Record High: Indian Railway Finance Corporation Stock Price Soars 100% in 2024

Shares of Indian Railways Finance Corporation (IRFC) Ltd. hit a record high on Monday, reaching 200 per share. This marks a significant milestone as the stock has surged by 100% since the beginning of 2024. The rise in share price comes after a strong performance in April and May, following a period of underperformance in February and March. January 2024 saw the stock skyrocket by over 75%, making it the best month on record for IRFC. IRFC, the first IPO of 2021, has seen its stock price increase nearly 7 times from its IPO price, with a remarkable gain of over 300% in 2023.

With a market capitalisation of 2.6 lakh crore, IRFC now surpasses the value of at least 20 companies listed in the NIFTY 50. The company recently announced a final dividend of 0.7 per share, adding to the interim dividend of 0.8 per share declared earlier, bringing the total payout for the financial year 2024 to 1.5 per share, pending shareholder approval at the upcoming Annual General Meeting (AGM). The government maintains a controlling stake of 86.36% in IRFC. In addition to its financial results, the board of IRFC has approved a plan to raise funds amounting to 50,000 crore from both domestic and international markets through various instruments, including tax-free and taxable bonds through private or public placements, depending on market conditions and the funding needs of the Indian Railways.