IRFC marches to new high; stock zooms 38% in a week on stable outlook

Shares of Indian Railway Finance Corporation (IRFC) surged 8 per cent to hit a new high of Rs 48.29 on the BSE in Friday’s intra-day trade on stable outlook.

In the past one week, the stock of state-owned financial institution company has rallied 38 per cent, as against nearly 1 per cent decline in the S&P BSE Sensex.

IRFC’s principal business is to borrow funds from commercial markets to finance acquisition of new rolling stock and construction of developmental projects or infrastructure for Indian Railways.

IRFC has played a significant role in supporting the expansion of the Indian Railways and related-entities by financing a significant proportion of its annual plan outlay.