IRFC Share Price Rises After Big Coal Block Project Win
Indian Railway Finance Corp. will finance a Rs 3,167-crore project for the development of the Banhardih Coal Block in Jharkhand.
Indian Railway Finance Corp.'s share price rose after it emerged as the lowest bidder for financing a Rs 3,167-crore project for the development of the Banhardih Coal Block in Latehar district, Jharkhand.
This project is being undertaken by Patratu Vidyut Utpadan Nigam Ltd., a joint venture between NTPC Ltd., with 74% equity stake and Jharkhand Bijli Vitran Nigam Ltd., with 26% equity stake.
The Banhardih Coal Block has been allocated to PVUNL as a captive coal source. Coal from the block will be transported to Chetar station via Mine-Gain-Rail and then to PVUNL's project site using Indian Railways.
On Jan. 2, Indian Railway Finance Corp. signed an agreement with REMC Ltd., to work together on financing renewable energy projects that REMCL will supply to Indian Railways.
REMCL is a joint venture between the Ministry of Railways and Rites Ltd. The partnership will also look into financing options for thermal, nuclear, and renewable energy projects set up under a captive model through joint ventures with Indian Railways and other organisations.
IRFC Share Price
IRFC Ltd. stock rose as much as 3.65% during the day to Rs 140.50 apiece on the NSE. It was trading 1% higher at Rs 136.9 apiece, compared to a 0.35% advance in the benchmark Nifty 50 as of 10:39 a.m.
It has risen 4.96% in the last 12 months. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 39.58.
The only analyst tracking the company suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus target price on the stock is Rs 50, implying a downside of 63.3%.
