These two PSU stocks have zoomed 50% in last three days on heavy volumes
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Shares of two public sector undertaking (PSUs)--Indian Railway Finance Corporation (IRFC) and MMTC--surged up to 20 per cent on the BSE in Tuesday’s intra-day trade on heavy volumes. In the past three trading days, the two have zoomed by up to 51 per cent.
Among the individual stocks, IRFC rallied 14 per cent to hit a new high of Rs 75.72 on the BSE. In the past three trading days, it has zoomed 51 per cent. The average trading volumes on the counter jumped over three-fold today.
Till 02:15 PM, a combined 519 million equity shares, representing nearly 4 per cent of total equity of IRFC, had changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.09 per cent at 65,689.
Since July, the stock price of IRFC has nearly doubled or zoomed 134 per cent from Rs 32.35. A sharp rise in the stock price of IRFC has helped the company's market capitalisation inch towards Rs 1 trillion.
Currently, with a Rs 94,681 crore m-cap, the stock is 61st in overall m-cap ranking. The company’s m-cap hit Rs 98,954 crore in intra-day trade today.
The outlook for IRFC in FY23-24 is centred around strengthening its robust business model and fostering a strong relationship with the Ministry of Railyway (MoR).
Over the years, the company has witnessed substantial growth in its business with the MoR with the cumulative funding to the railway sector crossing the Rs 5.50 trillion mark with Assets Under Management reaching Rs 4.66 trillion at the end of March 2023.
In line with India's focus on infrastructure spending to reach its target GDP of $5 trillion by FY25, IRFC is committed to raising funds from the financial market at the most competitive rates and terms.
The government's National Infrastructure Pipeline (NIP) and PM Gatishakti initiative lay the groundwork for comprehensive and integrated infrastructure development in the country.
On July 27, IRFC signed a Memorandum of Understanding (MoU) with RITES to strengthen cooperation in financing & development of Railway Infrastructure Projects.
The MoU aims to identify mutual areas of collaboration with IRFC’s to provide financial assistance to projects/ institutions that have backward and or forward linkages with railways.
Meanwhile, shares of MMTC were locked in the upper circuit for the second straight day, up 20 per cent at Rs 62.96 on the BSE today. The trading volumes on the counter jumped over five-fold. A combined 126 million shares had changed hands on the NSE and BSE. There were pending buy orders for around 2 million on both the exchanges.
In the past three days, the stock has zoomed 50 per cent from Rs 42.03.
On clarification on increase in volume, MMTC said there is no significant event in its knowledge, which needs to be reported to the exchanges and which may have a bearing on the stock prices / volumes of trades of the equity shares of the company.
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