Indian Railway Finance Corporation (IRFC) has appointed Usha Venugopal as its chairman and managing director, the company notified in a press filing on Thursday.

What Happened: IRFC said that its board of directors have approved Venugopal as the new chairman and managing director, and she has taken charge from August 1. The company added that former chairman and managing director Uma Ranade has relinquished the role following her superannuation.

Venugopal will also serve as the firm's new CEO, the company said in the release. 

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She is an Indian Railways Accounts Service officer of the 1987 batch. Venugopal has over 35 years of experience in Indian Railways and is currently also holding charge of additional member (finance) in the Ministry of Railways. She earned her post-graduation in Mathematical Statistics from the University of Delhi.

Last week, IRFC made some gains following days of pressure after the Union Budget disappointed the railway sector. Analysts see the stock breaching ₹200 levels but advised caution.

Price Action: IRFC shares were down 0.86% at ₹191.99 on Thursday.

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