Why This Railway Stock Is Shooting Up 12% Today

Shares of the Indian Railway Finance Corporation (IRFC) surged close to 12% on Thursday to hit a new 52-week high of ₹44.65.

What Happened: While the reason behind the stock’s massive surge today is not immediately clear, earlier in the week media reports suggest that the Railway Ministry might be looking to get the Union Cabinet’s approval for a ₹5.25 lakh crore investment program.

The investment that is said to be stretched over FY24-FY31 would be to upgrade the country’s railway infrastructure. The stock is also gaining momentum as InCred Equitis Gaurav Bissa issued a buy call on the stock with a price target of ₹45.

Price Action: IRFC’s share price was up 11.84% to trade at ₹44.40

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Posted In: MoversTrading IdeasIndian Railway Finance Corporation