Indian Railway Finance Corporation (IRFC) has announced the date for its board meeting to consider the financial results for the first quarter of FY25.
What Happened: IRFC will post its results for the June quarter on August 12, the company said in a press release on Tuesday.
The railway major was among the plethora of railways and defence stocks that were deep in red during Monday's global market rally. IRFC, Railtel Corporation of India and Titagarh Rail Systems crashed after going down by almost 5%.
Last month, the stock revived after days of being under pressure. Analysts suggested that it may still go beyond ₹200 levels.
As per Jigar S Patel, senior manager and technical research analyst at Anand Rathi Shares and Stock Brokers, a key level to watch is ₹170. If the stock closes below this level on a weekly basis, it could signal a deeper decline, potentially down to the ₹160 level.
He advises investors to avoid taking long positions unless IRFC manages to close above ₹210 on a weekly basis, which would indicate a potential for upward movement.
Q4 Results: IRFC reported a 33.6% year-on-year increase in net profit to ₹1,717 crore in the last quarter. Total revenue from operations for the March quarter rose by 1.73% to ₹6,473 crore, up from ₹6,193 crore in the corresponding quarter last year.
The company has also announced a final dividend of ₹0.70 per equity share for the year ending March 2024.
Price Action: IRFC shares were up 1.42% to ₹181.93 on Tuesday morning.
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