Share price of Indian Railway Finance Corp. jumped over 3% on Tuesday after the company was granted 'Navratna' status by the government.
On Monday, the government upgraded IRFC to a 'Navratna' central public sector enterprise, alongside Indian Railway Catering and Tourism Corp. IRCTC is the 25th Navratna, while IRFC is the 26th.
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IRFC, which operates under the Ministry of Railways, reported a turnover of Rs 26,644 crore, a net profit of Rs 6,412 crore, and a net worth of Rs 49,178 crore for financial year 2024, Department of Public Enterprises said in a post on X.
A 'Navratna' status is awarded to CPSEs that meet specific financial and operational criteria, granting them greater autonomy in investment and decision-making. 'Navratna' companies can invest up to Rs 1,000 crore, or 15% of their net worth, on a single project without government approval, with an overall investment cap of 30% of net worth in a financial year.
With this upgrade, IRCTC and IRFC now join a group of other 'Navratna' CPSEs, including Bharat Electronics Ltd., Container Corp. of India, Hindustan Aeronautics Ltd., and Oil India Ltd., among others.
IRFC Share PriceÂ
Shares of IRFC rose as much as 3.71% to Rs 115.25 apiece. They pared gains to trade 3.56% higher at Rs 115.09 apiece, as of 10:00 a.m. This compares to a 0.18% decline in the NSE Nifty 50.
The stock has fallen 21.09% in the last 12 months. Total traded volume so far in the day stood at 0.79 times its 30-day average. The relative strength index was at 32.09.
The one analyst tracking the company maintains a 'sell' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 56.3%.
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