Shares of IRFC gained 12% on Monday morning as exit polls indicate a return for the incumbent BJP government. The stock also opened at its all-time high level of ₹200 in the session.
What Happened: Railway stocks like IRFC have gained tremendously in the last year as the government announced more capex and projects providing impetus to the rally.
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In its March quarter results, IRFC's net profit gained 33.6% to ₹1,717 crore against the ₹1,285 crore recorded in the previous year. Its topline gained 1.73% to ₹6,473 crore. The stock has gained over 490% in the last 1 year. This rally has catapulted the company to the 36th most valuable company among National Stock Exchange-listed companies and beat the market caps of Nifty giants like Bajaj Auto, and Wipro.
Markets opened positively on Monday after the exit polls predicted a thumping victory for the Narendra Modi-led BJP government in the 2024 General elections. Due to the mandate, the market expects policy continuity and investments from the government in areas that include infrastructure and railways. Benchmark Nifty 50 was trading 2.89% up at 23,182.40 level.
Price Action: Shares of IRFC were up 1.85% to ₹188.20 on Monday morning.
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