the near-term.
The IRFC share price dropped as much as 1.55 per cent to hit an intraday low of Rs 145.60 per share from previous close of Rs 147.90
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It was a mixed debut for the new 45 entrants in the derivatives segment as 50 per cent of the shares traded with losses in intra-day deals on the NSE.
India's 10-year government security (g-sec) yield closed at 6.82 per cent on Monday
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The rally in these stocks is attributed to the Union Cabinet's approval of a multi-tracking project for the Ministry of Railways in Uttar Pradesh, estimated to cost RS 2,642 crore
Tech charts show that RVNL, IRCTC, IRFC, RailTel and Texmaco Rail were trading below long-term moving averages on the daily scale; however, select stocks were seen seeking support on the weekly scale.
The Board has also approved the appointment of Ajoy Choudhury as Chief Risk Officer on fixed tenure basis for two years.
Shares of India Railway Finance Corporation (IRFC) soared up to 2.6 per cent at Rs 189.45 per share on the BSE in Tuesday's early morning deals
Shares of rail and defense related companies bounced back in trades on Wednesday; however, charts reveal that several stocks were trading below their key short-term moving averages.
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The GoI is focusing on improving the railway infra and ensures faster development and completion of tracks, rail electrification, rolling stock manufacturing and delivery of passenger freight services
Shares of RailTel Corporation of India surged by 8.8 per cent at Rs 418.50 per share on the BSE in Tuesday's intraday trade. The stock extended its rally from the previous day