IRFC stock gains 2% as government extends Shelly Verma’s tenure as chief MD

Indian Railway Finance Corporation (IRFC), in a regulatory filing with the exchanges, announced a six-month extension for Ms. Shelly Verma, who currently serves as Chief Managing Director in addition to her role as Director of Finance.

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Indian Railway Finance Corporation (IRFC) shares were trading 2 percent higher on September 20th after the union government extended its current chief managing director Shelly Verma’s tenure by six months.

“The extension has been provided for a further period of six-months to Ms. Shelly  Verma who holds the charge of chief managing director in additional capacity apart from the position Director of Finance. This will be in effect from October 15, 2023,” the state-owned company said in a regulatory filing at the exchanges.

At 12.15 pm on the NSE, the Indian Railway Finance Corporation stock was quoting at Rs 77.65 apiece, up Rs 1.05, or 1.37 percent.

The stock is up nearly 136 percent in year-to-date terms.

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In its results for the April-June quarter, IRFC reported a 18.69 percent YoY (year-on-year) increase in revenue from operations at Rs Rs 6,679 crore. Net profit for the quarter was down 6.31 percent YoY at Rs 1,157 crore. The operating profit margins for the quarter remained flat at 100 percent.

Indian Railway Finance Corporation is engaged in the business of financing the acquisition of rolling stock assets for Indian Railways. It primarily provides financial services for the procurement of locomotives, coaches, wagons, and other railway equipment.

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