Mumbai: The stock market has been bouncing back in December 2024 after recording a sharp fall in October-November. Several multibagger Railway PSU stocks like Indian Railway Finance Corporation Limited (IRFC) and Rail Vikas Nigam Limited (RVNL) declined sharply during the market ‘correction’. After the continuous decline, the market is gaining momentum and gradually investors’ portfolios have started turning green again.
Of late, IRFC and RVNL share price has recorded a rise. However, investors have to see whether the positive momentum will continue or should investors book profits or hold the stock and for a bigger share price target? In this article, we inform you what stock market experts have to say on the two Railway PSU stocks.
IRFC share price target
Anshul Jain, HoR of Laxmishree Invest and Securities, said that the stock is witnessing a pre-budget pull back. He opined that a major resistance is visible at Rs 160 for the counter. Predicting IRFC share price to rise, the expert stated that if the stock is able to cross the 160-mark, then it has the potential to rise to the levels of Rs 180. IRFC stock closed at Rs 156.89 on December 10, 2024.
In its Q2 Results 2024-25, IRFC posted its revenue from operations at Rs 6,898 crore. as against Rs 6,761 crore recorded in the second quarter of 2023-24. The net profit for the July-September quarter increased to Rs 1,612 crore; it was Rs 1,544 crore in Q2 of the previous financial year.
RVNL share price
The market expert predicted RVNL share price to appreciate in the future. Jain said that if RVNL stock crosses the Rs 461-mark, the counter can recover 50 per cent of decline, which is a projection that the scrip can once again touch the Rs 522 level. RVNL closed at Rs 459 on Tuesday, December 11.
In the recent past few weeks, Rail Vikas Nigam Limited received Letter of Acceptance
from East Central Railway for Design, Supply, Erection, Testing & Commissioning of Traction
Sub Stations with associated Switching Posts for upgradation work of electric traction system in Gomoh – Patratu Section of Dhanbad Division of East Central Railway. The Railway PSU also emerged as the Lowest Bidder (L1) from PSPCL for development of distribution Infrastructure work for Package-3 Central Zone for execution of HT/LT Infrastructure loss reduction works under reforms-based and results-linked, revamped distribution sector scheme (RDSS) in Punjab.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Anshul Jain, HoR of Laxmishree Invest and Securities, backed RVNL and IRFC share price to rise. He said that the stocks which recorded a sharp correction in October-November period have the potential to make a comeback. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
