IRFC shares surge 18% as trading volume exceeds weekly, monthly averages

The PSU stock has surged over 31 percent in the last 2 days.

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Shares of Indian Railway Finance Corporation Ltd (IRFC) zoomed over 18 percent intraday on September 4 as trading volumes surged 11.11 percent from the previous day.

The IRFC stock was trading at Rs 65.85 at 11:44am, up by 18.12 percent. As many as 30 crore shares were traded at the bourses by mid-day.

The PSU stock has surged over 31 percent in the last two days. The IRFC shares surged 11.72 percent on August 31 with the trading volume at 27 crores. Trading volume on both the days stayed higher than the weekly average of 11 crores and the monthly average of 17 crores.

The surge in share price has pushed the IRFC market capitalisation to over Rs 86,056 crore.

IRFC is scheduled to have its 36th Annual General Meeting on September 22. In August, reports came out saying that the Indian government is parring its 86 percent stake in the PSU through OFS (offer-for-sale) in order to meet Sebi’s Minimum Public Shareholding norm.

In its June Standalone quarterly results, the company reported over 18 percent on-year increase in revenue to Rs 6,679.17 crore, while profits went down 6.34 percent to Rs 1,556.57 crore. The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) grew over 18 percent to Rs 6,651.77 crore.

IRFC has given a return of over 134 percent in the last six months.

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