Shares of Indian Railway Finance Corporation Ltd (IRFC) continue to witness an upward surge, with the stock gaining 9.08% in Tuesday’s trade, touching a new record high of Rs 41.70. The recent rally marks the third consecutive session of substantial gains for IRFC shares.
Strong Investor Interest in IRFC Shares
The market activity reflected strong investor interest in IRFC shares, with an impressive turnover of Rs 101.61 crore and around 2.52 crore shares changing hands on the Bombay Stock Exchange (BSE) today. This significant trading volume surpassed the two-week average volume of 86.02 lakh shares, indicating heightened market participation.
The soaring share price has propelled IRFC’s market capitalization (m-cap) to a noteworthy Rs 53,789.97 crore, reflecting the growing confidence of investors in the company’s prospects.
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The recent positive momentum can be attributed, in part, to a strategic move by state-owned RITES, which has signed a memorandum of understanding (MoU) with IRFC. The MoU aims to explore collaborative opportunities in the railway ecosystem and transport infrastructure sector.
As per the MoU, RITES will provide consultancy and advisory services, facilitating the evaluation of the financial and technical viability of projects. On the other hand, IRFC will extend financial services to projects and institutions with backward and forward linkages to the Railways.
The collaboration between IRFC and RITES opens up new possibilities for the companies to leverage their expertise and resources in the railway and infrastructure domains, creating a positive outlook for both entities.
Given the recent bullish trend and the strategic partnership with RITES, market experts are optimistic about IRFC’s growth potential. Some analysts even suggest that IRFC shares may reach the coveted Rs 50 level in the near future, signaling a remarkable milestone for the company.
Investors and market participants are keenly observing the developments in IRFC’s journey, and the company’s performance continues to be a subject of interest in financial circles.
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