Shares of Indian Railway Finance Corporation (IRFC) saw a strong increase on Monday, rising by 4% to an intraday high of ₹186.50 per share ahead of the company’s Q1 results.
Experts say that IRFC’s performance in the April to June 2024 quarter might be weak due to the slowdown caused by the Lok Sabha elections. However, this is expected to change as the new Modi 3.0 government starts pushing forward with its rail infrastructure projects.
Seema Srivastava, a senior analyst at SMC Global Securities, noted that while IRFC’s Q1 numbers might not be strong, this isn’t due to any issues with the company’s fundamentals. The overall weakness in the numbers is largely because of the elections. But with the government now in action, IRFC is expected to show better results in the coming quarters.
Looking at the future, Sumeet Bagadia from Choice Broking suggests holding onto IRFC shares if the price stays above ₹170. He sees a potential rise to ₹200 and even ₹225 if that level is breached. For new investors, Bagadia recommends buying IRFC shares at the current price, with a stop-loss at ₹170, aiming for a medium-term target of ₹225 per share.
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