The Indian Railway Finance Corporation (IRFC) stock surged by over 17 percent on Monday, marking a remarkable 30 percent increase in the past five days. Other railway stocks also excelled, with RVNL up by 11 percent and IRCON up by 7 percent.
All these stocks achieved new 52-week highs, and IRFC specifically reached this milestone on substantial volumes. Texmaco Rail rose by 5 percent, Railtel by 4 percent, RITES by 4 percent, and Jupiter Wagons by 5 percent.
Indian Railway stock soars by 300 pc in one year
Over the past year, IRFC, a public sector undertaking under the administrative control of the Ministry of Railways in the Indian government, experienced an impressive surge of over 300 percent.
The stock, valued at Rs 33.15 on January 16, 2023, has now risen to Rs 133.70.
Massive infrastructure development in India
India is currently undergoing a transformative phase in its history, marked by substantial infrastructure development in highways, logistics, ports, railways, metro systems, defense, and significant growth in domestic demand due to rising income levels and the youngest population globally, according to a report by Prabhudas Lilladher.
This surge in infrastructure development has positively impacted stocks related to Indian Railways, Ports, and more over the past few months.
On Monday, the Sensex increased by 617 points, reaching 73,185 points, with Wipro experiencing a 6.67 percent increase. Other IT heavyweights like Tech Mahindra, Infosys, and HCL Tech also strengthened by more than 2 percent.
