Railway Stocks Soar High Amid Block-Deal Rumours

Railway Stocks Soar High Amid Block-Deal Rumours

Positive sentiment also surrounded the stocks following rumors that the Ministry of Railways intended to build an additional 10,000 non-AC coaches in 2024–2025 and 2025–2026 in order to meet the growing demand

Vikrant DurgaleUpdated: Monday, July 08, 2024, 01:23 PM IST
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Railway Station soar high | Representational Image

In 2021, IRFC made its initial public offering (IPO) and struggled during the following three years of listing. Nevertheless, the stock had an incredible run in 2023, when shares almost tripled, and those gains carried over into January 2024, when the stock increased by 75 per cent.

The stock fell 2 per cent in June this year but has since rebounded 13 per cent in July. The market capitalization of IRFC shares has surpassed Rs 2.6 lakh crore.

Today, IRFC shares were trading at Rs 200.8 per share on the bourses on 1.11 pm.

Irfc Share Price

Irfc Share Price |

In early hours trading, shares of Rail Vikas Nigam Ltd (RVNL) shot up 15 per cent on rumors that 10.6 lakh shares of the company were traded in a block deal today.

Nevertheless, at today's record high of Rs 567.60, the investor's favourite railway stock increased 15.49 per cent. For the third consecutive session, the multibagger stock hit a record high.

Positive sentiment also surrounded the stocks following rumors that the Ministry of Railways intended to build an additional 10,000 non-AC coaches in 2024–2025 and 2025–2026 in order to meet the growing demand and improve traveler comfort for the average person on its network.

Reportedly, the Ministry intends to introduce 4,485 non-AC coaches in the current fiscal year (2024–25) and an additional 5,444 in 2025–26.

RVNL share price

RVNL share price |

A total of 49.61 lakh RVNL shares were traded, generating a turnover of Rs 270.48 crore. On the BSE, RVNL's market value increased to Rs 1.16 lakh crore. RVNL shares have demonstrated significant volatility over that time.

The shares of RVNL were trading around Rs 558.50 per share on the indian bourses.

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