23-May-2024
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IRFC share price showed a sharp rise of 5% approx on Thursday morning and hit an intraday high of Rs 191.65 per share. IRFC released fourth quarter earnings on Monday, 20 May. It reported a net profit of Rs 1,717 crore against Rs 1,285 crore during the same period last year.
IRFC’s revenue from operation is at Rs 6,473 crore compared to Rs 6,193 crore in the same period previous year. The revenue increased by 4.5% on a year-on-year basis.
The Indian Railway Finance Corporation reports total FY24 net profit is at Rs 6,412 crore. In the previous year net profit was at Rs 6,167 crore.
IRFC’s Board has recommended a final dividend of Rs 0.70 per share of Rs 10. Earlier, the company paid an interim dividend of Rs 0.80 per share.
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IRFC’s Board Approved Rs 50,000 crore Fundraising
Board has also approved Rs 50,000 crore fundraising in FY25 from both domestic and international markets.
Funds will be raised through the prudent mix of tax-free bonds, taxable bonds on private placement or public issue basis, including capital gain bonds, government-guaranteed bonds and government service bonds.
The main objective of IRFC, under the Ministry of Railways, is to meet the predominant portion of Indian railways' extra-budgetary resources requirement through market borrowings at the most affordable rates and terms.
IRFC Shares Gained Positive Momentum
IRFC share price has performed well in the past few months and generated a high return for its investors. It turned out to be one of the multibagger stock for the current year.
The fundraising news has positively impacted investors' sentiment, and the share price gained momentum. The company's future outlook looks bright, and more upward momentum is possible in the company's shares.
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