IRFC shares: Indian Railway Finance Corporation Ltd (IRFC) witnessed a consecutive decline in its shares during Thursday’s trading session. The stock experienced a 1.12% drop, reaching a daily low of Rs 141.30. This marks a decrease of 26.71% from its one-year peak of Rs 192.80, which was recorded on January 23 earlier this year. Despite this recent decline, the stock has shown significant growth, rallying by 454.55% from its 52-week low of Rs 25.48, which was observed on March 29, 2023.
According to technical charts, the stock is expected to find support in the range of Rs 135-130. Additionally, immediate resistance is anticipated at Rs 148.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, stated that support is likely to hold around Rs 140 with resistance anticipated at Rs 148. A definitive close above the Rs 148 mark could potentially instigate further upward movement towards Rs 155. The projected trading range for the upcoming month is expected to span between Rs 130 and Rs 160.
According to AR Ramachandran from Tips2trades, “IRFC appears to exhibit a bearish trend on daily charts, indicating robust resistance at Rs 151. If the daily close falls below the support level of Rs 135, it may pave the way for a downward target of Rs 117 shortly.”
The stock was trading above the 5-day, 10-day, 20-day, 100-day, 150-day, and 200-day simple moving averages (SMAs), but below the 30-day and 50-day SMAs.
In the December 2023-24 (Q3 FY24) quarter, the net profit of the rail PSU declined by 1.78% to Rs 1,604 crore compared to Rs 1,633 crore in the corresponding period of the previous year.
In spite of this, operating revenue climbed by 8.43% to Rs 6,742 crore in Q3 FY24 from Rs 6,218 crore in the same time the year before.
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IRFC obtains funds from financial markets to finance the procurement or development of assets, which are subsequently leased to the Indian Railways or any entity under the Ministry of Railways. As of December 2023, promoters retained an 86.36% stake in the ‘Navratna’ PSU.
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