Shares of railway-related companies continued their upward trend, jumping up to 15 percent to their respective new highs on Saturday on the back of heavy volumes amid expectation of higher allocation for Indian Railways in the upcoming Budget 2024. Just in the current month, the railway stocks have surged up to 75 percent.
IRCON International soared 15 percent in intra-day deals today to its new high of ₹261.35 followed by Rail Vikas Nigam (RVNL), which has rallied 10 percent to its record high of 320.75. Meanwhile, IRFC (Indian Railway Finance Corp) surged 9.7 percent to its new peak of ₹176. RailTel jumped 8 percent to its all-time high of ₹417.80 and IRCTC advanced 4.7 percent to its 52-week high of ₹1,029.85.
Today markets the 10th straight positive session for RVNL. Just in January so far, the stock has soared 75 percent after a 10.5 percent rise in December 2024 and a 6.5 percent gain in November 2023. In the last 1 year, the stock has given multi-bagger returns, jumping 279 percent. After today’s record high, the stock has surged 471 percent from its 52-week low of ₹56.15, hit on March 1, 2023.
Meanwhile, IRFC has also rallied over 74 percent just in the month of January following a 33 percent rise in December and a 2.8 percent gain in November. In the last 1 year, IRFC has also given multibagger returns, skyrocketing over 385 percent. Meanwhile, with today’s peak, the stock has surged 591 percent from its 52-week low of ₹25.45, hit on March 28.
IRCON has gained over 276 percent in the last 1 year and 45 percent in January so far, extending gains for the 3rd straight session (3.5 percent in December and 19.3 percent in November). It has skyrocketed 421 percent from its 52-week low of ₹50.15, on February 27.
In January so far, RailTel has advanced over 21 percent after a 16 percent and 30.5 percent jump in December and November, respectively. RailTel has also given multibagger returns in the last 1 year rising over 201 percent. Meanwhile, it has already rallied 334 percent from its 52-week high of ₹96.20, hit on March 28, 2023.
IRCTC stock has added over 14 percent in January so far extending gains for the 3rd straight month after a 26 percent jump in December and a 6 percent gain in November. IRCTC has advanced almost 54 percent in the last 1 year. It has now jumped 85 percent from its 52-week low of ₹557.15, hit on March 29, 2023.
An outlay of ₹2.4 lakh crore for the financial year 2023-24 (FY23-24) was made by Finance Minister Nirmala Sitharaman for the railways.
“Indian Railways are now poised to take a transformational leap in the Amrit Kaal of the post-Independence period and fulfill the vision of ‘Viksit Bharat’ which includes modern, faster, available on demand passenger services and facilities, a substantial share in freight cargo with ancillary services in logistics parks and domestic industry driven rail infrastructure of highest standards. A record capex target of ₹2.60 trillion in 2023-24, up 65.6 percent when compared to 2022-23, is targeted to initiate the necessary changes for this vision, across the entire network. Achieving India’s commitment of net zero carbon by 2070 will rest in part on more rail-bound passenger and cargo movement,” IRFC had said in its FY23 annual report.
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Published: 20 Jan 2024, 10:33 AM IST