Shares of Indian Railway Finance Corp. hit a record high after multiple large trades.
At least 6.13 crore shares or 0.5% equity changed hands in multiple large trades, according to Bloomberg data. Equity changed hands at price band of Rs 58.10 and Rs 66.90 apiece. Total value of the trades stood at Rs 398.92 crore. The buyers and sellers were not known immediately.
Shares of the company surged 20% to Rs 66.9 apiece as of 1:41 p.m., compared with 0.42% gain in the NSE Nifty 50. It rose to hit the upper price band at a record high of Rs 66.9 per share.
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The stock has risen 105.5% on a year-to-date basis and 157.31% since listing on Jan. 28, 2021. The shares are up 29% in the past five days and rose 40% in the past 30 days.
Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 89, implying that the stock maybe overbought.
One analyst tracking the company maintains a ‘hold' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 52.2%.
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