FOREX
IRFC shares continue rally ahead of Q3 results
Indian Railway Finance Corporation (IRFC) shares extended their gaining streak to the fifth consecutive session on Monday, as investors await the company’s December quarter results scheduled for later in the day. The stock was trading at ₹146.85, up 0.66 per cent or ₹0.45.
The state-run railway financier has recently secured significant business developments. Last Wednesday, IRFC signed a leasing agreement with NTPC for eight BOBR (Bottom Open Bottom Rapid Discharge) rakes valued at ₹250 crore. The company also emerged as the lowest bidder for financing ₹3,167 crore for a coal mine project in Jharkhand earlier in the week.
Shareholding data reveals that the government maintains its position as the majority stakeholder with an 86.36 per cent stake in IRFC. Retail investors have increased their holdings to 9.63 per cent from 9.23 per cent in September, while Foreign Portfolio Investors (FPIs) hold a 1 per cent stake. Mutual Funds maintain a minimal presence with a 0.24 per cent stake in the company.
IRFC, which serves as the dedicated financing arm of Indian Railways, has been drawing increased attention from investors amid these recent business developments and the anticipated quarterly results.
