According to the analysts, the sharp rally in the railway pack was attributed to the anticipation of the Government of India (GoI) unveiling fresh investments for railway infrastructure development in the upcoming 2024 budget.
Additionally, the expected strong Q3 results have contributed to the upward momentum in these railway stocks.
Ircon International emerged as the top gainer among major railway PSU firms in today’s trade, rising by 7.5% to Rs 247 apiece. The stock has also rallied 37% in January, and over 290% in the past year.
Government-owned IRFC shares also surged 7.2% in intraday trade, reaching Rs 173 apiece. The company’s market cap witnessed a stellar rise of Rs 2,19,354 crore as its shares gained over 70% in the last month. IRFC’s market cap is still above the market cap of Mahindra & Mahindra and Bajaj Auto.
IRFC has delivered 411% returns in the past 12 months, and the stock is currently trading in a strongly overbought zone.
Meanwhile, RVNL, another multibagger, surged 5.6% in today’s trade. RVNL has delivered 290% returns in the past 12 months, and the stock is currently trading in an overbought zone. RVNL is currently trading above its 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs), while it is trading below 10-day, and 20-day SMAs.Simultaneously, IRCTC shares also saw a 3% rise in today’s intraday trading, reaching Rs 961.9 apiece. The returns of IRCTC also surged nearly 50% in the last year. RailTel Corporation rose 4.9% in today’s trade. It has gained nearly 212% in the past 12 months.
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
/cdn.vox-cdn.com/uploads/chorus_asset/file/25428960/1392610598.jpg)
