IRFC Shares Jump Over 13% To Hit Record High After Large Trades

Shares of Indian Railway Finance Corporation Ltd. surged over 13% to hit a record high after multiple large trades.

At least 7.3 crore shares, or 0.6% of equity, changed hands in multiple large trades, according to Bloomberg data. The buyers and sellers were not known immediately.

Shares of the company rose 6.45% to Rs 71 apiece as of 9:45 a.m., compared to a 0.2% advance in the NSE Nifty 50. The stock rose as much as 13.49% to hit a record high of Rs 75.7 apiece.

It has risen 118% on a year-to-date basis. The total traded volume stood at 6.1 times its 30-day average. The relative strength index was at 91, implying that the stock maybe overbought.

The one analyst tracking the company suggests a 'hold' on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 55.3%.