Stock market today: Monday morning deals saw significant buying interest in railroad equities.
The share price of Indian Railway Finance Corp. also known as IRFC, today began with an upward gap and eventually reached a new high of 66.40 on the NSE.
The share price of IRCTC, or Indian Railway Catering and Tourism Corporation, also began with an upward gap and eventually reached an intraday high of $704.25 a share on the NSE, registering a 2% increase during morning trades.
Similarly, the share price of Rail Vikas Nigam Ltd., also known as RVNL, today started out positively before rising to a new all-time high of 158 rupees per share on the NSE, posting an intraday gain of close to 14.50 percent.
Ircon International shares also had significant buying interest during morning trades, rising by 7% on Monday to reach a new all-time high of 136.70 per share on the NSE.
Why are railroad stock prices rising right now?
“Railway stocks are rising after the new plan of the Ministry of Railways to seek Cabinet approval for a 5.25 lakh crore investment program during fiscal years 2024-31 to improve rail connectivity to mining areas, cement plants, and consumption points,
based on the PM Gati Shakti National Master Plan,” said Derivative & Technical Analyst at Motilal Oswal. In reality, the financials of other companies would gain from one company’s success, the Motilal Oswal analyst continued.
IRCTC’s target share price
Sumeet Bagadia, Executive Director at Choice Broking, commented on the prognosis for the price of IRCTC shares: “IRCTC share price has given breakout at 675 apiece levels and the stock is looking good on chart pattern. In the near future, it might increase to $725 and 750 per level, respectively.
The IRCTC
Incorporated in 1999, Indian Railway Catering & Tourism Corporation Ltd. is a Mid Cap company with a market cap of Rs. 55,068.00 Crore that works in the tourism and hospitality industry.
For the fiscal year ending March 31, 2023, the primary Products/Revenue Segments for Indian Railway Catering & Tourism Corporation Ltd.
are Other Services (Tour Income), Packaged Drinking Water, Beverages & Food, Other Services, and Scrap.
The company recorded a Standalone Total Income of Rs 1,041.00 Crore for the quarter that ended on June 30, 2023, up 3.66% from the previous quarter’s Total Income of Rs 1,004.28 Crore and up 18.70% from the same quarter last year’s Total Income of Rs 877.01 Crore.
In the most recent quarter, the company generated net profit after tax of Rs 232.22 Crore.
Mrs. Seema Kumar, Mr. Ajit Kumar, Mr. Manoj Kumar Gangeya, Mr. Neeraj Sharma, Mr. Devendra Pal Bharti, Mr. Namgyal Wangchuk, Mr. Vinay Kumar Sharma, Mr. Kamlesh Kumar Mishra, Dr. Lokiah Ravikumar, and Mrs. Suman Kalra make up the company’s top management.
Serva Associates are the company’s auditors. The corporation has 80.00 Crore outstanding shares as of June 30, 2023.
IRFC’s share price objective
Chandan Taparia gave shareholders of IRFC the following advice: “One should keep the stock with stop loss at levels of 61 per share. In the near future, it might increase to 72 levels per unit.
Target price for RVNL shares
Chanda Taparia urged RVNL shareholders to retain the stock for a target price of 160 per share while keeping their stop loss at 148.